Gold at South West Symbol: TSX: ME
Moneta Intercepts 5.30 m @ 7.63 g/t Gold
Including 0.80 m @ 22.40 g/t Gold and 7.13 m
@ 5.06 g/t Gold Including 1.98 m @ 12.47 g/t
Gold at South West
Symbol: TSX: ME
TORONTO
,
Oct. 10, 2018
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from five drill
holes completed on the South West Deposit ("South West") as part of the recently completed
summer 2018 drill program, in anticipation of the 43-101 resource estimate update anticipated later
this year. South West is located within the Company's Golden Highway Project located 110 km east
of
Timmins, Ontario
(see Figure 1).
Highlights:
Drilling results at South West confirmed the extent and grade of the SW-4 and SW-6
mineralized shoots, extended known veins and intersected new vein structures.
Mineralized Shoots
•
SW-4
Drill hole MGH18-102 intersected the SW-4 mineralized shoot returning 12.00 metres ("m") @ 2.74 grams per tonne gold ("g/t Au")
including 2.00 m @ 6.49 g/t Au and 5.30 m @ 7.63 g/t Au, including 0.80 m @ 22.40 g/t Au and 0.90 m @ 13.45 g/t Au
•
SW-6
Drill hole MGH18-103 intersected the SW-6 shoot returning 8.00 m @ 1.38 g/t Au and 3.50 m @ 2.33 g/t Au
Vein Structures
•
Alder Vein
MGH18-101 intersected the up-plunge extensions of the Alder vein returning 0.42 m @ 17.25 g/t Au
•
Yew Vein
MGH18-103 intersected the northern extensions of the Yew vein returning 7.13 m @ 5.06 g/t Au including 1.98 m @ 12.47 g/t Au
•
New Veins
Drill hole MGH18-103 intersected a new vein west of the SW-3a mineralized shoot returning 0.97 m @ 8.02 g/t Au. MGH18-102 intersected
a new vein returning 2.00 m @ 6.49 g/t Au
Gary O'Connor
, CEO & Chief Geologist commented, "We continue to be encouraged by the latest
drill results as part of the resource definition drill program. The 5 new drill holes have confirmed the
extent, as well as size and grade of the SW-4 and SW-6 mineralized shoots, identified during the
2017/2018 winter drill program at South West. The recent drilling has located new mineralized veins
notably in the Gap area where vein modelling has not been completed as well as extended known
veins. The latest holes were drilled to enable the new stock-work zones to be included in the pending
resource estimate update later this year. We await the assay results of 3 drill holes which were
testing 2 additional mineralized shoots at South West and one new zone at Windjammer South."
The latest assay results are from five (5) drill holes totalling
2,312.10 m
from a total of eight (8) drill
holes for
3,550.70 m
drilling at South West this past summer. The new drill program at South West
forms part of the drill program undertaken by the company during the summer of 2018. The drill
program was conducted to define the new mineralized stock-work zones ("shoots") identified during
the 2017/2018 drill program in preparation of the new resource update. The results of the remaining
3 drill holes will be released as they become available.
South West Deposit
The summer 2018 drill program at South West was designed to define the SW-4 and SW-6
mineralized shoots identified during the 2017/2018 drill program in preparation for the pending
resource estimate update. The drill programs have been successful in confirming the existence of
nine (9) mineralized shoots and seventeen (17) vein structures. Additional veins and stock-work
zones have been intersected and are also currently being modelled.
The mineralized shoots occur within Timiskaming age clastic sediments located along the sheared
contact with a Banded Iron Formation ("BIF") unit to the north. The shoots occur up to
50 m
long,
25
m
wide and plunge ~65° to ~75° to the south-west and have been confirmed to depths of
1,200 m
.
The associated vein structures trend NW and dip steeply to the SW at ~70° and occur south of the
BIF within the clastic sediments also. 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 now be traced
for up to
500 m
in strike length and have been historically drilled to depths of up to
1,200 m
.
The mineralized veins and stock-work veining within the shoots occur as quartz-pyrite veins within an
ankerite-sericite-silica-pyrite alteration halo. The nine (9) mineralized shoots and seventeen (17) vein
corridors have now been successfully traced along a width of over
1,200 m
.
South West Drill Results
Drill hole
MGH18-101
confirmed the up-plunge near surface extensions of the Alder vein by
50 m
.
The drill hole assayed
0.42 m
@ 17.25 g/t Au at a down hole depth of
102.68 m
. The hole also
helped confirm the location and of the SW-3a mineralized stock-work zone.
