Moneta Continues to Expand Gold Mineralization at New Westaway Zone and West Block Deposit Symbol: TSX: ME
Moneta Continues to Expand Gold
Mineralization at New Westaway Zone and
West Block Deposit
Symbol: TSX: ME
TORONTO
,
Feb. 27, 2020
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from three (3)
additional drill holes testing the extensions of gold mineralization at the new Westaway Target and
the West Block deposit located outside of the updated
November 2019
NI 43-101 mineral resource
estimate. The drill holes are part of the recently expanded 2019/2020 winter drill program currently
underway on the Company's Golden Highway Project, 110 km east of
Timmins, Ontario
(Figure 1).
Highlights:
Drilling has confirmed and extended the twelve (12) new gold mineralized veins discovered at
the new Westaway Target and three (3) new gold mineralized veins discovered at West
Block:
Westaway
Confirmed new gold mineralization 1.0 kilometre (Km) to the west of the current South
West gold resource in twelve (12) new veins
Extended new veins
100 m
to the north and south of discovery drill holes
MGH19-133: Intersected 9.03 metres (m) @ 4.75 grams per tonne gold (g/t Au) including
1.67 m
@ 12.09 g/t Au from the WA-2 vein, and
2.55 m
@ 5.45 g/t from the WA-1 vein
MGH19-135: Intersected
2.50 m
@ 2.61 g/t Au including
0.60 m
@ 8.23 g/t Au from the
WA-4 vein, and
2.40 m
@ 4.94 g/t Au including
0.80 m
@ 7.69 g/t Au from the WA-2 vein
West Block
Extended gold mineralization at West Block (South West Deposit) over 400 metres ("m")
to the west of the updated
November 2019
South West mineral resource estimate
Drilling confirmed three (3) new gold mineralized veins at West Block
Extended veins
100 m
to the south and
100 m
to depth
MGH19-133: Intersected
0.50 m
@ 29.40 g/t Au from the WB-9 vein
MGH19-133: Intersected
3.90 m
@ 2.68 g/t Au including
1.00 m
@ 3.57 g/t Au from the
WB-7 vein
"We are pleased to have confirmed the extensions of significant new gold mineralization located
within veining at both the new Westaway Target and the extensions of West Block," commented
CEO & Chief Geologist Gary O'Connor. "We continued to intersect the extensions of twelve (12)
new gold mineralized veins at Westaway and we have confirmed three (3) new gold mineralized
veins at West Block. The drill program has now successfully extended the gold mineralization over
1.0 km west of the South West deposit within a new target area. The expanded 2019/2020 winter
drill program is continuing to expand the new gold veins at Westaway, as well as drill test the
resource expansion potential at West Block (South West), 55 and Windjammer South deposits. The
fully funded drill program is ongoing and will continue over the winter."
The latest assay results are from three (3) drill holes, MGH19-131, MGH19-133 and MGH-135
completed on the 2019/2020 winter drill program for a total of
1,556 m
at the Westaway and West
Block targets, west of the South West Deposit (Table 2). The drill holes were testing the extensions
of new veins recently discovered at Westaway and West Block to the west of the West Block (South
West) deposit.
Westaway and West Block Drill Results
Drill hole
MGH19-131
was drilled to test the western extensions of veins to the north (~100 m) of
hole MGH19-129 (see press release ME PR 03-2020 dated
16 January 2020
; Drilling intersected up
to
5.25 m
@ 6.30 g/t Au including
0.80 m
@ 13.40 g/t Au from the new WA-8 vein) close to the BIF.
Drill hole MGH19-131 intersected six (6) of the Westaway veins (WA-6 to WA-11) and returned
intercepts of up to
1.00 m
@ 3.04 g/t Au from the WA-6 vein. The drill hole also intersected the new
WA-8 and WA-5 veins at Westaway with intercepts up to
1.00 m
@ 2.06 g/t Au and
3.00 m
@ 1.71
g/t Au respectively. Drilling confirmed the continuity of veins to the north of MGH19-129 but
mineralization tended to be weaker.
