Mineralized Shoot at South West Symbol: TSX: ME
Moneta Intercepts 47.00 m @ 2.08 g/t Gold
Including 23.87 m @ 2.48 G/t Gold in a new
Mineralized Shoot at South West
Symbol: TSX: ME
TORONTO
,
July 19, 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 identified a new mineralized shoot (SW-6) and the
extensions of two (2) new veins to the West. Results continue to extend the strike and depth
extent of the known vein structures and mineralized shoots.
Mineralized Shoots
•
SW-6
Drill hole MGH18-091 intersected a new mineralized shoot (SW-6) assaying 47.00 metres ("m") @ 2.08 grams per tonne gold ("g/t Au") including
1.86 m @ 5.66 g/t Au and 1.00 m @ 6.49 g/t Au
Vein Structures
•
Willow Vein
MGH18-090 intersected Willow vein extending the vein by 50 m to the north assaying 3.30 m @ 3.67 g/t Au including 1.00 m @ 7.06 g/t Au
•
Redwood Vein
Drill hole MGH18-088 intersected 4.70 m @ 2.16 g/t Au including 1.00 m @ 3.74 g/t Au extending Redwood by ~100 m to the south
•
West #1 Vein
Drill hole MGH18-093A intersected a new vein structure West Vein #1, assaying 10.00 m @ 2.11 g/t Au including 3.15 m @ 3.24 g/t Au and
1.00 m @ 4.09 g/t Au 300m south of the West veins
•
West #2 Vein
A second vein structure West Vein #2 was intersected in drill hole MGH18-093A assaying 3.00 m @ 3.28 g/t Au including 1.15 m @ 7.03
g/t Au extending the structures by 300 m to the south
Gary O'Connor
, CEO & Chief Geologist commented, "We continue to be encouraged by the drill
results which have continued to extend mineralization and intersected new mineralization. We have
now identified seventeen (17) vein structures and along strike and nine (9) mineralized shoots,
ultimately adding to the overall size potential at South West. These results continue to increase our
confidence and understanding of the vein structures and stockwork zones. We plan to complete the
logging and assaying of core from the expanded drill program on the Golden Highway project in
order to define a larger gold system; increase the number of veins and shoots; and confirm
the
higher grade mineralization in preparation for a resource update."
The latest assay results are from seven drill holes totalling
3,868.0 m
of drilling at South West that
continues to test the higher grade structural targets. The drill program at South West follows up on
the previously announced exploration drill program undertaken by the Company in late 2017 and
2018 that was expanded to
41,100 m
in 70 drill holes. Assays for the remaining 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) vein
structures and nine (9) 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. Two new veins intersected in the current drilling are thought to be the southern
extensions of veins west of the Main Fault. 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 over
400 m
in strike length and have been historically drilled to depths of up to
1,200 m
.
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
1,000 m
. A total of nine (9) 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 occurs within the vein corridors and also hosts gold mineralization. The veins can be
brecciated and occur as quartz matrix supported breccia zones. The nine (9) mineralized shoots and
seventeen (17) vein corridors have now been successfully traced over a width of
1,200 m
.
South West Drill Results
Drill hole
MGH18-088
was drilled to test the southern extensions of the Redwood, Maple and Oak
Veins. The drill hole intersected the Redwood Vein (
4.70 m
@ 2.16 g/t Au, including
1.00 m
@ 3.74
g/t Au at
510.00 m
depth) extending this vein by ~100 m to the south.
Drill hole
MGH18-089
was drilled to test the location of stockwork vein zones located within
mineralized shoots north and south of the BIF unit adjacent to the four SW-3 shoots. The hole drilled
between the SW-3c and SW-3d shoots. The hole also tested the northern extensions of the Willow,
Arbutus and Yew structures which it intersected (Yew:
0.30 m
@ 3.51 g/t Au).
Drill hole
MGH18-090
was also drilled to test the northern extensions of the SW-3 shoots, the up-dip
extensions of the Willow and Arbutus veins and the northern contacts with the BIF. The drill hole
extended the SW-3d shoot by
25 m
to the north intersecting
7.00 m
@ 1.26 g/t Au and intersected
the northern extensions of the Willow Vein assaying
3.30 m
@ 3.67 g/t Au including
1.00 m
@ 7.06
g/t Au at
286.0 m
depth extending the vein
50 m
to the north and
100 m
up-dip.
