Moneta buys two U.S. gold properties

Timmins, Ont.-based Moneta Porcupine Mines (TSE) has agreed to acquire Wounded Bull Resources, a wholly owned subsidiary of Australian-based Pima Mining.

Wounded Bull owns two gold properties in the U.S.: Newsboy in Arizona and Cloverleaf in South Dakota.

The former contains 4.9 million tonnes averaging 1.6 grams gold and 27.6 grams silver per tonne.

Cloverleaf consists of 25 patented claims near the Homestake mine. The orebody was partially mined from surface to the 800-ft. level, having produced 43,600 oz. between 1880 and 1905. It is estimated to have a resource potential of 300,000 oz. to 2,500 ft.

Moneta will issue 4 million shares for the orebodies, subject to shareholder approval.

In other news, Lac Minerals (TSE) intends to acquire Moneta’s Michaud-Nahanni gold property.

The property, near Matheson, Ont., covers a 4-mile strike length on the Porcupine-Destor Fault. Five gold zones and numerous anomalies have been identified by induced-polarization surveys and reverse-circulation drilling. Lac can earn a 51% interest by making option payments totaling $400,000 and spending $3.5 million on exploration over four years. It can earn an additional 9% by spending a further $2 million over the following 2-year period.



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