After re-evaluating a portion of a 1966 drill hole, Moneta Porcupine Mines (TSE) staked 16.8 square miles (269 units) in Loveland and MacDiarmid twps., northwest of Timmins, Ont.
Recent assays from an interval of silicified, brecciated rhyolites in the hole yielded grades averaging 0.29% copper over 53 ft. at a depth of 275 ft. The interval had not been assayed previously, although a 169-ft. portion further up the hole returned a grade of 0.17% copper in 1966. The eastern boundary of the property is eight miles southwest of the Kidd Creek mine.
Modern geological interpretation suggests that the intersection could represent a volcanogenic massive sulphide (VMS) environment. A copper-zinc showing lies 1.5 miles from the hole.
Moneta has a second base metal play in Fripp Twp., 18 miles south of Timmins, where Falconbridge is testing a copper zone containing 200,000 tons grading 2% copper.
The deal with Moneta, which calls for expenditures totalling $500,000 on three lease groups, is part of Falconbridge’s drive to find more base metal ore in the vicinity of the Kidd Creek mine.