Business
Moneta Completes Acquisition of Garrison Project from O3 Mining to Create a Leading Canadian Gold Development Company with 4.0m Oz Gold Indicated and 4.4m Oz Gold Inferred
Toronto, Ontario--(Newsfile Corp. - February 24, 2021) - Moneta Porcupine Mines Inc. (TSX: M...
About this update from Stllr Gold Inc.
[{"type":"text","content":"Moneta Completes Acquisition of Garrison Project from O3 Mining to Create a Leading Canadian Gold Development Company with 4.0m Oz Gold Indicated and 4.4m Oz Gold InferredToronto, Ontario--(Newsfile Corp. - February 24, 2021) - Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (XETRA: MOP) (\"Moneta\" or the \"Company\") is pleased to announce that the Company has completed the acquisition of all the issued and outstanding shares of Northern Gold Mining Inc., a wholly-owned subsidiary of O3 Mining Inc. (TSXV:OIII) (OTCQX: OIIIF) (\"O3 Mining\"), which owns 100% of the Golden Bear assets, including the Garrison Gold project located adjacent to and contiguous with Moneta's Golden Highway project in the Timmins Gold Camp as previously announced on January 14, 2021 (Press release ME-PR 01-2021) (the \"Transaction\"). Under the terms of the Transaction, O3 Mining was issued approximately 150 million common shares of Moneta and currently owns approximately 27% of the outstanding Moneta shares. The shares are subject to a hold period ending December 31, 2022.Gary O'Connor, CEO of Moneta, commented, \"Finalizing the acquisition of the Golden Bear assets with overwhelming support from our shareholders has transformed Moneta into one of the largest gold development companies in North America with a significant resource and land holding in Canada's most prolific gold mining camp. The Golden Bear assets, including the Garrison Gold deposits, occur adjacent to our flagship Golden Highway project and provide significant synergies and multiple options for the development of our gold resources. Moneta now holds 3,967,000 ounces of indicated gold resources and 4,399,000 ounces of inferred gold resources including both high-grade bulk tonnage underground deposits and near surface open pit resources. We are pleased to have a highly successful project development company as a partner. With the closing of the recent $22.6M financing, Moneta is well funded to test the expansion potential of the integrated project. With the completion of the current 70,000 m drill program, we plan to update the resource estimate later this year followed by an updated and expanded preliminary economic assessment study (PEA) on the combined projects.\"José Vizquerra, President and CEO of O3 Mining, commented, \"O3 Mining is pleased to unlock value for our sha...