Drill holes MGH19-110 and MGH19-111 intersected the depth and strike extensions of the
Moneta Intercepts 2.00 m @ 7.21 g/t Gold, 1.90
m @ 6.33 g/t Gold and 0.57 m @ 15.70 g/t Gold
on Extensions of South West Deposit
Symbol: TSX: ME
TORONTO
,
May 9, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from the first 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 holes MGH19-110 and MGH19-111 intersected the depth and strike extensions of the
targeted Gap veins from the eastern area of the South West Deposit beyond the current
resource. A new Gap-6 vein was also intersected and the holes were successful infilling and
upgrading the main South West veins.
MGH19-110
•
Alder Vein
Drill hole MGH19-110 intersected 3.00 metres ("m") @ 5.12 grams per tonne gold ("g/t Au") including 2.00 m @ 7.10 g/t Au, upgrading the
grade of this vein
•
Walnut Vein
Drill hole MGH19-110 intersected 0.57 m @ 15.70 g/t Au upgrading the grade of this vein
•
Arbutus Vein
Drill hole MGH19-110 intersected 2.42 m @ 3.60 g/t Au including 0.77 m @ 5.64 g/t Au upgrading this vein
•
Gap-3 Vein
Drill hole MGH19-110 intersected 3.00 m @ 2.55 g/t Au, including 1.00 m @ 4.59 g/t Au extending the vein 200 m to depth and 100 m south
•
Gap-4 Vein
Drill hole MGH19-110 intersected 0.70 m @ 7.55 g/t Au, extending the vein 200m to depth and 100 m to the south
•
Gap-6 Vein
Drill hole MGH19-110 intersected a new vein Gap-6 to the east assaying 1.00 m @ 4.84 g/t Au
MGH19-111
•
Walnut Vein
Drill hole MGH19-111 intersected 1.62 m @ 3.03 g/t Au including 0.42 m @ 6.55 g/t Au upgrading the resource in this vein
•
Arbutus Vein
Drill hole MGH19-111 intersected 2.42 m @ 3.60 g/t Au infilling the resource in this vein
•
New Vein
Drill hole MGH19-111 intersected 2.80 m @ 4.68 g/t Au including 0.90 m @ 9.86 g/t Au from a new vein
•
Gap-3 Vein
Drill hole MGH19-111 intersected 3.00 m @ 2.55 g/t Au, including 1.00 m @ 4.59 g/t Au extending the vein 200 m to depth
Gary O'Connor
, CEO & Chief Geologist commented, "We are encouraged and pleased to have
confirmed the extensions to depth and along strike of the Gap series of veins at South West beyond
the current resource and to have intersected a new vein, Gap-6. The drill program has also drill
tested many of the eastern veins of South West confirming the continuity of the veins, and both
upgrading the confidence of the resource model and potentially increasing overall grades. Extensions
of these veins have been intersected north of the gabbro further extending the resource. The
ongoing drill program is designed to continue to test the extensions of the Gap veins, infill the model
within the folded BIF and to confirm continuity in the West Block area which was not included in the
January 2019
resource estimate update. The drill program is continuing to confirm an overall
increase in the size of the resource."
The latest assay results are from the first two drill holes, MGH19-110 and MGH19-111, totalling
2,071.0 m
of drilling completed at the Gap area of the South West deposit to test the depth and
southern extensions of the Gap-1, Gap-2, Gap-3, Gap-4 and Gap-5 veins. The drill holes also infilled
the eastern vein structures of the South West deposit including the fold nose north of the gabbro,
upgrading and extending the resource and confirming vein thicknesses and grades. A third hole,
MGH19-109 drilled to infill veins along the banded iron formation within the fold nose north of the
gabbro was abandoned at
316.0 m
after the hole deviated and did not reach the planned targets.
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 drilling to extend the Gap veins and test the continuity of mineralized structures in
the West Block area. The drill program is continuing but is temporarily on hold due to wet ground
conditions but will recommence as soon as possible. Results of drill holes will continue to be
released as they become available.
South West Drill Results
Drill hole
MGH19-110
was drilled to test the depth and southern extensions of the Gap-1, Gap-2,
Gap-3, Gap-4 and Gap-5 veins approximately
200 m
south of BIF-A beyond the current resource.
