Intersects New Veins at the "55" Deposit Symbol: TSX: ME
Moneta Intercepts 1.75 M @ 7.04 g/t Gold
Including 0.85 M @ 12.15 g/t Gold and
Intersects New Veins at the "55" Deposit
Symbol: TSX: ME
TORONTO
,
Sept. 18, 2018
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from six diamond
drill holes completed on the "55" Deposit ("55") located within the Company's Golden Highway
Project (located 110 km east of
Timmins, Ontario
, see Figure 1).
Highlights:
Drilling at "55" successfully in confirmed all seven (7) vein structures and located new veins
Vein Structures
•
"D" Vein
MGH17-052 intersected 1.74 m @ 7.04 g/t Au including 0.85 m @ 12.15 g/t Au. MGH17-050 returned 2.00 m @ 3.60 g/t Au including 1.00 m @
5.12 g/t Au
•
"B" Vein
Drill hole MGH17-050 intersected 2.00 m @ 3.03 g/t Au and hole MGH17-052 assayed 1.00 m @ 3.24 g/t Au
•
"J" Vein
Drill hole MGH17-055 intersected 10.00 m @ 1.78 g/t Au including 2.00 m @ 4.11 g/t Au
•
"I" Vein
Drill hole MGH17-057A intersected 6.00 m @ 2.19 g/t Au including 1.00 m @ 4.46 g/t Au
•
"K" Vein
MGH17-055 intersected 2.70 m @ 1.68 g/t Au including 0.90 m @ 3.58 g/t Au
•
"G" Vein
MGH17-061 intersected 11.20 m @ 0.92 g/t Au including 1.00 m @ 2.60 g/t Au
•
New Veins
MGH17-061 intersected a new vein assaying 0.80 m @ 7.34 g/t Au. MGH17-055 intersected an additional new vein returning 2.00 m @ 2.27 g/t
Au including 1.00 m @ 3.31 g/t Au
Gary O'Connor
, CEO & Chief Geologist commented, "We are encouraged with the latest drill results
from the "55" deposit, confirming all seven (7) vein structures tested on the current program. The
area represents an additional target area in a similar geological setting to the South West deposit
where we are confident of adding new higher-grade structural zones to our resource base."
The latest assay results are from six (6) drill holes totalling
1,467.0 m
of drilling at "55" that were
designed to confirm 7 of the 12 higher-grade structural vein targets identified to date. Hole MGH17-
057 was a re-drill of hole MGH17-057A which could not be completed. The drill program at "55"
concludes the previously announced exploration drill program undertaken by the Company in late
2017 and early 2018 for a total of
39,300 m
in 66 drill holes on the Golden Highway Project.
"55" Deposit
The "55" area occurs approximately 2 kilometres (km) west of the South West Deposit ("South
West"), the target of most of the 2017/2018 drill program. Gold mineralization occurs in a similar
geological setting and style to South West also hosted within Timiskaming age clastic sediments in
contact with predominantly Banded Iron Formation (BIF) units to the north in fault contact with
ultramafic rocks. The fault is one of the main splays of the regional Destor-Porcupine Fault Zone.
BIF units also bound the mineralization to the south.
A total of twelve (12) NNW trending vein structures and one (1) stockwork zone have been
interpreted to date. The veins have been traced up to
250 m
in strike length and drilled to depths of
300 m
. The drill program was designed to drill confirm 7 of the vein structures interpreted from
historical drilling consisting of 70 drill holes for
20,356 m
of drilling at "55". The main veins have an
average width of approximately
2.50 m
and are spaced
30 m
to
35 m
apart. The stockwork zone
"shoot" occurs up to
50 m
long and
25 m
wide along the sheared BIF contact within the clastic
sediments. The shoot has been drilled to depths of
300 m
and plunges steeply at ~70° to the west.
The mineralized shoot was not tested in this program.
Gold mineralization is associated with quartz-pyrite veining within structural corridors associated with
ankerite-sericite-silica-pyrite alteration hosted within the clastic sediments.
"55" Drill Results
Drill hole
MGH17-050
was drilled to test the "B" vein structures within the western structural corridor
at "55". The hole intercepted the "B" vein and returned
4.00 m
@ 2.40 g/t Au including
1.00 m
@
5.12 g/t Au.
Drill hole
MGH17-052
was drilled south of MGH17-050 to test the "C" and "D" vein structures from
the western structural corridor. The hole returned
1.75 m
@ 7.04 g/t Au including
0.85 m
@ 12.15
g/t Au from the "D" vein at
75.85 m
down hole depth and
1.00m
@ 3.24 g/t Au from the "C" vein.
