Discovery Area Symbol: TSX: ME
Moneta drilling returns up 14.88m @ 3.35g/t Gold and 3.0m @ 5.24g/t Gold at
Discovery Area
Symbol: TSX: ME
TORONTO, Jan. 16, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results of the first three drill
holes of a five hole program drilled in the Discovery Area as part of the 2017 drill program on the Golden
Highway Project, located 110km east of Timmins in Ontario. The Discovery Area is located outside of the
December 2012 NI 43-101 gold resource.
Highlights:
Upper Zone: Drill hole MGH17-037 returned assays of up to 32.87m @ 2.71g/t Au from
338.13m (including 14.88m @ 3.35g/t Au at 339.0m and 10.0m @ 2.89g/t Au at 357.0m) and
1.60m @ 6.04g/t Au from 273.40m in hole MGH17-038;
Contact Zone: Drilling has returned up to 3.0m @ 5.24g/t Au (including 1.0m @ 10.75g/t Au)
from drill hole MGH17-038 at a depth of 558.0m;
Drilling of the upper quartz veining and breccia zones at the Discovery Area confirmed wider
widths 50m east of 2014 drilling that assayed up to 11.2m @ 5.44g/t Au;
Drill results have extended the high-grade gold at the sediment-ultramafic Contact Zone, 50m
to the east at depth where 2014 drilling returned 7.20m @ 6.24g/t Au.
"The results from the first three drill holes drilled in the Discovery Area are the first of a series of drilling
results from our 2017 drill program to released. We are encouraged by the Discovery Area drill results as
they have confirmed and expanded our new interpretation of an array of steeply south dipping gold
mineralized quartz veins and breccia zones associated with intrusive dykes at shallow depths linking to
deeper zones of gold mineralization along the sediment-ultramafic contact. Known mineralization was
extended by over 100m in the two zones within the Discovery Area and has now extended mineralization
to over 500m of strike length. The results of the final two drill holes will enable the Company to finalize
future drill plans for delineating the zones of mineralization," commented Co-CEO and Chief Geologist,
Gary O'Connor.
During the final quarter of 2017, Moneta completed five diamond drill holes in the Discovery Area for a
total of 3,116.6m as part of the Company's 2017 exploration drill program which consisted of over
20,000m drilled in more than 50 drill holes, in total. The significant assay results for three of the five holes
completed are included in Table 1 below and the drill locations are shown in Figure 2. Details of the drill
holes are included as Table 2. The assay results for the final two drill holes (MGH17-045 and MGH17-
048) of the five drill hole program at Discovery Area are pending.
Discovery Area
The Discovery Area (see Figure 1) includes an Upper Zone and Contact Zone and is located on a
southern splay of the Destor Porcupine Fault Zone (DPFZ) and hosted within altered komatiitic ultramafic
rocks of the Kidd-Munro assemblage to the north and the sheared fault contact with greywacke units of
the Timiskaming age sedimentary rocks to the south. The faulted contact dips steeply to the north (~80°)
in this area. The host rocks have been intruded by a series of roughly ENE (070°) trending steeply south
dipping Timiskaming age quartz feldspar, syenite to lamprophyre porphyry dykes (QFP) spatially
associated with quartz vein hosted gold mineralization.
Please click here for Figure 1: Discovery Area on the Golden Highway Project Location Map:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-1.jpg
Please click here for Figure 2: Discovery Area Drill Location Map:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-2.jpg
Discovery Area - Upper Zone
To the north the Discovery Area hosts a series of steeply south dipping interconnecting zones of strong
quartz veining, including stock-work veining and brecciation, occurring along structures associated with
the QFP dykes within altered ultramafic to mafic units. The veining has been traced for over 500m strike
length with a total vertical height of over 400m. The south dipping zones of mineralization occur over
aggregate widths of over 80m, averaging 35m. The individual mineralized zones dip at the same
orientation as the DPFZ and are noted by chlorite-pyrite alteration. An interpretative section (Figure 3)
shows the structural setting of the upper zone and significant drill results are included in Table 1.
Drill hole MGH17-037 extended the known mineralization to the east and returned 14.88m @ 3.35g/t Au
from a depth of 339.0m (including 1.69m @ 6.19g/t Au at 344.50m and 1.88m @ 7.65g/t Au at 352.0m) in
drill hole MGH17-37 within a wider zone of 32.87m @ 2.71g/t from 338.12m depth. This occurs 25m east
of previous hole MGH13-100 (14.80m @ 3.44g/t Au).
Drilling of the Upper Zone in hole MGH17-038 intersected three zones of 3.0m @ 2.16g/t Au at 131.5m,
1.58m @ 2.48g/t Au from 142.65m and 1.60m @ 6.04g/t Au at 273.40m, located 50m east of hole
MGH17-037. The mineralization on this section is confined to more narrow structures. Drill hole MGH17-
041 was drilled under and to the north of the extensions of the Upper Zone.
