Moneta Confirms Extensions of Gold Mineralization at New Westaway Discovery
Moneta Confirms Extensions of Gold
Mineralization at New Westaway Discovery
with 35.50 M @ 2.96 g/t Gold
TORONTO
,
July 16, 2020
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from the final two
(2) drill holes testing the southern extensions of the new Westaway Target from the current drill
program. Westaway is located outside of the updated
November 2019
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 has confirmed the southern extensions of gold mineralized veins at the new
Westaway Target, 1.2 kilometres (Km) west of the current South West gold resource:
MGH20-150: Confirmed the extensions of gold mineralized veins 90 metres (m) south of
previously announced hole MGH20-143:
Intersected
35.50 m
@ 2.96
grams per tonne gold (g/t Au) including
25.50 m
@ 3.70
g/t Au, including
11.70 m
@ 5.46 g/t Au, including
3.70 m
@ 8.36 g/t Au,
1.00 m
@
11.50 g/t Au and
2.00 m
@ 9.04 g/t Au from the WA-3 vein
Intersected
2.60 m
@ 6.08 g/t Au including
0.90 m
@ 12.70 g/t Au from the WA-9 vein
Intersected
3.90 m
@ 3.43 g/t Au including
1.00 m
@ 7.54 g/t Au from the WA-5 vein
MGH20-155: Confirmed continuity of the Westaway veins
100 m
to the west of MGH20-
143:
Intersected
2.00 m
@ 6.15 g/t Au including
1.22 m
@ 10.06 g/t Au, including
0.62 m
@ 17.40 g/t Au from the WA-9 vein
Extended veins
100 m
to the west and up to
100 m
to depth
"Our last holes have intersected the best intercept to date on this program and continued to extend
the new Westaway veins at depth and to the south," commented CEO
Gary O'Connor
. "We have
again intersected wide widths with good grades in large
90 m
step-out holes further extending the
gold mineralized veins to the south, where the veins remain open. The drill program has now
successfully confirmed continuous gold mineralization covering the West Block and new Westaway
areas over 1.2 km west of the South West Deposit and over a
450 m
strike length to the south. We
look forward to drill testing the open extensions in the next drill program which is planned to
commence in the fall".
The latest assay results are from the final two (2) drill holes, MGH20-150 and MGH20-155,
completed on the 2019/2020 winter drill program at the Westaway discovery for a total of
1,575.0
m
, located west of the South West Deposit (Table 2). Drill hole MGH20-150 was testing the
southern extensions of the new veins recently discovered at Westaway south of hole MGH20-143
and MGH20-155 was confirming the western and down dip extensions of the veins to the west of
MGH20-143 (
ME-PR 07-2020, dated
May 05
2020 and ME-PR 12-2020, dated
June 24
2020
). The
drill program consisting of 36 holes for
18,159.00 m
was successfully completed with the processing
and assaying of core continuing under COVID-19 work safety protocols. The results of the "55"
deposit extension drill program remain pending and will be released upon receipt.
Click here for Figure 1: Westaway Location Map- Golden Highway Project
Click here for Figure 2: Westaway Target: Drill Plan Map
Click here Figure 3: Westaway Target: Cross-section View (looking north)
Westaway Drill Results
Drill Hole
MGH20-150
was drilled
90 m
to the south of MGH20-143 (Figure 2)
(see press release
PR-07-2020 dated
May 05
2020: Drilling intersected up to
4.20 m
@ 4.49 g/t Au including
1.00 m
@ 7.25 g/t Au and
3.00 m
@ 3.72 g/t Au including
1.00 m
@ 5.83 g/t Au and press release PR-12-
2020 dated
June 24
2020: Drilling intersected
11.80 m
@ 3.91 g/t Au including
2.00 m
@ 7.08 g/t
Au and
2.00 m
@ 5.78 g/t Au from WA-4,
16.35 m
@ 2.45 g/t Au including
7.00 m
@ 4.19 g/t Au
and
1.80 m
@ 5.73 g/t Au from WA-3, and
21.00 m
@ 2.55 g/t Au including
11.00 m
@ 3.38 g/t
Au including
0.94 m
@ 14.60 g/t Au from the WA-2).
