A recent drill hole by Moneta Porcupine Mines (TSE) on its Godfrey Twp. property near Timmins, Ont., has returned three metres of 10% zinc at a vertical depth of 107 metres.
The hole was drilled to follow up a Falconbridge intersection which yielded 0.32% zinc over 1.3 metres. The Falconbridge hole, drilled in 1991, also contained a 1.5-metre interval grading 82.2 grams gold per tonne. Previous drilling by Hollinger Mines in the 1960s intersected alteration and copper-zinc-gold mineralization with values of 0.62% copper, 1.5% zinc and 0.34 grams gold over 0.6 metres.
The new discovery, located about 22 km southwest of Falconbridge’s Kidd Creek Mine, is a 50/50 joint venture between Moneta and Falconbridge Gold (TSE). Moneta which is the project operator, can earn an additional 25% interest in the property by spending $1 million on exploration during the next four years. Moneta also owns or controls 15 sq. km of mining claims immediately around the discovery.
Both zinc intersections occur at a rhyolite-mafic breccia contact. Based on geophysical results and diamond drilling, the rhyolite unit is 300 metres thick and has a minimum strike length of 1.5 km.
Moneta believes that both holes may have intersected the distal portion of a volcanogenic massive sulphide deposit. The company plans to drill an additional six holes to further evaluate the mineralized zone.