Diamond drill hole
MGH18-102
was drilled to confirm the location and infill the gold grade of the SW-
4 mineralized shoot located on the NW trending Gap structure. The hole intercepted
5.30 m
@ 7.63
g/t Au at a down hole depth of
568.00 m
, including
3.55 m
@ 10.57 g/t Au which includes
0.80 m
@
22.40 g/t Au and
0.90 m
@ 13.45 g/t Au. The drill hole confirmed new extensions of the SW-4
mineralized stockwork zone assaying
44.00 m
@ 1.11 g/t Au and intersected a new vein assaying
12.00 m
@ 2.74 g/t Au including
2.00 m
@ 6.49 g/t Au at a down hole depth of
425.00 m
located
east of the Larch Vein.
Drill hole
MGH18-103
was drilled to test the size and grade of the mineralized stock-work zone that
makes up the SW-6 shoot. The hole returned
7.13 m
@ 5.06 g/t Au including
1.98 m
@ 12.47 g/t Au
from the Yew Vein located west of SW-6. The hole intersected
8.00 m
@ 1.38 g/t Au and
3.50 m
@
2.33 g/t Au from the SW-6 shoot. The hole also confirmed the extensions of the SW-3a shoot and
intersected 2 new veins east of the Larch vein which returned
1.00 m
@ 4.53 g/t Au and
2.10 m
@
2.32 g/t Au.
Drill hole
MGH18-104
tested the eastern extensions of the SW-5 stock-work zone and confirmed the
plunge and extent of veining to the east.
Diamond drill hole
MGH18-105
was drilled to test the southern extensions and plunge of the SW-5
shoot. The hole intersected the edge of the mineralized stock-work. The hole intersected a new zone
of variable stock-work veining and alteration east of SW-5 with a wide zone of veining returning
28.50 m
@ 0.55 g/t Au. The new shoot is currently not being modelled.
Table 1: South West: Selective Significant Drill Results
Hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
Name
MGH18-101
102.68
103.10
0.42
17.25
Alder
MGH18-102
396.00
398.00
2.00
3.42
New Vein
MGH18-102
425.00
437.00
12.00
2.74
New Vein
includes
432.00
434.00
2.00
6.49
New Vein
MGH18-102
568.00
573.30
5.30
7.63
SW-4
includes
568.80
572.35
3.55
10.57
SW-4
includes
568.80
569.60
0.80
22.40
SW-4
and
571.45
572.35
0.90
13.45
SW-4
MGH18-102
649.00
693.00
44.00
1.11*
SW-4
includes
653.00
654.00
1.00
3.26
SW-4
and
663.00
664.00
1.00
3.44
SW-4
and
686.00
688.00
2.00
2.36
SW-4
MGH18-103
90.12
91.09
0.97
8.02
New Vein
MGH17-103
181.00
182.10
1.10
2.11
SW-3a
MGH18-103
387.02
394.15
7.13
5.06
Yew
includes
387.02
389.00
1.98
12.47
Yew
MGH18-103
451.60
459.60
8.00
1.38*
SW-6
includes
455.60
456.60
1.00
3.28
SW-6
and
458.60
459.60
1.00
2.38
SW-6
MGH18-103
464.20
465.00
0.80
2.54
SW-6
MGH18-103
482.40
483.25
0.85
3.28
SW-6
MGH18-103
487.50
491.00
3.50
2.33
SW-6
MGH18-103
530.00
531.00
1.00
4.53
New Vein
MGH18-103
549.45
551.55
2.10
2.32
New Vein
includes
549.45
550.50
1.05
3.58
New Vein
MGH18-105
193.00
195.60
2.60
1.12*
SW-5
MGH18-105
342.50
371.00
28.50
0.55*
New shoot
includes
359.90
361.00
1.10
2.66
New shoot
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 65%
to 100% of true width.
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH18-101
571169
5369610
324
44
-60
366.1
MGH18-102
571521
5369726
327
360
-68
737.0
MGH18-103
571204
5369658
324
30
-68
588.0
MGH18-104
571221
5369900
325
83
-62
249.0
MGH18-105
571663
5370203
327
86
-53
372.0
Please click below for Figure 1 - South West Location Map: Golden Highway Project
http://www.monetaporcupine.com/i/maps/2018-10-10_NR-Fig1.jpg
Please click below for Figure 2 - South West: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/2018-10-10_NR-Fig2.jpg
Please click below for Figure 3 - South West: Schematic Cross Section
http://www.monetaporcupine.com/i/maps/2018-10-10_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
, 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 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 to download multimedia:
http://www.newswire.ca/en/releases/archive/October2018/10/c2755.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 09:17e 10-OCT-18