Moneta Continues to Expand Gold Mineralization at Westaway Intersecting 1.90 M
Moneta Continues to Expand Gold
Mineralization at Westaway Intersecting 1.90 M
@ 9.73 g/t Gold Including 0.90 M @ 18.90 g/t
Gold
TSX: ME
TORONTO
,
May 5, 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)
additional drill holes testing the extensions of gold mineralization at the new Westaway Target
located outside of the updated
November 2019
NI 43-101 mineral resource estimate. The drill holes
are part of the expanded 2019/2020 winter drill program recently completed on the Company's
Golden Highway Project, 110 km east of
Timmins, Ontario
(Figure 1).
Highlights:
Drilling has confirmed and extended the gold mineralized veins at the new Westaway Target:
Confirmed new gold mineralization 1.2 kilometres (Km) west of the current South West
gold resource in thirteen (13) new veins
Confirmed extensions of new veins 100 metres (m) to the north and south of the
discovery drill holes
Extended gold mineralized veins by up to
200 m
to depth and
200 m
to the west
MGH20-143: Intersected
1.90 m
@ 9.73 grams per tonne gold (g/t Au) including
0.90 m
@
18.90 g/t Au from the WA-13 vein, extending the vein
100 m
to the south,
150 m
to the
west and
200 m
to depth
MGH20-143: Intersected
4.20 m
@ 4.49 g/t Au including
1.00 m
@ 7.25 g/t Au from the
WA-9 vein and
3.00 m
@ 3.72 g/t Au including
1.00 m
@ 5.83 g/t Au from the WA-8 vein
extending both veins by
100 m
to depth and
150 m
to the west
MGH20-138: Intersected
8.23 m
@ 1.59 g/t Au including
1.00 m
@ 5.18 g/t Au from the
WA-12 vein, and
1.58 m
@ 2.44 g/t Au including
0.37 m
@ 7.28 g/t Au from the WA-11
vein extending veins
200 m
to depth and
120 m
to the west
MGH20-139: Intersected
2.75 m
@ 3.42 g/t Au including
1.00 m
@ 4.11 g/t Au from the
WA-10 vein extending the vein
100 m
to the south
"We are pleased to have continued to extend the new Westaway veins at depth to the west, and to
the south with our latest drilling", commented CEO & Chief Geologist Gary O'Connor "We have
intersected the extensions of the thirteen (13) new gold mineralized veins at Westaway highlighting
additional potential at Westaway. The drill program has now successfully extended the gold
mineralization over 1.2 km west of the South West deposit towards the 55 deposit. The 2019/2020
winter drill program is continuing to expand the footprint of the new gold veins at Westaway and
West Block, as well as test the underground and open pit resource expansion potential at the 55 and
Windjammer South deposits. The drill program has been recently completed with the processing and
assaying of core continuing following COVID-19 work safety protocols."
The latest assay results are from five (5) drill holes, MGH20-138, MGH20-139, MGH20-141,
MGH20-143 and MGH20-144 completed on the 2019/2020 winter drill program for a total of
2,317
m
at the Westaway target, located west of the South West Deposit (Table 2). The results from the
deeper portions of hole MGH20-143 will be reported once received. The drill holes were testing the
southern, northern and depth extensions of the new veins recently discovered at Westaway.
Westaway Drill Results
Drill Hole
MGH20-143
was drilled
100 m
to the west and
100 m
below MGH19-129
(see press
release PR-03-2020 dated
16 January 2020
: Drilling intersected up
7.95 m
@ 3.48 g/t Au including
0.95 m
@ 13.80 g/t Au from WA-9 and
0.70 m
@ 13.50 g/t Au from WA-10)
. The drill hole has
confirmed western and depth extensions of the WA-7 to WA-12 veins and the new WA-13 vein to
date. The hole intercepted up to
1.90 m
@ 9.73 g/t Au including
0.90 m
@ 18.90 g/t Au from WA-13
and
1.60 m
@ 2.76 g/t Au including
0.80 m
@ 5.16 g/t Au from WA-12,
4.20 m
@ 4.49 g/t Au
including
1.00 m
@ 7.25 g/t Au from the WA-9 vein and
3.00 m
@ 3.72 g/t Au including
1.00 m
@
5.83 g/t Au from the WA-8 vein. The results for the remaining veins are still outstanding and will be
released once received.
