Canadian gold exploration company Moneta Gold has acquired two land parcels in two separate transactions adjacent to its Loveland nickel property near Timmins, Ontario.
The land packages comprise the Cominco and Hollinger Zones, both located within the original Loveland Nickel Property and forming a 10km prospective exploration corridor within the consolidated property.
The acquisition adds 3,920 hectares of land with 187 single-cell mining claims and one multi-cell mining claim. This has increased Moneta Gold’s Loveland nickel property land package to 6,244 hectares.
Historical intersections at the Cominco Zone averaged 0.70% nickel (Ni) and 0.75% copper (Cu). The Hollinger Zone is reported to contain 401,000 tonnes grading 0.71% Ni and 0.42% Cu.
The Company acquired a 100% interest in the Cominco Zone for C$100,000 (US$73,823) while issuing 456,213 of its shares.
It has also committed to spend CA$500,000 on exploration over a four year period. The seller will receive a 2% net smelter royalty (NSR) with a 1% buyback option for $1 million.
A 100 percent interest in the Hollinger Zone was acquired through the issuance of 54,746 shares. The seller receives a 1% NSR with a 1% buyback for $1.5M.
Josef Vejvoda, Moneta’s Chairman and Interim President and CEO, said, “In addition, these properties have provided the Company with a significant contiguous land package where numerous identified geophysical anomalies remain untested. In the coming months, the Company will continue to deepen its understanding of this land package with the goal of completing an initial NI 43-101 Technical Report.
“This will allow Moneta to assess the potential value of the land package and decide on next steps to enhance returns for our shareholders. Moneta’s focus will remain on advancing the Tower Gold project.”
“Amateur web enthusiast. Award-winning creator. Extreme music expert. Wannabe analyst. Organizer. Hipster-friendly tv scholar. Twitter guru.”