Canadian gold exploration company Moneta Gold has acquired two land packages in two separate transactions next to its Loveland nickel property near Timmins in the province of Ontario.
The land packages include Cominco and Hollinger zones, both located within the original Loveland nickel property and form a 10km prospective exploration corridor within the consolidated property.
The acquisition adds 3,920ha of land with 187 single-cell mining claims and one multi-cell mining claim. This has increased Moneta Gold’s Loveland nickel property’s land package to 6,244ha.
Historical intercepts at the Cominco zone have shown an average of 0.70% nickel (Ni) and 0.75% copper (Cu). Hollinger zone is claimed to contain 401,000t grading 0.71% Ni and 0.42% Cu.
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The company acquired a 100% stake in Cominco zone for C$100,000 ($73,823), along with the issuance of 456,213 of its shares.
It also committed to spend C$500,000 on exploration over four years. The vendor will receive a 2% net smelter royalty (NSR) with an option for 1% buyback for C$1m.
A 100% interest in the Hollinger zone was acquired by issuing 54,746 shares. The vendor will receive a 1% NSR with a 1% buyback for C$1.5m.
Moneta chairman and interim president and CEO Josef Vejvoda said: “Additionally, 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 consolidate its understanding of this land package, with the goal of producing an initial NI 43-101 compliant technical report.
“This will allow Moneta to assess the potential value of the land package and decide on the next steps to increase returns for our shareholders. Moneta’s primary focus will remain to advance the Tower Gold project.”