Moneta Continues to Expand Gold Mineralization at Westaway Symbol: TSX: ME
Moneta Continues to Expand Gold
Mineralization at Westaway
Symbol: TSX: ME
TORONTO
,
June 24, 2020
/CNW/ -
Moneta Porcupine Mines Inc.
(TSX: ME) (OTC: MPUCF)
(XETRA: MOP)
("Moneta" or the "Company")
is pleased to announce the results from two (2)
additional drill holes testing 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 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,
1.2 kilometres (Km) west of the current South West gold resource:
Extended gold mineralization to the south and at depth
MGH20-143: Intersected 8.00 metres (m) @ 4.74
grams per tonne gold (g/t Au)
including
2.00 m
@ 7.08 g/t Au from the WA-4 vein extending the vein by
100 m
to
depth and
100 m
to the south
MGH20-143: Intersected
7.00 m
@ 4.19 g/t Au including
0.80 m
@ 7.42 g/t Au and
3.30 m
@ 3.20 g/t Au including
0.60 m
@ 9.74 g/t Au from the WA-3 vein, extending
the vein
100 m
to the south and
100 m
to depth
MGH20-143: Intersected
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 vein, extending the vein by
100 m
to
the south and
100 m
to depth
Confirmed continuity of the Westaway veins between the MGH19-127 and MGH19-
129
discovery drill holes
MGH20-151: Intersected
4.00 m
@ 4.47 g/t Au including
0.50 m
@ 11.10 g/t Au from
the WA-5 vein confirming continuity
MGH20-151: Intersected
1.90 m
@ 4.38 g/t Au including
0.55 m
@ 6.85 g/t Au from
the WA-3 vein confirming continuity
MGH20-151: Intersected
7.10 m
@ 2.75 g/t Au including
1.40 m
@ 5.57 g/t Au from
the WA-2 vein
confirming continuity
"We are pleased to continue to extend the new Westaway veins at depth and to the south with our
latest drilling results," commented CEO and Chief Geologist Gary O'Connor "We have intersected
wide widths with good grades within the new extensions of the gold mineralized veins which remain
open. We also confirmed the continuity of the veins drill testing between the previously reported
discovery holes. The drill program has now successfully confirmed gold mineralization over 1.2 km
west of the South West deposit and over
350 m
to the south. We look forward to the results of the
final 2 holes from Westaway which included testing additional extensions to the south."
The latest assay results are from two (2) drill holes, MGH20-143 and MGH20-151, completed on
the 2019/2020 winter drill program for a total of
1,276.0 m
at the Westaway target located west of
the South West Deposit (Table 2). Drill hole MGH20-143 was testing the southern and depth
extensions of the new veins recently discovered at Westaway and MGH20-151 was confirming the
continuity of veins between previously released holes MGH19-127 and MGH19-129 (
ME-PR 03-
2020, dated
January 16
2020
). The results from the shallower part of hole MGH20-143 were
previously reported on
May 05, 2020
(ME-PR 07-2020). 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 Zone extension drill program and a further 5
step-out holes from the Westaway/West Block area are still pending.
Click here for Figure 1: Westaway Location Map- Golden Highway Project
Click here for Figure 2: Westaway Target: Cross-section View (looking north)
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 and
5.25 m
@ 6.30 g/t Au including
0.80 m
@ 13.40 g/t Au)
. The drill hole
has confirmed the southern and depth extensions of 5 veins (WA-2 to WA-6). The hole intercepted
up to
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 hole intersected the banded iron formation prior to intersecting WA-1. The results for the
shallower parts of hole MGH20-143 were released on
May 02
202 in ME PR 07-2020 and
intersected the WA7 to WA-13 veins intersecting
1.90 m
@ 9.73 g/t Au including
0.90 m
@ 18.90 g/t
Au from WA-13 and
4.20 m
@ 4.49 g/t Au including
1.00 m
@ 7.25 g/t Au from the WA-9 vein.
Drill hole
MGH20-151
was drilled as an infill hole between holes MGH19-129 and MGH190-127 to
confirm continuity in an area with wide spaced drilling
(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 continuity of the WA-2 to WA-10 veins
intersecting
4.00 m
@ 4.47 g/t Au including
0.50 m
@ 11.10 g/t Au from WA-5,
1.90 m
@ 4.38 g/t
Au including
0.55 m
@ 6.85 g/t Au from WA-3, and
7.10 m
@ 2.75 g/t Au, including
1.40 m
@ 5.57
g/t Au, including
0.60 m
@ 7.55 g/t Au from WA-2.
Table 1: Westaway: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH20-143
547.20
549.90
2.70
2.87
WA-6
includes
549.00
549.90
0.90
3.65
WA-6
MGH20-143
594.00
599.80
5.80
1.44
WA-5
and
604.60
605.50
0.90
3.40
WA-5
MGH20-143
613.00
619.00
6.00
2.93
WA-4 splay
includes
617.00
618.00
1.00
9.18
WA-4 splay
MGH20-143
627.00
638.80
11.80
3.91
WA-4
includes
628.00
636.00
8.00
4.74
WA-4
includes
628.00
630.00
2.00
7.08
WA-4
and
633.00
635.00
2.00
5.78
WA-4
MGH20-143
653.00
669.35
16.35
2.45
WA-3
includes
653.00
660.00
7.00
4.19
WA-3
includes
653.00
653.80
0.80
7.42
WA-3
and
658.20
660.00
1.80
5.73
WA-3
includes
659.10
660.00
0.90
6.64
WA-3
and
666.05
669.35
3.30
3.20
WA-3
includes
668.12
668.72
0.60
9.74
WA-3
MGH20-143
675.00
696.00
21.00
2.55
WA-2
includes
676.00
677.80
1.80
4.31
WA-2
and
685.00
696.00
11.00
3.38
WA-2
includes
686.90
687.90
1.00
7.06
WA-2
and
693.92
694.86
0.94
14.60
WA-2
MGH20-151
141.00
143.00
2.00
2.53
WA-9
includes
141.00
142.00
1.00
4.21
WA-9
MGH20-151
248.50
253.50
5.00
2.07
WA-7
includes
250.90
251.80
0.90
4.35
WA-7
MGH20-151
279.00
283.00
4.00
4.47
WA-5
includes
279.00
281.20
2.20
7.41
WA-5
includes
279.00
279.50
0.50
11.10
WA-5
MGH20-151
342.05
343.95
1.90
4.38
WA-3
includes
342.90
343.45
0.55
6.85
WA-3
MGH20-151
397.70
404.80
7.10
2.75
WA-2
includes
399.20
403.00
3.80
3.52
WA-2
includes
401.60
403.00
1.40
5.57
WA-2
includes
401.60
402.20
0.60
7.55
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 80% to 95% of true width.
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 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH20-143
569855
5368752
323
50
-60
784
MGH20-151
570040
5368979
328
60
-60
492
*Previously released shallow part of hole
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
.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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
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/June2020/24/c0519.html
%SEDAR: 00003301E
CO: Moneta Porcupine Mines Inc.
CNW 08:00e 24-JUN-20