In a bid to broaden its interests beyond gold exploration, Moneta Porcupine Mines of Timmins, Ont., has acquired a major interest in over 200 mining claims in the Finlay Basin area of Granite Cty., Mont.
Under the terms of a recent agreement, Montana-based Shamrock Mining, has agreed to relinquish majority control of the Finlay claims for an undisclosed number of Moneta shares.
As a result, Moneta becomes operator of an exploration program designed to evaluate the property for its gold and silver content.
While exploring the property between 1971 and 1984, Union Carbide encountered what Moneta vice-president Francis Yungwirth called a significant mineralized interval containing gold, silver, copper, zinc, molybdenum, fluorine and tungsten minerals.
An additional stratabound, drill- indicated orebody containing 340,000 tons of 7% tungsten trioxide was outlined and the potential exists for a large-tonnage copper- silver deposit, said Yungwirth.
The claims are part of the Flint Creek Range spanning the juncture of the Royal Stock, Mount Powell Stock and Philipsbury Batholith.
Local silver mines including the Mount Powell, Brooklyn, and Granite, have produced around one million oz of both gold and silver, Yungwirth said.
If silver prices reach $10(US), Moneta plans to spend $500,000 on a winter exploration program to confirm previous assay results. Otherwise Moneta will delay any exploration until next spring.