Moneta Porcupine Mine

"The property of Moneta Porcupine Mines, Limited, consists of a group of eight claims in Tisdale township, Ontario. It includes part of the townsite of the town of Timmins, and adjoins the west boundaries of the Hollin_ger Consolidated and Mace properties. The Moneta property was first staked in 1909, about a year after the first discovery of gold in the Porcupine camp. In 1910 the Moneta Company was incorporated and some preliminary exploratory work performed by Nova Scotia Mines of Cobalt. In 1912 English interests advanced $90,000 for diamond drilling and underground work. One drill hole gave high assays, but apparently the records were poorly kept or the cores were interchanged. As a consequence, when underground exploration was undertaken in 1923 it was directed south rather than west and no ore was found . In 1924 about 5,000 feet of diamond drilling was done in the southern part of the property, but without intersecting ore.In 1931 W. E. Segsworth assumed the direction of the property. Diamond drilling commenced on August 18, 1936. The first hole intersected 9.9 feet of ore averaging 1.23 oz. gold a ton. Underground work was started early in 1937. A mill was erected in the autumn and the first gold brick was poured January 29, 1938.The Moneta mill began operation on January 2, 1938, and the following table gives a summary of the production to June 30, 1943, when the mill was closed."