10.06 g/t Gold at South West Symbol: TSX: ME
Moneta Intercepts 0.70 m @ 30.20 g/t Gold, 0.76 m @ 26.60 g/t Gold, and 2.40 m @
10.06 g/t Gold at South West
Symbol: TSX: ME
TORONTO, May 24, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from seven additional
diamond drill holes completed on the South West Deposit ("South West") located within the Company's
Golden Highway Project (located 110 km east of Timmins, Ontario, see Figure 1).
Highlights:
Step-out drilling at South West has continued to extend the strike and depth extent of the vein
structures, and two of the mineralized shoots, SW-1 and SW-2. One new vein, Redwood has been
confirmed increasing the total number of veins to sixteen plus three new shoots modelled
confirming a total of eight.
Vein array
• Redwood Vein Drill hole MGH17-076 confirmed the new Redwood vein east of Spruce intersecting 3.30 metres ("m") @
7.60 grams per tonne gold ("g/t Au") including 2.40 m @ 10.06 g/t Au
• Spruce Vein Spruce was intersected in MGH17-076 returning 0.70 m @ 30.20 g/t Au and in hole MGH17-077 assaying
3.70 m @ 5.17 g/t Au
• Maple Vein Drill hole MGH17-075 intersected 1.31 m @ 7.46 g/t Au and hole MGH17-076 extended the depth extent of
this vein by 100 m with an intercept of 0.60m @ 10.55 g/t Au
• Alder Vein MGH17-079 intersected Adler extending the vein by 50 m to the south and over 100 m to depth returning
1.30 m @ 16.21 g/t Au including 0.76 m @ 26.60 g/t Au
• Balsam Vein Drill hole MGH17-076 intersected 4.00 m @ 3.77 including 1.0 m @ 6.33 g/t Au, extending Balsam to depth
by ~100m
• Cedar Vein Drill hole MGH17-079 intersected 1.16 m @ 6.10 g/t Au confirming the near surface extensions of Cedar
Mineralized Shoots
• SW-1: Drill hole MGH17-076 intersected 9.50 m @ 2.48 g/t Au and 15.05 m @ 1.67 g/t Au
confirming the shallow extensions of this shoot by 25 m
• SW-3: Geological modelling of SW-3 has confirmed four distinct bodies; SW-3a, SW-3b, SW-3c and
SW-3d
Gary O'Connor, CEO & Chief Geologist commented, "We are very pleased as we continue to expand the
footprint of gold mineralization intersecting new veins and confirming three new shoots in the South West
area. Step-out drilling continued to extend the strike of the veins to the south and has extended the veins
to depth. New drilling and interpretation has connected the central and eastern Banded Iron Formation
units opening a large new area for potential mineralization. We continue to be very encouraged by the
new results and have expanded the drill program at South West to continue to test the gold system,
increase the number of veins and shoots, and confirm the higher grade mineralization."
The latest assay results are from seven drill holes totalling 4,245.0 m of drilling at South West testing
higher grade structural targets. The ongoing drill program at South West follows up on the previously
announced exploration drill program undertaken by the Company in late 2017 on the Golden Highway
Project and has been expanded to 41,100 m in 70 drill holes. Assays for additional drill holes are pending
and will be released as they become available.
South West Deposit
Drilling to date at South West has been successful in confirming the existence of sixteen stacked veins
and eight mineralized shoots. The veins trend NW as stacked veins, steeply dipping to the SW at 70°,
and occur south of the Banded Iron Formation ("BIF") within clastic Timiskaming age sediments. A new
vein, Redwood (the sixteenth identified to date) was confirmed in the current drilling. The modelled veins
have an average width of approximately 2.90 m and are spaced 25 m to 30 m apart. The veins can be
traced for up to 350 m strike length, have been historically drilled to 1,200 m depth and remain open but
appear to narrow to the south.
The sheared contact with the BIF hosts mineralized stockwork zones ("shoots") which plunge ~65° to
~75° to the west and occur up to 50 m long, 25 m wide and have been confirmed to depths of over 800 m.
Three new shoots have now been modelled at SW-3 bringing the total to eight.