The hole successfully extended all the Gap veins to depth below the current resource model ranging
from
100 m
to
300 m
depth extensions. The hole extended the veins
100 m
to the south of the
resource. The drill hole also infilled and upgraded the Oak, Alder, Poplar, Walnut, Arbutus, Yew and
Larch vein structures within the current resource. Drill hole MGH19-110 was successful in
intersecting the new Gap-6 vein east of Gap-5. Selected highlights of the drill hole include
3.00 m
@
5.12 g/t Au including
2.00 m
@ 7.10 g/t Au from the Alder vein,
0.57 m
@ 15.70 g/t Au from the
Walnut vein,
2.42 m
@ 3.60 g/t Au including
0.77 m
@ 5.64 g/t Au from the Arbutus vein,
2.14 m
@
2.36 g/t Au from the Yew vein,
3.00 m
@ 3.70 g/t Au including
0.55 m
@ 7.51 g/t Au from the Gap-
3 vein,
4.50 m
@ 2.28 g/t Au including
1.00 m
@ 4.59 g/t Au from the Gap-2 vein,
2.70 m
@ 2.05
g/t Au from the Gap-1 vein and
11.25 m
@ 1.17 g/t Au including
1.00 m
@ 3.54 g/t Au from the new
Gap-6 vein.
Hole
MGH19-111
was successful in extending the depth extensions of the Gap-1, Gap-2, Gap-3,
Gap-4 and Gap-5 veins at depth within
100 m
of the BIF-A contact. The drill hole also infilled and
upgraded the Walnut, Willow, Arbutus, Yew and Larch vein structures near the BIF and extended the
resource north of the gabbro in the case of Willow and Walnut. The drill hole also intersected a new
well mineralized vein. Selected highlights of the drill hole include
1.62 m
@ 3.03 g/t Au including
0.42
m
@ 6.55 g/t Au from the Walnut vein,
0.65 m
@ 9.82 g/t Au from the Willow vein,
2.45 m
@ 3.20
g/t Au from the Arbutus vein,
0.50 m
@ 5.51 g/t Au from the Larch vein,
2.80 m
@ 4.68 g/t Au from
a new vein and
1.21 m
@ 4.88 g/t Au from the Gap-3 vein, which was extended by over
200 m
to
depth.
Table 1: South West: Selected Significant Drill Results
Drill hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
Name
MGH19-110
144.00
147.00
3.00
5.12
Alder
Includes
144.00
146.00
2.00
7.10
Alder
MGH19-110
307.79
308.36
0.57
15.70
Walnut
MGH19-110
452.58
456.00
3.42
2.85
Arbutus
includes
452.58
455.00
2.42
3.60
Arbutus
includes
452.58
453.35
0.77
5.64
Arbutus
and
454.00
455.00
1.00
4.35
Arbutus
MGH19-110
481.90
482.64
0.74
3.21
Yew
MGH19-110
617.00
620.00
3.00
3.70
Gap-2
includes
617.45
619.40
1.95
4.81
Gap-2
includes
617.45
618.00
0.55
7.51
Gap-2
MGH19-110
644.50
649.00
4.50
2.28
Gap-3
includes
648.00
649.00
1.00
4.59
Gap-3
MGH19-110
806.00
808.70
2.70
2.05
Gap-1
MGH19-110
846.67
847.44
0.77
5.30
Gap-4
MGH19-110
857.66
858.36
0.70
7.55
Gap-4
MGH19-110
920.00
920.50
0.50
4.84
New
MGH19-110
1074.75
1085.00
11.25
1.17*
Gap-6
includes
1078.00
1079.00
1.00
3.54
Gap-6
MGH19-111
389.90
391.52
1.62
3.03
Walnut
includes
391.10
391.52
0.42
6.55
Walnut
MGH19-111
475.00
475.65
0.65
9.82
Willow
MGH19-111
664.30
667.60
3.30
2.66
Arbutus
includes
664.30
666.75
2.45
3.20
Arbutus
MGH19-111
676.60
682.20
5.60
1.77*
Yew
MGH19-111
716.00
716.50
0.50
5.51
Larch
MGH19-111
738.00
740.80
2.80
4.68
New
includes
739.00
740.80
1.80
6.33
New
includes
739.00
739.90
0.90
9.86
New
MGH19-111
936.47
937.68
1.21
4.88
Gap-3
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.
Drill hole
MGH19-109
was drilled to test the Redwood, Maple, Oak, Alder and Poplar veins within
the faulted fold nose of the BIF-A unit. The hole however deviated from the planned azimuth and
drilled into the post-mineralization gabbro.
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://monetaporcupine.com/uploads/2019-05-09_NR-img1.jpg
Please click here for Figure 2: South West: Geology and Drill Location Map
https://monetaporcupine.com/uploads/2019-05-09_NR-img2.jpg
Please click here for Figure 3: South West: Drill Hole MGH19-110: Schematic Cross Section
https://monetaporcupine.com/uploads/2019-05-09_NR-img3.jpg
Please click here for Figure 4: South West: Drill Hole MGH19-111: Schematic Cross Section
https://monetaporcupine.com/uploads/2019-05-09_NR-img4.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-109
571044
5369542
325
40
-75
316.00
MGH18-110
571243
5369536
319
50
-66
1086.00
MGH18-111
570974
5369705
325
90
-75
985.00
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
, 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/May2019/09/c0596.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 08:45e 09-MAY-19