Gold At South West Symbol: TSX: ME
Moneta Intercepts 1.93 m @ 34.36 g/t Gold,
3.00 m @ 5.38 g/t Gold, and 3.00 m @ 5.73 g/t
Gold At South West
Symbol: TSX: ME
TORONTO
,
June 21, 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 extend the size of the mineralized shoots. One new vein, Walnut has
been confirmed by drilling, increasing
the total number of veins to seventeen.
Vein array
•
Cedar Vein
Drill hole MGH17-081 confirmed the northern and up-dip extensions of the Cedar vein intersecting 1.93 metres ("m") @ 34.36 grams per
tonne gold ("g/t Au") including 1.03 m @ 65.10 g/t Au
•
Birch Vein
Birch was intersected in drill hole MGH17-081 returning 3.00 m @ 5.38 g/t Au extending the vein up-dip
•
Walnut Vein
Drill hole MGH17-083 intersected the new Walnut vein located 50 m west of Willow, assaying 3.00 m @ 5.73 g/t Au including 0.75 m @ 9.17
g/t Au extending the vein to depth by 100 m
•
Maple Vein
MGH17-087 intersected Maple vein extending the vein by 50 m up-dip assaying 0.45 m @ 10.65 g/t Au
•
Pine Vein
Drill hole MGH17-087 intersected 0.80 m @ 8.90 g/t Au extending Pine by ~50 m
•
Spruce Vein
Drill hole MGH17-087 intersected Spruce assaying 1.20 m @ 8.72 g/t Au confirming ~50 m up-dip extension
Mineralized Shoots
•
SW-1: Drill hole MGH17-084 intersected 15.00 m @ 1.76 g/t Au including 2.10 m @ 3.02 g/t Au confirming the shallow extensions of this shoot by 25 m to the
south
Gary O'Connor
, CEO & Chief Geologist commented, "We are extremely pleased to continue to
expand the footprint of gold mineralization at South West and confirm another new vein, Walnut and
extend the known seventeen vein structures to depth and to the south. Our new drilling and
understanding of the vein structures gives us confidence that we can connect the veins from surface
to the historical drilling to depths of
1,200 m
. We also extended the size of one mineralized shoot,
SW-1 with the current drilling. We are encouraged by the new results and plan to complete the
logging and assaying of core from the expanded drill program at South West to continue to define a
larger 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
4,813.6 m
of drilling at South West that
continues to test the 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 and early 2018 on the Golden Highway Project and that was expanded to
41,100 m
in 70 drill
holes. Assays for additional drill holes are pending and will be released as they become available for
the South West and "55" areas.
South West Deposit
Drilling to date at South West has been successful in confirming the existence of seventeen (17)
stacked veins and eight (8) 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, Walnut, the seventeenth identified to date was confirmed in
the current drilling. The first six modelled veins have an average width of approximately
2.90 m
and
are spaced
25 m
to
30 m
apart. The vein structures can be traced now for over
400 m
strike length
and have been historically drilled to depths of up to
1,200 m
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
. A total of eight shoots have now been identified.
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 corridors and also host mineralization. The veins can be
brecciated and occur as quartz matrix supported breccia zones. The eight (8) mineralized shoots
and seventeen (17) vein corridors have now been successfully traced across a width of
1,200 m
.
South West Drill Results
Drill hole
MGH17-081
was drilled to test the up-dip and northern extensions of the six initial modelled
veins. The drill hole intersected the Tamarack (
2.60 m
@ 2.06 g/t Au), Elm (
1.00 m
@ 5.15 g/t Au),
Birch (
3.00 m
@ 5.38 g/t Au, including
1.00 m
@ 8.28 g/t Au), Balsam (
1.00 m
@ 3.50 g/t Au),
Cedar (
1.93 m
@ 34.36 g/t Au including
1.03 m
@ 65.10 g/t Au), and Pine (
1.08 m
@ 5.18 g/t Au).
The drill hole added up to
50 m
to the vein extensions.
Drill hole
MGH17-082
was drilled to test the Walnut, Willow and Arbutus veins to the south and
intersected the Willow vein at
465.40 m
depth assaying
0.30 m
@ 2.21 g/t Au extending the vein by
50 m
. The drill hole did also confirm the Redwood and Alder vein structures. The drill hole was drilled
to the south of the SW-3 mineralized shoots and confirmed that the mineralization is not continuous
along the BIF contact.
Drill hole
MGH17-083
was also drilled to test the BIF contact south of SW-3 and the Maple, Oak,
Alder vein structures at depth as well as the new Walnut vein, located ~50 m west of Willow. The
drill hole intersected Maple at
444.67 m
(
1.80 m
@ 1.53 g/t Au) and the Walnut vein structure at
697.50 m
assaying
3.00 m
@ 5.73 g/t Au including
0.75 m
@ 9.17 g/t Au extending this vein by
50 m
to the south and
100 m
depth. The BIF contact south of SW-3 was confirmed not to host
mineralization.
Drill hole
MGH18-084
was drilled to test the west veins and the southern and depth extensions of
the main veins by
100 m
as well as the southern extensions of the SW-1 shoot near the Main Fault.
