Moneta Confirms Extensions of New South
Moneta Confirms Extensions of New South
Basin Target with 2.20 m @ 15.76 g/t Gold
Including 0.60 m @ 39.60 g/t Gold
Toronto, Ontario--(Newsfile Corp. - September 3, 2020) -
Moneta Porcupine Mines Inc. (TSX: ME)
(OTC Pink: MPUCF) (FSE: MOP) ("Moneta" or the "Company")
is pleased to announce the results
from historical drilling along the new South Basin trend, including the South BIF target, on the Company's
Golden Highway Project, 110 km east of Timmins, Ontario (Figure 1).
Highlights:
Historical drilling along the new South Basin trend on the southern margins of the regional
sedimentary basin has confirmed significant gold mineralization:
MSW10-270: Intersected 2.20 metres "m" @ 15.76 grams per tonne "g/t" including 0.60 m
@ 39.63 g/t Au
MSW10-267: Intersected 7.09 m @ 2.76 g/t Au including 1.00 m @ 6.79 g/t Au
MGH18-093: Intersected 3.00 m @ 3.28 g/t Au including 1.00 m @ 7.03 g/t Au
MGH18-093A: Intersected 10.00 m @ 2.11 g/t Au including 1.00 m @ 4.46 g/t Au
Historical drilling has confirmed gold mineralized veins over 1.2 kilometre "Km" of strike
length, east of South BIF along the South Basin trend
"We are excited to have discovered additional significant gold mineralization results on the South Basin
trend from historical drilling," commented CEO, Gary O'Connor. "We have intersected mineralized gold
veins over 1.2 km of strike length on the southern margins of the basin east of the recently recognized
favourable BIF A host contact in numerous historical drill holes. The gold occurs south of and as possible
extensions of the Westaway/West Block and South West gold deposits. The assay results are from
previously un-released assays which have not been used for historical resource estimates. The South
Basin represents a new regional trend of prospective ground at the Golden Highway Project where no
systematic exploration has been conducted previously. We look forward to exploring the trend further."
The latest assay results are from ten (10) historical drill holes completed along the South Basin contact,
and drill hole MGH20-148 which was drilled at the South BIF target in the recent winter 2019/2020 drill
program. MGH20-148 successfully intersected significant mineralization adjacent to an occurrence of
the favourable BIF A on the southern margins of the basin (see press release ME PR 09-2020 dated
May 21, 2020; Drilling intersected 3.50 m @ 8.09 g/t Au, including 0.55 m @ 30.40 g/t Au). This
prompted a review of the 10 historical drill holes which had tested the newly recognized trend. The drill
assay intercepts from historical holes were not previously included in any historical resource estimate
and represent a new mineralized trend.
South Basin Drill Results
The ten (10) historical drill holes reviewed were drilled over more than 1.2 km of strike length along the
southern contact of the Timiskaming sedimentary basin primarily to test the depth extensions of the
South West deposit located to the north. The newly recognized gold mineralization was intersected at
shallower depths near the southern contact of the basin with the Lower Blake River mafic volcanic unit.
The gold assay results intersected along the South Basin contact have not been included in any historical
resource estimate and are now recognized to be new mineralized zones located in the same geological
setting as the gold mineralization intersected recently in drill hole
MGH20-148.
Please click on the link shown here for a complete table of all drill results.
