A control block of stock owned by Trans-Dominion Energy Corp. of Calgary has been acquired by John Larche of Timmins, Moneta Porcupine (TSE) announced.
Martin Hall and Thomas Vukovich resigned from the Moneta board. Larche is now chairman.
About 6 million of Moneta’s 12.9 million outstanding common shares are held by the public.
The company’s primary activity will continue to be mining exploration; 60 square miles of exploration property in the Timmins area are equally split between gold and base metal prospects. Gold properties are primarily in Tisdale Twp. and base metal properties in the Kam Kotia/Kidd Creek area. From property in Godfrey Twp., Moneta has reported a drill intersection of 2.5 oz. gold per ton over five feet. The company says its Michaud property has potential for kimberlites, the usual host rock for diamonds. Moneta’s head office will remain in Timmins.