Drill hole
MGH18-091
was drilled to test the northern and southern BIF contacts in the area between
the SW-4 and SW-3 mineralized shoots. The drill hole intersected a new zone of stockwork veining
(SW-6) on the southern contact of the BIF, south of the gabbro returning
47.00 m
@ 2.08 g/t Au at
381.0 m
depth including
23.87 m
@ 2.48 g/t Au including
1.86 m
@ 5.66 g/t Au and
1.00 m
@ 6.49
g/t Au.
Diamond drill hole
MGH18-092
was drilled to test the southern extensions of the Willow and Arbutus
veins up to
600 m
south of the BIF contact. The vein structures continue but narrow to the south.
Drill holes
MGH18-093 and MGH18-093A
were drilled to test the southern extensions of the vein
structures located west of the Main Fault and the western and depth extensions of the SW-1 shoot.
The drill holes confirmed the extensions of two vein structures up to
300 m
to the south intersecting
10.00 m
@ 2.11 g/t Au including
3.15 m
@ 3.24 g/t Au at
164.0m
depth and
3.00 m
@ 3.28 g/t Au
including
1.15 m
@ 7.03 g/t Au at
251.00 m
depth. MGH18-093 intersected the western extensions
of SW-1 intersecting
1.00 m
@ 2.33 g/t Au at
611.00 m
extending the mineralized stockwork by
100
m
to the west and
100 m
to depth. Drill hole MGH18-093A was terminated short of the target.
Please click below for Figure 1 - South West Location Map: Golden Highway Project
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig1.jpg
Please click below for Figure 2 - South West: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig2.jpg
Please click below for Figure 3 - South West: Schematic Cross Section
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig3.jpg
Table 1: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
#
mE
mN
masl
°
°
m
MGH17-088
571001
5369271
323
90
-55
714.0
MGH17-089
570951
5369697
324
90
-57
453.0
MGH17-090
570999
5369798
325
85
-66
624.0
MGH18-091
571103
5369904
325
90
-60
471.0
MGH18-092
571369
5369396
326
90
-55
540.0
MGH18-093
570820
5368955
323
3
-73
700.0
MGH18-093A
570782
5368994
323
5
-68
366.0
Table 2: South West: Selective Significant Drill Results
Hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
#
MGH18-088
510.00
514.70
4.70
2.16
Redwood
includes
510.00
511.00
1.00
3.74
Redwood
MGH18-089
160.30
160.60
0.30
2.44
Willow
MGH18-089
256.70
257.00
0.30
3.51
Yew
MGH18-090
264.00
271.00
7.00
1.26*
SW-3d
includes
264.00
265.00
1.00
2.29
SW-3d
and
267.00
268.00
1.00
2.73
SW-3d
MGH18-090
275.00
277.00
2.00
2.00
SW-3d
MGH18-090
286.00
289.30
3.30
3.67
Willow
includes
287.30
288.30
1.00
7.06
Willow
MGH18-091
381.00
428.00
47.00
2.08*
SW-6
includes
381.00
385.98
4.98
1.96*
SW-6
and
389.00
391.00
2.00
3.81
SW-6
and
398.00
400.98
2.98
2.16
SW-6
and
403.13
427.00
23.87
2.48
SW-6
includes
409.00
427.00
18.00
2.74
SW-6
includes
409.00
416.00
7.00
3.01
SW-6
includes
413.14
415.00
1.86
5.66
SW-6
and
419.00
427.00
8.00
3.02
SW-6
includes
421.00
422.00
1.00
6.49
SW-6
MGH18-093A
151.75
177.00
25.25
1.33*
New West-1
includes
151.75
154.00
2.25
2.08
New West-1
and
164.00
174.00
10.00
2.11
New West-1
includes
164.00
165.00
1.00
4.09
New West-1
and
170.85
174.00
3.15
3.24
New West-1
MGH18-093A
193.32
194.06
0.74
3.92
New
MGH18-093A
195.20
196.00
0.80
5.56
New
MGH18-093A
254.00
255.00
1.00
2.63
New West-2
MGH18-093A
260.00
263.00
3.00
1.52*
New West-2
includes
260.00
261.00
1.00
2.51
New West-2
MGH18-093
168.00
169.50
1.50
2.20
New West-1
MGH18-093
172.04
173.00
0.96
4.08
New West-1
MGH18-093
251.00
254.00
3.00
3.28
New West-2
includes
251.00
252.12
1.15
7.03
New West-2
MGH18-093
484.00
486.00
2.00
2.15
New West-3
MGH18-093
493.00
494.00
1.00
2.20
Main Fault
MGH18-093
611.00
612.00
1.00
2.33
SW-1
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.
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/July2018/19/c2366.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 10:00e 19-JUL-18