https://www.monetaporcupine.com/south-basin/
Table 1: South Basin: Selected Significant Drill Results
Hole
From
To
Length
Au
#
(m)
(m)
(m)
(g/t)
MGH13-078
94.00
105.70
11.70
1.79*
and
102.50
105.70
3.20
3.40
MGH17-077
610.00
611.00
1.00
5.29
MGH18-093
168.00
173.00
5.00
2.08
includes
172.04
173.00
0.96
4.08
MGH18-093
251.00
254.00
3.00
3.28
includes
251.00
252.00
1.00
7.03
MGH18-093A
151.75
154.00
2.25
2.08
MGH18-093A
164.00
174.00
10.00
2.11
includes
170.85
174.00
3.15
3.24
includes
172.00
173.00
1.00
4.46
MGH18-094
168.00
171.50
3.50
2.11
MGH20-148
378.50
382.00
3.50
8.09
includes
379.00
382.00
3.00
9.22
and
380.35
380.90
0.55
30.40
MGH20-148
446.45
448.60
2.15
2.66
includes
446.45
446.90
0.45
4.72
MSW10-267
284.90
285.32
0.42
3.22
MSW10-267
453.54
460.63
7.09
2.76
includes
456.00
460.63
4.63
3.53
includes
456.60
457.60
1.00
6.79
MSW10-268
581.00
583.60
2.60
2.56
includes
582.80
583.60
0.80
5.60
MSW10-268
764.75
765.10
0.35
13.10
MSW10-270
204.00
206.20
2.20
15.76
includes
204.40
205.60
1.20
25.97
includes
205.00
205.60
0.60
39.63
MSW11-279
175.80
176.30
0.50
6.00
MSW11-285
117.25
118.70
1.45
4.68
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 50% to 95% of
true width.
Drill hole
MGH20-148
was drilled to test a section of the favourable coarse grain sandstone host located
adjacent to a newly recognized occurrence of the regional BIF A unit intersected in historical hole M87-
66.
MGH20-148 intersected up to 3.50 m @ 8.09 g/t Au, including 3.00 m @ 9.22 g/t Au, including 0.55
m @ 30.40 g/t Au confirming well mineralized veining in an area not previously recognized as having
significant gold potential. The ten (10) historical holes which tested the area close to the south contact of
the basin also intersected significant gold intersections (Table 1). The south basin contact is 12 km long
on the Golden Highway Project and has only been subjected to drilling over a 1.2 km strike length to
date.
Other significant intercepts from historical drilling included 2.20 m @ 15.76 g/t Au including 1.20 m @
25.97 g/t Au including 0.60 m @ 39.63 g/t Au from drill hole
MSW10-270
, and 3.00 m @ 3.28 g/t Au
including 1.00 m @ 7.03 g/t Au from drill hole
MGH18-093
. Drill hole
MSW10-267
intersected 7.09 m @
2.76 g/t Au including 1.00 m @ 6.79 g/t Au, and
MGH17-093A
intersected 10.00m @ 2.11 g/t Au
including 1. 00 m @ 4.46 g/t Au. Drill hole
MGH13-078
intersected 11.70 m @ 1.79 g/t Au including 3.20
m @ 3.40 g/t Au.
Figure 1: South Basin Location Map- Golden Highway Project
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4852/63143_051a364174218994_002full.jpg
Figure 2 : South Basin: Drill Location Map
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4852/63143_051a364174218994_003full.jpg
South Basin Trend
The South Basin trend is located along the southern margins of the regional Timiskaming sedimentary
basin where a repeat occurrence of the prospective coarse sandstone sediment located adjacent to the
BIF A unit has recently been discovered. The majority of Moneta's current mineral resources are hosted
on the north limb of this regional syncline to the north. The geological setting is similar to the South West
deposit located to the north (Figure 1) and mineralization is seen to occur as a series of mineralized vein
structures. The gold mineralized quartz-pyrite veins within the South Basin trend are 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 and Westaway/West Block.
The southern basin margin has not been systematically explored historically and represents a major new
regional prospective trend.
Figure 3: South Basin: Schematic Geologic Long Section
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4852/63143_051a364174218994_004full.jpg
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 this quarter. The study will
review several development scenarios for the South West deposit which was the subject of a resource
update in November 2019.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO
416-357-3319
Linda Armstrong, Investor Relations
647-456-9223
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 carry
out its anticipated goals and objectives, and potential health issues including the possible impact of
the COVID-19 pandemic.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/63143