Drill hole MGH19-115 intersected the strike extensions of the targeted Gap veins at depth
Moneta Intercepts 2.85 M @ 6.78 G/T Gold
from Extensions and 2.00 M @ 6.80 G/T Gold
from a New Vein at South West Deposit
Symbol: TSX: ME
TORONTO
,
June 5, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from two
diamond drill holes of the 2019 winter drill program. The holes were completed on the South West
Deposit ("South West") located within the Company's Golden Highway Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
Drill hole MGH19-115 intersected the strike extensions of the targeted Gap veins at depth
outside the current resource at South West. MGH19-112 intersected the northern extension
of veins north of the resource. A new vein, Sycamore has also been intersected and
confirmed between the Larch and Gap-2 veins.
MGH19-115
•
Gap-5 Vein
Drill hole MGH19-115 intersected 2.85 metres ("m") @ 6.78 grams
per tonne gold ("g/t Au") including 1.00 m @ 10.40 g/t Au,
extending this vein by 100 m to the south
•
Arbutus Vein
Drill hole MGH19-115 intersected 1.92 m @ 4.76 g/t Au, including
0.50 m @ 10.55 g/t Au upgrading the grade of this vein
•
Sycamore Vein
Drill hole MGH19-115 intersected 2.00 m @ 6.80 g/t Au including
1.00 m @ 10.35 g/t Au confirming the new Sycamore vein
MGH19-112
•
Willow Vein
Drill hole MGH19-112 intersected 3.45 m @ 3.76 g/t Au including
1.00 m @ 6.13 g/t Au extending this vein 100 m to north of the
current resource
Gary O'Connor
, CEO & Chief Geologist commented, "We continue to be encouraged by intersecting
the strike extensions of the Gap series of veins at depth at South West beyond the current resource
adding up to
100 m
strike. We are also pleased to have intersected a new vein, Sycamore between
the Larch and Gap-2 veins. The current drilling extended veins by over
100 m
north of the gabbro
outside the current resource. The drill program has also drill tested many of the veins at South West
confirming the location and continuity, both upgrading the confidence of the resource and potentially
increasing overall grade. The ongoing drill program is designed to continue to test the extensions of
the Gap veins and the West Block area which were not included in the recent resource estimate
update. The drill program is continuing to have success drilling extensions to the resource."
The latest assay results are from the next two drill holes, MGH19-112 and MGH19-115, totalling
1,353.0 m
of drilling completed at the South West deposit to test the southern depth extensions of
the Gap veins and the northern extensions on the South West veins beyond the gabbro. The drill
holes also infilled the eastern vein structures of the South West deposit upgrading and extending the
resource and confirming vein locations, thicknesses and grade. The program has confirmed a new
vein Sycamore, east of Larch and west of the Gap veins.
The drill program at South West continues as part of the previously announced 2019 winter
exploration drill program on the Golden Highway Project. The fully funded program consists of up to
10,000 metres of designed to expand the updated 2019 resource. The drill program is continuing
and results will be released as they become available.
Table 1: South West: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH19-112
178.50
181.50
3.00
1.05*
Poplar
MGH19-112
311.00
314.45
3.45
3.76
Willow
includes
311.00
313.50
2.50
4.79
Willow
includes
311.00
312.00
1.00
6.13
Willow
MGH19-115
348.48
352.00
3.52
3.41
Arbutus
includes
348.48
350.40
1.92
4.76
Arbutus
includes
349.20
349.70
0.50
10.55
Arbutus
MGH19-115
468.00
470.00
2.00
2.20
Larch
MGH19-115
472.60
473.56
0.96
2.79
Larch
includes
473.25
473.56
0.31
5.43
Larch
MGH19-115
503.00
505.00
2.00
6.80
Sycamore
includes
504.00
505.00
1.00
10.35
Sycamore
MGH19-115
581.00
582.65
1.65
3.07
Gap-3
MGH19-115
587.00
587.50
0.50
5.43
Gap-3
MGH19-115
638.00
639.00
1.00
3.67
Gap-1 splay
MGH19-115
651.00
652.00
1.00
2.11
Gap-1 splay
MGH19-115
671.00
672.00
1.00
2.36
Gap-1
MGH19-115
768.00
772.00
4.00
5.20
Gap-5
includes
769.15
772.00
2.85
6.78
Gap-5
includes
770.00
771.00
1.00
10.40
Gap-5
Intercepts are calculated using a 2.0 g/t Au cut-off unless noted (*), a maximum of 2m internal dilution and
no top cap applied. All intercepts are reported as drill widths and estimated to be 80% to 100% of true width.