The veins and stock-work style veining within the shoots occur as quartz-carbonate-pyrite veins within an
ankerite alteration halo occasionally associated with sericite. A zone of pyrite-chlorite and quartz veinlets
occur within the vein corridor and also hosts mineralization. The veins can be brecciated and occur as
quartz matrix supported breccia zones. The eight mineralized shoots and sixteen vein corridors have now
been successfully traced over a strike length of up to 1,200 m.
South West Drill Results
Drill hole MGH17-076 was drilled to test shallow up dip and southern extensions of the SW-1 and SW-2
mineralized shoots and the six modelled veins plus the extensions of the Maple, Oak, and Alder vein set
at depth below hole MGH17-075. The hole intersected the Elm, Birch, Balsam (4.00 m @ 3.77 g/t Au),
Cedar (1.02 m @ 4.48 g/t Au), Pine and Spruce (0.70 m @ 30.20 g/t Au) veins. The hole intersected a
new vein located below Spruce, the Redwood vein (3.30 m @ 7.60 g/t Au, including 2.40 m @ 10.06 g/t
Au). The Redwood vein was also intersected in hole MGH17-075 (3.08 m @ 3.99 g/t Au). The hole also
intersected the Maple (0.60 m @ 10.55 g/t Au), and the Oak and Alder veins extending the depth
extensions of these veins by up to 100 m and the strike extent by 50 m to the south. The SW-1 shoot
(9.50 m @ 2.48 g/t Au and 15.05 m @ 1.67 g/t Au) and the SW-2 shoot were also intersected confirming
southern (~25 m) extensions as well as near surface continuity.
Drill hole MGH17-074 was drilled to test the contacts along the extensions of the BIF between the South
West Central and East blocks and test the northern and depth extensions of the Willow, Arbutus, Yew
and Larch veins at depth. The hole drilled between shoots and intersected EB-3 (0.71 m @ 8.09 g/t Au)
which is not being modelled and the Willow vein corridor which extended the vein by 75 m to the north. A
new vein was intersected at 420.00 m and returned 1.00 m @ 4.38 g/t Au. The hole has confirmed the
new folded interpretation of the BIF.
Drill holes MGH17-077, MGH17-079 and MGH17-080 were all drilled to test the strike extensions by over
100 m to the south as well as the depth extensions by up to 200 m of the six original modelled veins and
the Maple, Oak, Alder and Larch veins. Hole MGH17-079 intersected the Cedar vein at 71.65 m assaying
1.16 m @ 6.10 g/t Au and intersected the Alder vein at 414.75 m and returned 1.30 m @ 16.21 g/t Au
including 0.76 m @ 26.60 g/t Au. Drill hole MGH17-077 intersected the Spruce vein at 527.30 m and
assayed 2.90 m @ 6.12 g/t Au and the Maple vein at 611.00 m which returned 1.00 m @ 5.29 g/t Au
extending Spruce by 50 m and Maple by nearly 200 m. These represent ~100 m step-outs to the south.
MGH17-080 also confirmed the Oak (1.02 m @ 3.03 g/t Au), Maple and Alder veins by over 100 m to the
south.
Hole MGH17-019x was drilled as an extension to test the northern contact of the main BIF unit and
potential extensions of the main veins. The hole intersected BIF units on both sides of the gabbro
intrusive dyke.
Drill hole MGH17-078 was drilled to test the southern and depth extensions of the west and six main
veins. The hole intersected the West, Tamarack and Elm vein structures and returned assays of up to
1.26 m @ 2.66 g/t Au from the west vein. Deeper targets were not intersected due to deviation of the
hole.
