Business
Acrex/Moneta commence drilling on the Michaud Property, Timmins, Ontario
Acrex/Moneta commence drilling on the Michaud Property, Timmins, Ontario.
About this update from Avventura Resources Ltd.
[{"type":"text","content":"\n\n\n\nSymbol \"AKV\": TSX Venture Exchange\n\n\nSymbol \"AXVEF\": OTC BB\n\n\nVANCOUVER, Feb. 12 /CNW/ - Acrex Ventures Ltd. (\"Acrex\") and Moneta\nPorcupine Mines Inc. (\"Moneta\") are pleased to announce that the 2007 drill\nprogram on the Michaud Joint Venture's gold property located along the Destor\nPorcupine Fault Zone (\"DPFZ\") in Michaud Township east of Timmins in northern\nOntario has started. The planned 2007 program consists of up to 1,200 metres\nof diamond drilling (NQ size) in four to five drill holes on a target midway\nbetween the previously discovered 55 and Western Zones along the favorable\nultramafic-sedimentary contact.\n\n\nThe Joint Venture plans to test the gold potential of the Timiskaming\nsediments in contact with the ultramafic volcanics of the DPFZ as it crosses\nthe Dyment 3 claims held under option from St. Andrew Goldfields. This\ngeological setting has proven to be highly prospective for gold mineralization\nas evidenced by the presence of several nearby gold zones, including the\n624,500 ounce inferred resource of Moneta's Southwest Zone, located\n3 kilometres on strike to the east of the 2007 drill program.\n\n\nDrilling in this same geologic setting in 2005, on the 55 Zone,\nintersected multiple zones of gold mineralization in most holes with\nexceptional intersections noted in four holes: 11.23 g/t gold over 1.70 metres\nin hole MA-05-27, 5.81 g/t gold over 7.40 metres in hole MA-05-30, 10.90 g/t\ngold over 2.00 metres in hole MA-05-31, and 9.04 g/t gold over 5.90 metres in\nhole MA-05-32, all over drilled widths.\n\n\nThe Michaud Joint Venture was formed in November 2004 by Acrex and Moneta\nto continue exploration on a 50/50 basis of a group of 65 claim units in\nMichaud Township. Acrex completed the expenditure of $1,000,000 in 2004 to\nearn its 50% interest in the claim group. Prior drilling has resulted in the\nexpansion of the \"55\" and discovery of the Western Zones on the property,\nwhich are both located along the DPFZ.\n\n\nAcrex and Moneta in 2006 reached agreement on the acquisition by the\nMichaud Joint Venture of the Dyment 3 claim group optioned by Moneta from St\nAndrew Goldfields Ltd. in September 2004. With the completion of $150,000 in\nexploration expenditures during the present program Acrex and Moneta will\ncomplete their Joint Venture's 75% earn-in on the Dyment 3...