South West Drill Results
Drill hole
MGH19-115
was drilled to test the southern extensions of the Gap-3, Gap-4 and Gap-5
veins up to
300 m
south of BIF "A" and up to
100 m
south of the current resource. The hole
successfully confirmed the Gap-3 vein at depth and extended the Gap-3, Gap-4 and Gap-5 veins to
the south of the resource. Hole MGH19-115 was drilled
100 m
north of the previously announced
MGH19-110 hole (see press release ME_PR_04-2019 dated
09 May 2019
). The drill hole also
infilled and upgraded the Arbutus, Yew and Larch vein structures within the current resource and has
confirmed a new vein Sycamore, east of Larch. Drill hole MGH19-115 was not drilled deep enough
to test the new Gap-6 vein. Selected highlights of the drill hole include
1.92 m
@ 4.76 g/t Au
including
0.50 m
@ 10.55 g/t Au from the Arbutus vein,
2.00 m
@ 2.20 g/t Au and
0.96 m
@ 2.79 g/t
Au from the Larch vein,
2.00 m
@ 6.80 g/t Au including 10.35 g/t Au from the new Sycamore vein,
1.65 m
@ 3.07 and
0.50 m
@ 5.43 g/t Au from the Gap-3 vein,
1.00 m
@ 3.67 g/t Au and
1.00 m
@
2.36 g/t Au from Gap-1 vein and
4.00 m
@ 5.20 g/t Au including
1.00 m
@ 10.40 g/t Au from the
Gap-5 vein, extending this vein by
100 m
to the south.
Hole
MGH19-112
was designed to extend the veins by up to
100 m
north of the gabbro within the
"fold nose" south of the BIF "A" unit. The hole confirmed the extensions of the Oak, Alder, Poplar,
Walnut, Willow, Arbutus and Yew veins in this area where they tend to narrow. The Maple vein was
not extended to the north. Selected highlights of the drill hole include
3.00 m
@ 1.05 g/t Au from the
Poplar vein,
1.94 m
@ 1.18 g/t Au from the Walnut vein and
3.45 m
@ 3.76 g/t Au, including
2.50 m
@ 4.79 g/t Au and
1.00 m
@ 6.13 g/t Au from the Willow vein.
Sycamore Vein
The newly defined Sycamore vein and drill intercepts defining the vein were not included in the recent
resource update. The vein occurs approximately
20 m
east of the Larch vein and
20 m
west of the
Gap-2 vein. It has been defined by 33 historical and recent drill intercepts. The vein has been traced
for
250 m
to the south of the BIF, to vertical depths of
850 m
from surface and averages over
3.0 m
true width.
Table 2: Sycamore Vein: Selected Drill Intercepts
Hole
From
To
Length
Au
(#)
(m)
(m)
(m)
(g/t)
MGH19-115
503.00
505.00
2.00
6.80
includes
504.00
505.00
1.00
10.35
MGH13-005
255.75
272.24
16.49
1.89
Includes
255.75
257.00
1.25
4.03
and
261.69
266.80
5.11
2.41
MGH18-106
301.00
305.00
4.00
3.59
includes
301.00
303.00
2.00
6.23
MGH19-117
408.00
410.40
2.40
3.04
includes
409.70
410.40
0.70
8.04
MGH18-103
487.00
491.00
4.00
2.19
Includes
487.50
490.00
2.50
2.74
MGH19-111
736.20
740.80
4.60
3.11
Includes
739.00
740.80
1.80
6.33
Intercepts are calculated using a 2.0 g/t Au cut-off unless noted (*), a maximum of 2m internal dilution and
no top cap applied. All intercepts are reported as drill widths and estimated to be 75% to 100% of true width.
Table 3: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-112
571051
5369680
325
50
-65
555.00
MGH19-115
571177
5369572
325
45
-65
798.00
South West Deposit
The South West deposit, including the Gap area, has been defined as a series of mineralized vein
structures and associated stockwork zones which occur adjacent to the regional banded iron
formation "A" unit "BIF-A". Drilling and geological modelling has confirmed the existence of twenty-
two veins including wider stockwork zones in the South West and Gap area. The NNW-SSE trending
extensional vein structures occur as stacked veins, steeply dipping to the SW at 70°, and occur
predominantly within a coarse grain sandstone that occurs adjacent to the BIF-A unit. The vein
structures have been traced for up to
400 m
strike length, drilled to
1,200 m
depth, occur up to
25 m
wide with an average width of approximately
3.0 m
and are spaced
25 m
to
40 m
apart.
The veins and associated stock-work style veining occur as quartz-pyrite veins within a distinct
ankerite-sericite-silica-pyrite alteration halo. The veins can be brecciated and occur as quartz matrix
supported quartz vein breccia zones.
Please click here for Figure 1: South West Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2019-06-05_NR-Fig1.jpg
Please click here for Figure 2: South West: Geology and Drill Location Map
https://www.monetaporcupine.com/uploads/2019-06-05_NR-Fig2.jpg
Please click here for Figure 3: South West: Drill Hole MGH19-115: Schematic Cross Section
https://www.monetaporcupine.com/uploads/2019-06-05_NR-Fig3.jpg
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent to 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
, FAusIMM 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 6 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,
DeSantis East
,
Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective
ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource estimate
comprised of an indicated resource of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au
and a total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au in the inferred category
at a 3.00 g/t Au cut-off.
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 to download multimedia:
http://www.newswire.ca/en/releases/archive/June2019/05/c8010.html
%SEDAR: 00003301E
For further information:
Gary V. O'Connor, CEO and Chief Geologist, 416-357-3319; Ian C.
Peres, President and CFO, 416-579-3040
CO: Moneta Porcupine Mines Inc.
CNW 08:15e 05-JUN-19