Please click here for Figure 1: South West Location Map- Golden Highway Project:
http://www.monetaporcupine.com/i/misc/2018-05-24_NR-Fig1.jpg
Table 1: South West: Selective Significant Drill Results
Hole From To Length Au Vein
# (m) (m) (m) (g/t) Name
MGH17-074 420.00 421.00 1.00 4.38 New
MGH17-074 455.00 457.00 2.00 2.62 New
MGH17-074 566.98 567.69 0.71 8.09 EB-3
MGH17-074 579.25 580.25 1.00 2.37 New
MGH17-076 220.50 230.00 9.50 2.48 SW-1
includes 225.00 229.00 4.00 3.77 Balsam
includes 227.00 228.00 1.00 6.33 Balsam
MGH17-076 239.95 255.00 15.05 1.67* SW-1
includes 239.95 241.90 1.95 2.33 SW-1
and 249.80 251.05 1.25 3.65 SW-1
MGH17-076 267.80 268.82 1.02 4.48 Cedar
MGH17-076 372.60 373.30 0.70 30.20 Spruce
MGH17-076 429.00 432.30 3.30 7.60 Redwood
includes 429.00 430.76 2.40 10.06 Redwood
includes 430.07 430.76 0.69 15.00 Redwood
MGH17-076 456.00 456.60 0.60 10.55 Maple
MGH17-077 527.30 531.00 3.70 5.17 Spruce
includes 527.30 530.20 2.90 6.12 Spruce
MGH17-077 610.00 611.00 1.00 5.29 Maple
MGH17-078 252.54 253.80 1.26 2.66 West vein
MGH17-079 71.65 72.81 1.16 6.10 Cedar
MGH17-079 414.75 416.05 1.30 16.21 Alder
includes 415.29 416.05 0.76 26.60 Alder
MGH17-080 379.48 380.50 1.02 3.03 Oak
Intercepts are calculated using a 2.0 g/t Au cut-off, maximum of 2m internal waste and no top cap. All
intercepts are reported as drill widths and thought to be 65% to 100% of true widths.
Table 2: Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
# mE mN masl ° ° m
MGH17-019x* 570,571 5,369,833 325 90 -55 879.00
MGH17-074 570,888 5,369,594 323 90 -55 714.00
MGH17-076 570,850 5,369,412 323 90 -50 627.00
MGH17-077 571,007 5,369,214 324 90 -50 660.00
MGH17-078 570,750 5,369,098 324 90 -56 735.00
MGH17-079 571,200 5,369,397 324 90 -55 501.00
MGH17-080 571,209 5,369,335 325 90 -55 501.00
*372.0 m extension
Please click here for Figure 2: South West: Geology and Drill Location Map:
http://www.monetaporcupine.com/i/misc/2018-05-24_NR-Fig2.jpg
Please click here for Figure 3: South West: Schematic Cross Section:
http://www.monetaporcupine.com/i/misc/2018-05-24_NR-Fig3.jpg
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent ALS Canada Inc. for
drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). A 50 g charge is Fire
Assayed and analyzed using a AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire
Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are
assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified
reference material and blanks with the samples and assays routine pulp repeats and coarse reject
sample duplicates with the samples, as well as completing third-party check assays at Activation
Laboratories Ltd. Gary O'Connor, MAusIMM is a qualified person under NI 43-101 and has reviewed and
approved the contents of this press release.
About Moneta
The Company holds a 100% interest in 5 core gold projects strategically located along the Destor-
Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The
projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, Kayorum and Denton projects.
The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary
rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at
1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.
The Company's public documents may be accessed at www.sedar.com. For further information on the
Company, please visit our website at www.monetaporcupine.com or email us at
This news release includes certain forward-looking information and forward-looking statements,
collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation.
Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking
statements include, but are not limited to information with respect to the future performance of the
business, its operations and financial performance and condition such as the Company's drilling program
and the timing and results thereof; and the ability of the Company to finance and carry out its anticipated
goals and objectives.
Forward-looking statements are based on the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and
uncertainties, including the speculative nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of financing, as described in more detail in our
recent securities filings available at www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and we caution against placing undue reliance thereon.
We assume no obligation to revise or update these forward-looking statements.
SOURCE Moneta Porcupine Mines Inc.
View original content with multimedia:
http://www.newswire.ca/en/releases/archive/May2018/24/c4641.html
%SEDAR: 00003301E
For further information: Gary V. O'Connor, CEO and Chief Geologist, 416-357-3319; Ian C. Peres,
President & CFO, 416-579-3040
CO: Moneta Porcupine Mines Inc.
CNW 09:13e 24-MAY-18