Please click here for Figure 3: Discovery Area – Upper Zone: Cross Section:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-3.jpg
Discovery Area - Contact Zone
The deeper Contact Zone to the south is connected to and linked with the Upper Zones and dips steeply
to the north (see Figure 4, interpretive cross section) and occurs associated with and parallel to the
sediment-ultramafic contact trending ~070° (ENE). The deeper zones also occur as gold mineralized
quartz veining, stock-work and breccias often with altered QFP clasts. The mineralization is associated
with pyrite-chlorite and ankerite alteration within the sediments. These zones are narrower (5m to 20m)
and potentially higher grade. The deeper zone has been traced for ~200m strike length.
Results from drill hole MGH17-038 in the Contact Zone returned results of up to 5.0m @ 3.73g/t Au at
558.0m including 3.0m @ 5.24g/t Au from 558.0m (including 1.0m @ 10.75g/t Au at 558.0m) located
south of the contact within the sediments in contact with a late gabbro dyke. This zone is located some
50m below and to the east of historical hole MGH13-089 (7.2m @ 6.29g/t Au). This zone is interpreted as
a second and related gold zone. Hole MGH17-037 was drilled 50m west and above hole MGH13-089 and
did not intersect the western extensions of the Contact Zone.
Drill hole MGH17-041 intersected a large zone (20m) of quartz veining adjacent to the contact associated
with chlorite-pyrite alteration hosted in ankerite altered ultramafic units from 555.0m to 575.0m depth and
returned assays of 2.0m @ 2.30g/t Au at 559.0m, 1.0m @ 2.39g/t Au from 563.0m and 0.70m @ 2.10g/t
Au at 572.40m. This quartz vein zone is interpreted to be the eastern extension (50m) of the zone
intersected in hole MGH13-089.
Drill hole MGH17-045 tested the Contact Zone another 50m deeper than MGH17-038 on the same
section and drill hole MGH17-048 was drilled another 50m to the east and north of MGH17-041. The
assay results from these two holes are pending. Future drill plans to delineate the zones of mineralization
at Discovery Area will be made upon receipt of these assay results.
Please click here for Figure 4: Discovery Area – Contact Zone: Cross Section:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-4.jpg
Table 1: Discovery Area: Significant Drill Results
Target Hole From To Length Au
Name # (m) (m) (m) (g/t)
Discovery MGH17-037 338.13 371.00 32.87 2.71
includes 339.00 353.88 14.88 3.35
and 343.41 347.43 4.02 3.68
includes 344.50 346.19 1.69 6.19
and 349.00 353.88 4.88 4.80
includes 352.00 353.88 1.88 7.65
and 357.00 367.00 10.00 2.89
includes 357.00 359.00 2.00 4.71
and 364.50 367.00 2.50 3.46
Discovery MGH17-037 394.00 395.00 1.00 2.17
and 400.00 401.00 1.00 2.14
Discovery MGH17-038 131.50 134.50 3.00 2.16
includes 133.50 134.50 1.00 4.20
Discovery MGH17-038 142.65 144.23 1.58 2.48
includes 142.65 143.38 0.73 3.40
Discovery MGH17-038 273.40 275.00 1.60 6.04
Discovery MGH17-038 558.00 563.00 5.00 3.73
Includes 558.00 563.00 3.00 5.24
Includes 558.00 559.00 1.00 10.75
Discovery MGH17-041 332.00 333.00 1.00 2.10
Discovery MGH17-041 354.50 355.00 0.50 2.38
Discovery MGH17-041 387.00 390.00 3.00 2.10
Discovery MGH17-041 559.00 561.00 2.00 2.30
Discovery MGH17-041 563.00 564.00 1.00 2.39
Discovery MGH17-041 572.40 573.10 0.70 2.10
Discovery MGH17-041 595.00 596.00 1.00 2.40
Discovery MGH17-041 639.75 640.05 0.30 2.18
Intercepts are calculated using a 2.0g/t Au cut-off, maximum of 2m internal waste and no top cap (No
assays exceed 25g/t Au). All intercepts are drill widths.
Table 2: Discovery Area: Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
# mE mN masl ° ° m
MGH17-037 571,877 5,371,149 333 159 -62 632.60
MGH17-038 571,919 5,371,163 333 156 -55 566.00
MGH17-041 571,978 5,371,161 333 161 -68 648.00
MGH17-045 571,907 5,371,201 333 158 -62 636.00
MGH17-048 572,021 5,371,180 332 159 -62 634.00
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half sent for drying and crushing
to -2mm, with a 1kg split pulverized to -75µm (200#). A 50g charge is Fire Assayed and analyzed using a
AAS finish for Gold. Samples above 10g/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 1kg 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 a second laboratory. Gary O'Connor, MAusIMM has reviewed
and approved the contents of this press release.
About Moneta
Moneta holds a 100% interest in 5 core gold projects strategically located along the Destor-Porcupine
Fault Zone within the Timmins Gold Camp which has over 85 million ounces of past gold production. The
projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, Kayoram and Denton projects.
The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary
rocks along the DPFZ hosting a historical 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 statements concerning the closing of the Offering, the
use of proceeds of the Offering, future performance of our business, its operations and its financial
performance and condition, as well as management's objectives, strategies, beliefs and intentions.
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 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.
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%SEDAR: 00003301E
For further information: Gary V. O'Connor, Co-CEO, 416-357-3319; Ian C. Peres, President & Co-
CEO, 416-579-3040
CO: Moneta Porcupine Mines Inc.
CNW 15:01e 16-JAN-18