Drill hole
MGH20-139
was drilled
100 m
to the south of MGH19-129
(see press release PR-03-
2020 dated
16 January 2020
: MGH19-129 intersected up to
5.25 m
@ 6.30 g/t Au including
0.80 m
@ 13.40 g/t Au from WA-7,
7.95 m
@ 3.48 g/t Au including
0.95 m
@ 13.80 g/t Au from WA-9 and
0.70 m
@ 13.50 g/t Au from WA-10)
. The hole confirmed the southern extensions (
100 m
) of the
WA-5 to WA-10 veins including
1.00 m
@ 3.03 g/t Au from a new vein,
4.80 m
@ 1.82 g/t Au
including
0.90 m
@ 3.61 g/t Au from WA-6 and
4.92 m
@ 1.77 g/t Au including
1.00 m
@ 3.03 g/t
Au from the WA-5 vein. The drill hole confirmed that the veins are hosted in the BIF C unit.
Drill holes
MGH20-138, MGH20-141 and MGH20-144
were designed to test the extensions of the
veins to the west and north along the BIF A contact. The drill holes tested west and at depth below
MGH19-131 and MGH19-135
(see press release PR 05-2020 dated
25 February 2020
:
MGH19-
135 intersected up to
2.40 m
@ 4.94 g/t Au including
0.80 m
@ 7.69 g/t Au from WA-2)
.
MGH20-
138
intersected the western extensions of the WA veins
100 m
to the west and
100 m
to depth from
MGH20-131. The hole intersected the WA-8 to WA-12 veins and the new WA-13 vein. Intersections
were returned of up to
8.23 m
@ 1.59 g/t Au including
1.00 m
@ 5.18 g/t Au from WA-12 and
1.58
m
@ 2.44 g/t Au including
0.37 m
@ 7.28 from WA-11. Au.
MGH20-141
was drilled
100 m
below
and
100 m
west of MGH19-135 and intersected the WA-8 to WA-12 veins intersecting up to
2.75 m
@ 3.42 g/t Au including
1.00 m
@ 4.11 g/t Au from the WA-10 vein.
MGH20-144
was drilled
100 m
west of and as a
100 m
under-cut of MGH20-141. The mineralization along the northern BIF A
contact is weaker to the west with veins increasing in width and gold tenor to the south.
Westaway Target
The Westaway Target is located within a similar geological setting as the South West deposit
located 1.2 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 WNW-ESE oriented mineralized
structures as per the main mineralization at South West (Figure 2). Drilling to date has confirmed the
veins over a strike length of
350 m
, widths averaging over
3.00 m
and to depths of
600 m
. A total of
13 mineralized veins have been confirmed at Westaway to date.
Table 1: Westaway: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH20-138
229.00
231.00
2.00
1.83*
WA-13
includes
229.00
230.00
1.00
3.65
WA-13
MGH20-138
250.99
259.22
8.23
1.59*
WA-12
includes
257.00
258.00
1.00
5.18
WA-12
MGH20-138
292.62
294.20
1.58
2.44
WA-11
includes
292.99
293.36
0.37
7.28
WA-11
MGH20-139
326.00
327.00
1.00
3.40
New
MGH20-139
348.40
353.20
4.80
1.82*
WA-6
includes
348.40
349.30
0.90
3.61
WA-6
MGH20-139
367.30
372.22
4.92
1.77*
WA-5
includes
370.30
371.30
1.00
3.03
WA-5
MGH20-141
192.00
194.75
2.75
3.42
WA-10
includes
192.00
194.00
2.00
3.78
WA-10
includes
192.00
193.00
1.00
4.11
WA-10
MGH20-143
204.90
206.80
1.90
9.73
WA-13
includes
205.90
206.80
0.90
18.90
WA-13
MGH20-143
308.40
310.00
1.60
2.76
WA-12
includes
308.40
309.20
0.80
5.16
WA-12
MGH20-143
428.30
432.50
4.20
4.49
WA-9
includes
430.00
432.50
2.50
5.76
WA-9
includes
430.00
431.00
1.00
7.25
WA-9
MGH20-143
475.00
478.00
3.00
3.72
WA-8
includes
475.00
477.00
2.00
4.60
WA-8
includes
476.00
477.00
1.00
5.83
WA-8
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)
MGH20-138
569820
5368854
324
50
-60
519
MGH20-139
570068
5368832
325
50
-62
381
MGH20-141
569869
5368988
327
50
-60
288
MGH20-143*
569855
5368752
323
50
-60
784
MGH20-144
569775
5368910
331
50
-60
345
*Not entire hole is reported
Click here for Figure 1: Westaway Location Map- Golden Highway Project
Click here for Figure 2: Westaway Target: 3D View of Veins (looking north)
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.
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/May2020/05/c7053.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 08:00e 05-MAY-20