The drill hole has confirmed the southern
extensions of 12 veins (WA-2 to WA-13). The hole confirmed wide extensions of WA-3 and
intercepted up to
35.50 m
@ 2.96 g/t Au, including
25.50 m
@ 3.70 g/t Au, including
11.70 m
@
5.46 g/t Au, including
3.70 m
@ 8.36 g/t Au and
1.00 m
@ 11.50 g/t Au and
2.00 m
@ 5.78 g/t Au
including
1.00 m
@ 12.50 g/t Au from the WA-3 vein. The hole also intersected
9.70 m
@ 1.94 g/t
Au, including
3.90 m
@ 3.43 g/t Au, including
1.00 m
@ 7.54 g/t Au from the WA-5 vein and
2.60 m
@ 6.08 g/t Au including
0.90 m
@ 12.70 g/t Au from the WA-9 vein.
Drill hole
MGH20-155
was drilled
100 m
to the west and as an under-cut of the MGH20-143 drill
hole
(see press release PR-07-2020 dated
May 05
2020: Drilling intersected up to
4.20 m
@ 4.49
g/t Au including
1.00 m
@ 7.25 g/t Au and
3.00 m
@ 3.72 g/t Au including
1.00 m
@ 5.83 g/t Au in
MGH20-143 and press release PR-12-2020
dated
June 24
2020: Drilling intersected
11.80 m
@
3.91 g/t Au including
2.00 m
@ 7.08 g/t Au and
2.00 m
@ 5.78 g/t Au from WA-4,
16.35 m
@ 2.45
g/t Au including
7.00 m
@ 4.19 g/t Au and
1.80 m
@ 5.73 g/t Au from WA-3, and
21.00 m
@ 2.55
g/t Au including
11.00 m
@ 3.38 g/t Au including
0.94 m
@ 14.60 g/t Au from the WA-2 from
MGH20-143)
. The drill hole intersected up to
2.00 m
@
6.15 m
, including
1.22 m
@ 10.06 g/t Au,
including
0.62 m
@ 17.40 g/t Au from the WA-9 vein in MGH20-155.
Table 1: Westaway: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH20-150
318.00
320.00
2.00
1.72*
WA-10
includes
319.00
320.00
1.00
3.26
WA-10
MGH20-150
338.40
341.00
2.60
6.08
WA-9
includes
338.40
339.30
0.90
12.70
WA-9
MGH20-150
431.00
435.00
4.00
1.84*
WA-6
includes
434.00
435.00
1.00
4.79
WA-6
MGH20-150
449.00
458.70
9.70
1.94
WA-5
includes
454.80
458.70
3.90
3.43
WA-5
includes
456.80
457.80
1.00
7.54
WA-5
MGH20-150
474.50
478.50
4.00
1.75*
WA-4
includes
477.50
478.50
1.00
3.38
WA-4
MGH20-150
522.00
557.50
35.50
2.96
WA-3
includes
532.00
557.50
25.50
3.70
WA-3
includes
545.80
557.50
11.70
5.46
WA-3
includes
545.80
549.50
3.70
8.36
WA-3
includes
545.80
546.57
0.77
15.00
WA-3
and
548.50
549.50
1.00
11.50
WA-3
and
554.50
556.50
2.00
9.04
WA-3
includes
555.50
556.50
1.00
12.50
WA-3
MGH20-150
586.80
588.30
1.50
3.77
WA-2
includes
586.80
587.60
0.80
4.77
WA-2
MGH20-155
560.40
562.40
2.00
6.15
WA-9
includes
560.40
561.62
1.22
10.06
WA-9
includes
561.00
561.62
0.62
17.40
WA-9
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 80%
to 95% of true width.
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH20-150
569976
5368753
325
55
-60
717
MGH20-155
569789
5368648
323
50
-62
858
Westaway Target
The Westaway Target is located within a similar geological setting as the South West Deposit and is
now seen to be continuous with the adjacent West Block mineralization over a distance of more than
1.2 km. 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") and dominantly
hosted within an overlying coarse grain sandstone. The mineralized quartz-pyrite veins occur as
extensional vein structures associated with ankerite-sericite-silica-pyrite alteration haloes. The zones
occur as steeply west dipping WNW-ESE oriented mineralized structures as per the main
mineralization at South West (Figure 3). Drilling to date has confirmed the veins over a strike length
of
450 m
, widths averaging over
4.00 m
with widths up to
30 m
and to depths of
600 m
. A total of
13 mineralized veins have been confirmed at Westaway and 13 mineralized veins at West Block to
date and are open to the south towards the new South Basin target.
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/July2020/16/c1608.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 07:30e 16-JUL-20