Moneta Porcupine Mines Inc.

ME on TSXToday's ChangeVolume52 Week Range (Low/Hi)Market Cap
0.32CAN -4.48%707,0230.0600 - 0.4800177.234M

Contact Information

Moneta Porcupine Mines Inc.

Headquarters:
65 Third Avenue,
Timmins, Ontario
Canada, P4N 1C2
Tel: (647) 456-9223
Fax: (705) 267-7490
Email: Send a message
Website: Visit website
For more information...
Lead: Joshua Lavers

Moneta holds 26,343 ha of prospective land in the Timmins Gold Camp including a joint venture with Kirkland Lake Gold Corporation (TSX: KL). The Company’s flagship project, covering the Golden Highway and Garrison Gold Projects is located 100 km east of Timmins and hosts a total indicated resource of 3,967,000 ounces gold contained and a total of 4,399,000 ounces gold inferred at a 2.60 g/t Au at South West, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. The project includes a total of 3,335,000 ounces of open pit indicated resources contained within 116.7 Mt @ 0.89 g/t Au and 2,270,000 ounces of open pit inferred resources contained within 79.4 Mt @ 0.89 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au and 2,129,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au. Preliminary economic assessment (“PEA”)studies were completed on the Garrison open pit resources and the South West underground bulk mining resource in 2020. The Garrison PEA highlighted open pit mining operation consisting of a 12-year mine life with an after-tax NPV5% of C$321MM, IRR of 33% and a 2.3 year payback. The project envisaged open pit mining producing 121,000 oz/pa in years 1 to 8 (94,000 oz/pa LOM), at a strip ratio of 2.7:1 at a cash cost of US$721/oz using a gold price of US$1,450/oz and an exchange rate of US$0.75/C$. The PEA on the South West gold deposit, one of 6 deposits located on the Golden Highway project, highlighted an underground bulk mining operation consisting of an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 year payback, generating C$371MM LOM after-tax free cash flow. The project envisaged producing 76,000 oz/pa at a cash cost of US$590/oz at a gold price of US$1,500/oz and an exchange rate of US$0.77/C$. The open pit resources and new 3 underground discoveries have not yet been subjected to a preliminary economic assessment study at Golden Highway. Moneta is currently drilling (70,000 m) the extensions of the resources in preparation of an updated resource estimate and combined PEA with an expanded scope and production profile.

Gary O'Connor, B.Sc., FAusIMM - CEO and Chief Geologist and Director

Jason Macintosh - Chief Financial Officer

Mark N.J. Ashcroft, P.Eng - Director

Rodney A. Cooper, P. Eng., MBA - Independent Director

Kevin B. Heather, B.Sc.(Hons), M.Sc., Ph.D. - Independent Director

Alex Henry, CPA, CA - Independent Director

Mark Wayne, LL.B., CFA - Independent Director

Josef Vejvoda, CIM, ICD.D - Independent Director

Gary O'Connor, B.Sc., FAusIMM - Director

Ian C. Peres, CPA, CA - Director

Stock Information

Company Overview

Moneta holds 26,343 ha of prospective land in the Timmins Gold Camp including a joint venture with Kirkland Lake Gold Corporation (TSX: KL). The Company’s flagship project, covering the Golden Highway and Garrison Gold Projects is located 100 km east of Timmins and hosts a total indicated resource of 3,967,000 ounces gold contained and a total of 4,399,000 ounces gold inferred at a 2.60 g/t Au at South West, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. The project includes a total of 3,335,000 ounces of open pit indicated resources contained within 116.7 Mt @ 0.89 g/t Au and 2,270,000 ounces of open pit inferred resources contained within 79.4 Mt @ 0.89 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au and 2,129,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au. Preliminary economic assessment (“PEA”)studies were completed on the Garrison open pit resources and the South West underground bulk mining resource in 2020. The Garrison PEA highlighted open pit mining operation consisting of a 12-year mine life with an after-tax NPV5% of C$321MM, IRR of 33% and a 2.3 year payback. The project envisaged open pit mining producing 121,000 oz/pa in years 1 to 8 (94,000 oz/pa LOM), at a strip ratio of 2.7:1 at a cash cost of US$721/oz using a gold price of US$1,450/oz and an exchange rate of US$0.75/C$. The PEA on the South West gold deposit, one of 6 deposits located on the Golden Highway project, highlighted an underground bulk mining operation consisting of an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 year payback, generating C$371MM LOM after-tax free cash flow. The project envisaged producing 76,000 oz/pa at a cash cost of US$590/oz at a gold price of US$1,500/oz and an exchange rate of US$0.77/C$. The open pit resources and new 3 underground discoveries have not yet been subjected to a preliminary economic assessment study at Golden Highway. Moneta is currently drilling (70,000 m) the extensions of the resources in preparation of an updated resource estimate and combined PEA with an expanded scope and production profile.

Management

Gary O'Connor, B.Sc., FAusIMM - CEO and Chief Geologist and Director

Jason Macintosh - Chief Financial Officer

Board of Directors

Mark N.J. Ashcroft, P.Eng - Director

Rodney A. Cooper, P. Eng., MBA - Independent Director

Kevin B. Heather, B.Sc.(Hons), M.Sc., Ph.D. - Independent Director

Alex Henry, CPA, CA - Independent Director

Mark Wayne, LL.B., CFA - Independent Director

Josef Vejvoda, CIM, ICD.D - Independent Director

Gary O'Connor, B.Sc., FAusIMM - Director

Ian C. Peres, CPA, CA - Director

Contact Information

Headquarters:
65 Third Avenue,
Timmins, Ontario
P4N 1C2, Canada
Telephone: (647) 456-9223
Fax: (705) 267-7490
Email: Send a message
Website: Visit website