Moneta Confirms Extensions of Gold Mineralization at 55
Moneta Confirms Extensions of Gold
Mineralization at 55
TORONTO
,
Aug. 6, 2020
/CNW/ -
Moneta Porcupine Mines Inc.
(TSX:ME) (OTC:MPUCF)
(XETRA:MOP)
("Moneta" or the "Company")
is pleased to announce the results from five (5) drill
holes testing the western and eastern extensions of the 55 deposit from the current drill program.
The 55 deposit forms part of the current NI 43-101 mineral resource estimate and the drill holes are
part of the 2019/2020 winter drill program completed on the Company's Golden Highway Project,
110 km east of
Timmins, Ontario
(Figure 1).
Highlights:
Drilling at 55 has confirmed gold mineralization over 4 km continuous strike from
Windjammer South to 55 including the South West deposit:
Confirmed the western extensions of gold mineralization up to
250 m
west and
150 m
to
the east of the current resource at 55:
MGH20-146: Intersected
11.48 m
@ 1.83
grams per tonne gold (g/t Au) including
2.60
m
@ 4.04 g/t Au, including
0.69 m
@ 11.60 g/t Au
MGH20-149A: Intersected
7.30 m
@ 1.24 g/t Au including
4.15 m
@ 2.07 g/t Au
MGH20-149: Intersected
5.63 m
@ 1.68 g/t Au including
1.00 m
@ 5.28 g/t Au
MGH20-157:
5.45 m
@ 1.61 g/t Au including
1.00 m
@ 3.56 g/t Au
MGH20-154: Intersected
5.00 m
@ 1.42 g/t Au including
0.60 m
@ 11.20 g/t Au
Confirmed mineralization over
600 m
at 55
"The drilling at the 55 deposit has intersected gold mineralization in large step-outs at 55 extending
the length of mineralization by over 400 metres," commented CEO and Chief Geologist Gary
O'Connor. "We have confirmed the extensions of flat dipping veins near surface and steeper veins at
depth further extending the overall footprint of mineralization at 55. The recently completed drill
program has now successfully confirmed continuous gold mineralization from 55 in the west to
Windjammer South in the east for over 4.0 km. We look forward to updating the mineral resource
estimate this year and to continuing to drill test the open extensions of mineralization."
The latest assay results are from the five (5) drill holes, plus one re-drill (MGH20-149A), completed
on the 2019/2020 winter drill program at the 55 deposit for a total of
2,259.0 m
(Table 2). The
drilling was testing the western and eastern extensions of shallow dipping gold zones beyond the
current NI 43-101 resource estimate. The 55 deposit currently hosts 35,000 ounces (oz) at a grade
of 5.11 g/t Au in 216,000 t in the indicated category and 45,300 oz of gold at a grade of 4.31 g/t Au
in 327,000 t in the inferred category at a cut-off grade of 3.00 g/t Au. The 2019/2020 winter drill
program consisting of 36 holes for
18,159.0 m
was successfully completed under COVID-19 work
safety protocols. The results of the drill program are now being used to update the mineral resource
estimates for the 55 and Windjammer South deposits and produce a maiden resource for the new
Westaway discovery, including the West Block zone.
Click here for Figure 1: 55 Deposit Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/08-06-2020image3.jpg
Click here for Figure 2: 55 Deposit: Drill Plan Map
https://www.monetaporcupine.com/uploads/08-06-2020image2.jpg
Click here for Figure 3: 55 Deposit: Long-section View (looking north)
https://www.monetaporcupine.com/uploads/08-06-2020image4.png
55 Deposit Drill Results
Drill Hole
MGH20-146
and MGH20-was drilled up to
150 m
west of the current resource at 55 to
test the western and down plunge extensions of shallow dipping zones and steeper mineralized
structures beyond the current resource. The hole confirmed the extensions of all shallow dipping
zones and intercepted up to
9.03 m
@ 2.20 g/t Au, including
2.60 m
@ 4.04 g/t Au, including
0.69 m
@ 11.60 g/t Au and
0.65 m
@ 5.85 g/t Au from zone 5,
9.36 m
@ 0.90 g/t Au including
0.60 m
@
2.66 g/t Au from zone 9 and
1.79 m
@ 1.81 g/t Au including
0.88 m
@ 3.66 g/t Au from zone AB.
Drill holes
MGH20-149
and re-drill
MGH20-149A
were drilled from
50 m
to the west of the current
resource estimate at 55 to test for the western and down dip extensions of the shallow flat dipping
veins near surface and the steep veins at depth. Both holes stopped short of target depth. MGH20-
149A intersected up to
4.15 m
@ 2.07 g/t Au including
0.98 m
@ 5.63 g/t Au and MGH20-149
intersected
5.63 m
@ 1.68 g/t Au including
1.00 m
@ 5.28 g/t Au from zone 2.
Drill hole
MGH20-153
and
MGH20-157
were drilled on one section
250 m
to the west of the current
resource estimate at 55 to test for the western and down dip extensions of the shallow flat dipping
veins near surface and the steep veins at depth. MGH20-153 intersected up to
6.00 m
@ 1.24 g/t
Au including
1.00 m
@ 2.78 g/t Au from zone 12,
5.68 m
@ 0.85 g/t Au including
0.64 m
@ 3.23 g/t
Au from zone AB and
5.30 m
@ 0.94 g/t Au including
1.00 m
@ 4.84 g/t Au from a new vein.
MGH20-157 intersected up to
10.67 m
@ 0.76 g/t Au including
1.00 m
@ 3.85 g/t Au from zone 5,
5.70 m
@ 0.89 g/t Au including
1.00 m
@ 2.78 g/t Au from zone 7.