The drill hole intersected the West veins (
1.10 m
@ 2.58 g/t Au) and a
25 m
southern step out of the
SW-1 shoot (
15.00 m
@ 1.76 g/t Au at
447.50 m
depth). The holes also confirmed up to
100 m
extensions of the Tamarack (
0.61 m
@ 3.28 g/t Au), Cedar (
1.00 m
@ 5.89 g/t Au), Pine (
0.65 m
@
8.37 g/t Au) and the Spruce vein structure (
2.50 m
@ 3.62 g/t Au including
1.00 m
@ 6.59 g/t Au).
Diamond drill holes
MGH18-085 and MGH18-086
were drilled to test additional
100 m
extensions of
the main veins to the south and confirmed the extensions of the Tamarack (
2.90 m
@ 2.60 g/t Au)
and Spruce vein structures (
0.80 m
@ 3.96 g/t Au). The veins structures were intersected to the
south but appear to narrow.
Drill hole
MGH17-087
was drilled to confirm the main veins and test the depth and southern
extensions of the Maple, Oak and Alder veins. The drill holes confirmed the main Elm (
2.00m
@ 2.79
g/t Au), Birch, Balsam (
1.25 m
@ 5.27 g/t Au), Pine (
0.50 m
@ 10.75 g/t Au) and Spruce (
1.20 m
@
8.72 g/t Au) vein structures. MGH18-087 confirmed the Maple (
0.45 m
@ 10.65 g/t Au), Oak (
0.70
m
@ 3.81 g/t Au) and the Alder (
2.00 m
@ 2.00 g/t Au at
575.00 m
) vein structures at depth and
with up to
50 m
step outs to the south.
Please click below for Figure 1 - South West Location Map- Golden Highway Project:
http://www.monetaporcupine.com/i/maps/ME-PR-11-2018-2.jpg
Please click below for Figure 2 - South West: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/ME-PR-11-2018-3.jpg
Please click below for Figure 3 - South West: Schematic Cross Section
http://www.monetaporcupine.com/i/maps/ME-PR-11-2018-4.jpg
Table 1: South West: Selective Significant Drill Results
Hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
#
MGH18-081
53.40
56.00
2.60
2.06
Tamarack
MGH17-081
95.00
96.00
1.00
5.15
Elm
MGH17-081
175.00
183.00
8.00
2.43*
Birch
includes
177.00
180.00
3.00
5.38
Birch
includes
177.00
178.00
1.00
8.28
Birch
MGH17-081
214.00
215.00
1.00
3.50
Balsam
MGH17-081
266.10
268.03
1.93
34.36
Cedar
includes
267.00
268.03
1.03
65.10
Cedar
MGH17-081
283.50
285.50
2.00
4.30
Cedar Splay
includes
284.50
285.50
1.00
6.80
Cedar Splay
MGH17-081
306.92
308.00
1.08
5.18
Pine
MGH17-083
83.68
85.53
1.85
2.24
Main Fault
MGH17-083
345.77
346.52
0.75
3.12
New
MGH17-083
697.50
707.62
10.12
2.80
Walnut
includes
697.50
700.50
3.00
5.73
Walnut
includes
699.00
699.75
0.75
9.17
Walnut
MGH18-084
342.80
343.90
1.10
2.58
West Vein
MGH18-084
374.95
375.56
0.61
3.28
Tamarack
MGH18-084
447.50
462.50
15.00
1.76*
SW-1
includes
448.90
451.00
2.10
3.02
SW-1
MGH18-084
528.00
529.00
1.00
5.89
Cedar
MGH17-084
600.35
601.00
0.65
8.37
Pine
MGH18-084
625.00
627.50
2.50
3.62
Spruce
includes
625.00
626.00
1.00
6.59
Spruce
MGH18-085
446.00
448.90
2.90
2.60
Tamarack
includes
447.00
447.50
0.50
7.32
Tamarack
MGH18-085
811.50
812.30
0.80
3.96
Spruce
MGH18-087
99.00
101.00
2.00
2.79*
Elm
includes
100.00
101.00
1.00
3.70
Elm
MGH18-087
111.46
112.36
0.90
6.40
New
MGH18-087
134.36
136.53
2.17
1.71*
Birch
MGH18-087
195.00
196.25
1.25
5.27
Balsam
MGH18-087
309.82
310.62
0.80
8.90
Pine
includes
309.82
310.32
0.50
10.75
Pine
MGH18-087
322.91
323.21
0.30
15.55
New
MGH18-087
343.30
344.50
1.20
8.72
Spruce
MGH18-087
390.55
391.00
0.45
10.65
Maple
MGH18-087
561.00
563.70
2.70
1.88*
Oak
includes
563.00
563.70
0.70
3.81
Oak
Intercepts are calculated using a 2.0 g/t Au cut-off, maximum of
2m
internal waste and no top cap,
unless noted (*). All intercepts are reported as drill widths and estimated to be 65% to 100% of true
widths.
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
#
mE
mN
masl
°
°
m
MGH17-081
571001
5369339
323
90
-51
528.0
MGH17-082
571050
5369558
324
90
-55
696.0
MGH17-083
570848
5369500
322
90
-50
737.8
MGH18-084
570766
5369256
321
90
-67
848.4
MGH18-085
570701
5369147
321
90
-60
812.3
MGH18-086
571055
5369139
324
90
-51
600.0
MGH18-087
570960
5369371
323
90
-50
591.1
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/June2018/21/c4981.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 09:14e 21-JUN-18