MGH17-055
was drilled to test the "J" and "K" vein structures from the eastern structural corridor.
The hole intersected both veins and returned
10.00 m
@ 1.78 g/t Au including
2.00 m
@ 4.11 g/t Au
from the "J" vein.
Drill holes
MGH17-057
and
MGH17-057A
were drilled to test the "I" and "J" structures from the
eastern structural corridor.
MGH17-057
intersected both veins and assayed
5.00 m
@ 1.60 g/t Au
including
1.00 m
@ 2.91 g/t Au from the "J" vein at a depth of
122.00 m
.
MGH17-057A
intersected
the "I" vein returning
6.00 m
@ 2.19 g/t Au including
1.00 m
@ 4.46 g/t Au at a depth of
47.00 m
.
Diamond drill hole
MGH17-061
was drilled to test the "G", "I" and "J" vein structures. The hole
intercepted
1.30 m
@ 4.52 g/t Au including
0.60 m
@ 6.38 g/t Au from the "G" vein at
75.50 m
down
hole depth. The hole also intersected
0.80 m
@ 7.34 g/t Au from a new vein and
1.00 m
@ 3.01 g/t
Au from the "I" vein.
Table 1: "55": Selective Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH17-050
170.40
174.40
4.00
2.40*
B Vein
includes
171.40
173.40
2.00
3.60
B Vein
includes
172.40
173.40
1.00
5.12
B Vein
MGH17-050
177.00
179.00
2.00
2.47*
B Vein splay
includes
177.00
178.00
1.00
3.28
B Vein splay
MGH17-050
202.50
208.30
5.80
1.97*
B Vein splay
includes
203.50
205.50
2.00
3.03
B Vein splay
MGH17-052
75.85
77.60
1.75
7.04
D Vein
includes
75.85
76.70
0.85
12.15
D Vein
MGH17-052
135.00
136.00
1.00
3.24
C Vein
MGH17-055
64.90
66.50
1.60
3.45
New
MGH17-055
118.00
128.00
10.00
1.78*
J Vein
includes
125.00
127.00
2.00
4.11
J Vein
MGH17-055
152.00
153.80
2.70
1.68*
K Vein
includes
152.00
152.90
0.90
3.58
K Vein
MGH17-055
179.50
181.50
2.00
2.28
New
MGH17-055
190.00
192.00
2.00
2.27
New
includes
191.00
192.00
1.00
3.31
New
MGH17-057
122.00
127.00
5.00
1.60
J Vein
includes
122.00
123.00
1.00
2.91
J Vein
and
125.00
126.00
1.00
2.64
J Vein
MGH17-057A
42.00
48.00
6.00
2.19
I Vein
includes
47.00
48.00
1.00
4.46
I Vein
MGH17-061
75.70
77.00
1.30
4.52
G Vein Splay
includes
76.40
77.00
0.60
6.38
G Vein Splay
MGH17-061
87.00
98.20
11.20
0.92
G Vein
includes
87.00
88.00
1.00
2.60
G Vein
MGH17-061
105.80
106.60
0.80
7.34
New
MGH18-061
311.00
312.00
1.00
3.01
I Vein
MGH18-061
347.00
348.00
1.00
4.26
J Vein Splay
MGH18-061
363.10
364.10
1.00
4.51
J Vein
Intercepts are calculated using a 2.0 g/t Au cut-off unless noted (*), maximum of
2m
internal waste
and no top cap. All intercepts are reported as drill widths and estimated to be 70% to 85% of true
widths.
Please click below for Figure 1: "55" Location Map - Golden Highway Project
http://www.monetaporcupine.com/i/maps/2018-09-18_NR-Fig1.jpg
Please click below for Figure 2:
"55" Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/2018-09-18_NR-Fig2.jpg
Please click below for Figure 3:
"55" Schematic Cross Section
http://www.monetaporcupine.com/i/maps/2018-09-18_NR-Fig3.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH17-050
569114
5368849
320
115
-57
240.0
MGH17-052
569128
5368763
320
111
-59
252.0
MGH17-055
569331
5368843
320
113
-58
240.0
MGH17-057
569320
5368810
325
115
-55
250.0
MGH17-057A
569320
5368810
325
115
-55
85.0
MGH17-061
569233
5368792
321
112
-56
400.0
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/September2018/18/c5392.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 08:56e 18-SEP-18