Drill hole
MGH20-154
was drilled up to
150 m
east of the current mineral resource at 55 to test the
up-dip extensions of the shallow dipping zones and steep structures. MGH20-154 intersected up to
5.00 m
@ 1.42 g/t Au including
0.60 m
@ 11.20 g/t Au from zone 8 and
6.70 m
@ 0.74 g/t Au
including
0.90 m
@ 4.29 g/t Au from a new zone extending the zones significantly to the east.
Table 1: 55 Deposit: Selected Significant Drill Results
Hole
From
To
Length
Au
Zone
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH20-146
160.00
169.03
9.03
2.20
5
includes
160.00
162.60
2.60
4.04
5
includes
161.31
162.00
0.69
11.60
5
and
164.35
166.00
1.65
3.87
5
includes
164.35
165.00
0.65
5.85
5
MGH20-146
259.14
268.50
9.36
0.90
9
includes
259.14
259.74
0.60
2.66
9
MGH20-149A
87.90
92.05
4.15
2.07
2
includes
89.50
90.48
0.98
5.63
2
MGH20-149
86.80
92.43
5.63
1.68
2
includes
90.00
92.00
2.00
3.85
2
includes
90.00
91.00
1.00
5.28
2
MGH20-153
322.50
328.50
6.00
1.24
12
includes
323.50
324.50
1.00
2.78
12
MGH20-153
488.50
493.80
5.30
0.94
New
includes
491.00
492.00
1.00
4.84
New
MGH20-154
252.00
257.00
5.00
1.42
8
includes
253.50
254.10
0.60
11.20
8
MGH20-154
480.90
487.60
6.70
0.74
New
includes
480.90
481.80
0.90
4.29
New
MGH20-157
78.89
83.45
4.56
1.92
4
includes
81.00
82.00
1.00
3.56
5
MGH20-157
98.00
108.67
10.67
0.76
5
includes
102.00
103.00
1.00
3.85
5
MGH20-157
158.50
164.20
5.70
0.89
7
includes
160.00
161.00
1.00
2.78
7
Intercepts are calculated using geological boundaries, a maximum of 3m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 70%
to 95% of true widths
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH20-146
568968
5368750
323
110
-60
444.0
MGH20-149
568997
5368798
325
110
-62
114.0
MGH20-149A
568997
5368800
326
110
-60
192.0
MGH20-153
568857
5368723
324
110
-60
540.0
MGH20-154
569419
5368981
326
110
-60
615.0
MGH20-157
568942
5368698
324
110
-60
354.0
55 Deposit
The 55 deposit is located within a similar geological setting as the South West deposit (Figure 1).
Gold mineralization is seen to occur as a series of mineralized vein structures which occur adjacent
to the regional Timiskaming age banded iron formation "A" unit ("BIF-A"). The mineralized quartz-
pyrite veins occur as extensional vein structures associated with ankerite-sericite-silica-pyrite
alteration haloes. The zones occur as both stacked steeply west dipping NNW-SSE oriented
mineralized zones and as wider shallowly west dipping zones which potentially are open pit targets
(Figure 2). A total of 18 shallow dipping veins have been identified. A significant amount of historical
drilling has defined the mineralized zones (See Table 3). The 55 deposit currently hosts 35,000 oz at
a grade of 5.11 g/t Au in 216,000 t in the indicated category and 45,300 oz at a grade of 4.31 g/t Au
in 327,000 t in the inferred category at an underground mining cut-off grade of 3.00 g/t Au.
Table 3: 55 Deposit: Selected Significant Historical Drill Results
Hole
From
To
Length
Au
Zone
(#)
(m)
(m)
(m)
(g/t)
(name)
MA04-25
53.00
62.50
9.50
6.71
1
MN96-174
54.00
60.20
6.20
4.52
2
MN96-181
56.50
59.20
2.70
8.59
4
MA05-28
68.30
70.70
2.40
7.96
4
MA-08-43
80.90
83.80
2.90
42.29
5
M55-10-32
100.75
103.20
2.45
7.95
5
MA-08-49
127.00
164.00
37.00
7.78
6
MA-08-49
173.00
179.00
6.00
6.49
7
M55-10-20
217.10
220.20
3.10
7.96
7
MA-02-06
211.00
217.50
6.50
7.74
8
MA05-31
243.50
245.50
2.00
10.90
8
MA-05-30
245.30
250.50
5.20
7.92
9
M55-10-20
272.00
279.00
7.00
3.57
10
MN97-195
261.80
265.30
3.50
13.04
11
MA03-10X
311.80
314.00
2.20
8.42
AA
Intercepts are calculated using geological boundaries and no top cap applied. All intercepts are reported as drill widths and estimated to be 70% to 95% of true width
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is cut with half sent to AGAT
Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm
(200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed
using an 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, as well as completing routine third-party check assays at Activation Laboratories Ltd.
Kevin Montgomery
, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved
the technical 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 556,500 ounces gold contained within 3.82 Mt @ 4.53 g/t Au
and a total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t Au in the inferred category
at a 3.00 g/t Au cut-off. A preliminary economic assessment on the South West deposit located
within the Golden Highway Project commenced in Q1, 2020. The results of the PEA are due to be
delivered later in 2020. The study will review several development scenarios for the South West
deposit which was the subject of a resource update in
November 2019
.
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/August2020/06/c2979.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; Linda Armstrong, Investor Relations, 647-456-9223
CO: Moneta Porcupine Mines Inc.
CNW 07:00e 06-AUG-20