Toronto-listed junior Montena Gold has expanded its Loveland nickel property, in Timmins, Ontario, with the completion of two separate transactions and the acquisition of two land packages adjacent to the property.
The acquisition of 187 single-cell mining claims and one multi-cell mining claim for a total of 3 910 ha, brings the consolidated Loveland nickel package to 6 244 ha.
One of the land packages includes the Cominco zone, which has historical drilling, is open along strike and at depth, and together with the Hollinger zone, located within the original Loveland property, forming a 10 km prospective exploration corridor in the consolidated property.
“These properties have provided the company with a significant contiguous land package, where numerous identified geophysical anomalies remain untested. In the coming months, the company will consolidate its understanding of this land package, with the goal of producing an initial National Instrument 43-101-compliant technical report. This will allow Moneta to assess the potential value of the land package and decide on next steps to increase returns for our shareholders,” comments chairperson and interim president and CEO Josef Vejvoda.
In the first purchase agreement, a 100% ownership was acquired for 186 single-cell mining claims for a consideration consisting of a cash payment of C$100 000, 456 213 common shares of the company, and incurring total exploration expenditures of C$0.5-million over a four-year period. The vendor will retain a 2.0% net smelter royalty (NSR), with a 1.00% buy-back for C$1-million. In the second purchase agreement, 100% ownership was acquired for one multi-cell claim and one single-cell mining claim for consideration consisting of 54 746 common shares of the company. The vendor will retain a 1.0% NSR, with a 1.00% buy-back for C$1.5-million.
Moneta’s primary focus will remain advancing the Tower Gold project.