Silver Mines secures $20m investment from Lundin, Rule-led fund
The company's flagship project hosts the largest known undeveloped silver resource in Australia.
Moneta Porcupine Mines announced Thursday the start of its exploration and drilling program on its 100% owned Golden Highway Project, east of Timmins, Ontario. Two drills are currently being mobilized with a third to follow in January of 2017.
The 2016/2017 plan consists of drilling several priority target areas along 8 kilometres of Destor Porcupine Fault Zone corridor adjacent to the Golden Highway NI 43-101 gold resource estimate.
In a press release, the company said that limited historical drilling along the Destor corridor yielded results such as 14.19g/t over 4.3m in Landing Zone, 2.63g/t over 27.8m in Twin Creeks, and 9.19g/t over 8.5m in LC Zone.
The exploration firm also said it expects the discovery and delineation of additional gold mineralization outside of the NI 43-101 conceptual pit to have a favourable impact on the overall project economics and initial capital expenditure requirements.