Drill hole
MGH19-133
was designed to test the southern extensions of the eastern Westaway veins
(WA-1 and WA-2) as well as the western West Bock veins (WB-12 to WB-4) approximately
100 m
south of drill hole MGH19-127 (see press release ME PR 03-2020 dated
16 January 2020
: Drilling
intersected
8.50 m
@ 2.44 g/t Au, including
2.45 m
@ 5.29 g/t Au from the new WA-2 vein).
MGH19-133 intersected the southern extensions of two (2) new Westaway veins, WA-2 and WA-1
intersecting
9.03 m
@ 4.75 g/t Au including
1.67 m
@ 12.09 g/t Au from the WA-2 vein and
2.55 m
@ 5.45 g/t including
1.74 m
@ 7.26 g/t Au from the WA-1 vein. The drill hole successfully
intersected the southern extensions of the West Block veins (WB-4 to WB-12) assaying up to
0.50
m
@ 29.40 g/t Au from the WB-9 vein and
3.90 m
@ 2.68 g/t Au from the WB-7 vein at West Block,
extending these veins ~100 m to depth.
Drill hole
MGH19-135
was drilled to test the northern extensions of the Westaway and West Block
veins to the north of MGH19-127 (see press release ME PR 03-2020 dated
16 January 2020
:
Drilling intersected
11.75 m
@ 1.32 g/t Au including
3.30 m
@ 2.62 g/t Au, including
0.50 m
@ 8.26
g/t) close to the BIF unit. The drill hole successfully intersected the WA-2 to WA-7 mineralized vein
structures. The drill hole intersected the BIF unit prior to reaching WA-1. The drill hole intersected up
to
2.50 m
@ 2.61 g/t Au including
0.60 m
@ 8.23 g/t Au from WA-4,
2.60 m
@ 2.98 g/t Au including
0.80 m
@ 5.36 g/t Au from a WA-2 splay vein and
2.40 m
@ 4.94 g/t Au including
0.80 m
@ 7.69
g/t Au from the WA-2 vein.
Table 1: Westaway and West Block: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH19-131
293.00
294.00
1.00
2.06
WA-8
MGH19-131
381.00
382.00
1.00
3.04
WA-6
MGH19-131
387.00
390.00
3.00
1.71
WA-6
MGH19-133
200.32
209.35
9.03
4.75
WA-2
includes
200.32
206.40
6.08
6.56
WA-2
includes
201.10
204.47
3.37
9.58
WA-2
includes
202.80
204.47
1.67
12.09
WA-2
MGH19-133
247.00
249.55
2.55
5.45
WA-1
includes
247.81
249.55
1.74
7.26
WA-1
includes
248.70
249.55
0.85
8.97
WA-1
MGH19-133
566.30
566.80
0.50
29.40
WB-9
MGH19-133
666.00
669.90
3.90
2.68
WB-7
includes
666.00
667.00
1.00
3.57
WB-7
MGH19-135
167.50
170.00
2.50
2.61
WA-4
includes
168.40
169.00
0.60
8.23
WA-4
MGH19-135
197.00
199.00
2.00
1.43
WA-3
includes
198.00
199.00
1.00
2.57
WA-3
MGH19-135
213.20
215.80
2.60
2.98
WA-2
includes
215.00
215.80
0.80
5.36
WA-2
MGH19-135
227.30
229.70
2.40
4.94
WA-2
includes
227.30
228.10
0.80
7.69
WA-2
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 75% to 90% of true width.
Westaway Target and West Block Deposit
The Westaway Target and West Block Deposit are located within a similar geological setting as the
South West deposit located over 1.0 km to the east (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") 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 NNW-SSE
oriented mineralized structures, the same as the main mineralization at South West (Figure 2).
Drilling to date has confirmed the veins over a strike length of
250 m
, widths averaging over
3.00 m
and to depths of
500 m
. Historical drill holes also intersected and confirmed the location of the veins.
Click here for Figure 1: Westaway Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2020-02-27-me-fig1.jpg
Click here for Figure 2: Westaway and West Block Deposit: Schematic Geology Cross-Section
https://www.monetaporcupine.com/uploads/2020-02-27-me-fig2.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-131
569912
5368933
325
50
-62
449
MGH19-133
570301
5369019
321
50
-63
792
MGH19-135
570165
5369101
326
50
-58
315
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 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 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.
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/February2020/27/c9349.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
CO: Moneta Porcupine Mines Inc.
CNW 08:00e 27-FEB-20