Moneta Porcupine Mines is establishing itself as a gold kingpin in northeastern Ontario. The Toronto junior miner is acquiring a neighbouring Matheson-area gold property with open-pit potential from O3 Mining and is teaming up O3 to create a mine development partnership with district-scale possibilities.
Moneta is acquiring the Garrison Project from O3 in a share purchase agreement that O3 president-CEO José Vizquerra said in a video post this morning is valued at $48 million.
The two mining companies are heralding the creation of an expanded gold project, dubbed Tower Gold, which currently holds more than 8.4 million ounces in the indicated and inferred categories, spread over 70,000 hectares.
The prized 18,200-hectare Garrison Project will be grafted onto Moneta’s Golden Highway Project and a growing stable of deposits there. Garrison is among a cluster of O3’s properties located along Highway 101, 40 kilometres east of Matheson, 40 kilometres northeast of Kirkland Lake, and 100 kilometres east of Timmins.
Geologically speaking, Garrison is situated along the Porcupine-Destor break, home to some of the higher grade deposits in the Abitibi Greenstone Belt. O3 Mining originally acquired Garrison from Metals Creek Resources in November 2019.