Moneta Continues to Expand Gold Mineralization at Windjammer South in Step- Out Drilling Symbol: TSX: ME
Moneta Continues to Expand Gold
Mineralization at Windjammer South in Step-
Out Drilling
Symbol: TSX: ME
TORONTO
,
Feb. 20, 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) drill
holes testing the southern extensions of gold mineralization on the Windjammer South deposit
beyond the updated
November 2019
NI 43-101 mineral resource estimate. The drilling is part of the
expanded 2019/2020 winter drill program currently underway on the Company's Golden Highway
Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
Drilling was conducted to expand the mineralization south and west of the updated
November 2019
43-101 mineral resource at the Windjammer South Deposit
Extended gold mineralization up to
400 m
south of the Banded Iron Formation (BIF)
Extended gold mineralization over
200 m
west of the
November 2019
mineral resource
update
Drilling confirmed up to 17 mineralized zones with a combined thickness of up to
75.00
m
MGH19-132: Intersected
5.10 m
@ 2.45 g/t Au including
0.50 m
@ 8.82 g/t Au from a new
zone,
0.60 m
@ 15.00 g/t Au from a second new zone and
2.15 m
@ 5.34 g/t Au from the
K Zone
MGH19-128: Intersected
6.00 m
@ 1.61 g/t Au including
1.00 m
@ 7.61 g/t Au from the J
Zone
MGH19-130: Intersected
1.00 m
@ 8.58 g/t Au from a new vein and
3.40 m
@ 2.28 g/t Au
including
0.80 m
@ 8.21 g/t Au from the L Zone
MGH20-136: Intersected
5.50 m
@ 2.10 g/t Au including
0.75 m
@ 7.05 g/t Au from the I
Zone and
1.00 m
@ 7.08 g/t Au from a new zone
Gary O'Connor
, CEO & Chief Geologist commented, "We are pleased to have intersected gold
mineralization in large step-outs to the south and west at Windjammer South. Gold mineralization has
been intersected in multiple zones over large combined thicknesses up to
400 m
south of the BIF.
The drill program has successfully confirmed the extensions of gold mineralization with significant
step-outs west and east of the updated
November 2019
Resource Estimate and has now extended
mineralization to the south. The program has confirmed the new geological interpretation at
Windjammer South confirming both numerous wide shallow dipping zones and steeper high-grade
veins at the Windjammer South deposit. The fully funded drill program is ongoing and will continue
over the winter."
The latest assay results are from five (5) drill holes, MGH19-128, MGH19-130, MGH19-132,
MGH19-134 and MGH20-136, completed on the 2019/2020 winter drill program for a total
2,628.00
m
at the Windjammer South Deposit (Figure 1 and Table 2). The drill holes were testing the southern
extensions of the current mineral resource within the newly identified shallow dipping but thicker
extensional veins. The drilling was conducted to test the southern extensions along the W Structure
up to
400 m
south of the Banded Iron Formation (BIF) contact (Figures 2 and 3).
Table 1: Windjammer South: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
Name
MGH19-128
281.80
287.80
6.00
1.61
J Zone
includes
285.80
286.80
1.00
7.61
J Zone
MGH19-128
318.70
320.70
2.00
1.26
K Zone
includes
319.70
320.70
1.00
2.00
K Zone
MGH19-128
424.00
424.75
0.75
2.68
O Zone
MGH19-130
117.00
120.00
3.00
1.32
D Zone
MGH19-130
158.00
159.00
1.00
8.58
Vertical
MGH19-130
322.00
326.60
4.60
1.09
K Zone
includes
326.00
326.60
0.60
2.39
K Zone
MGH19-130
337.60
341.00
3.40
2.28
L Zone
includes
338.20
339.00
0.80
8.21
L Zone
MGH19-130
372.00
375.00
3.00
1.09
M Zone
includes
373.00
374.00
1.00
2.20
M Zone
MGH19-132
171.60
175.00
3.40
2.30
F Zone
includes
172.35
173.00
0.65
5.35
F Zone
MGH19-132
181.75
182.85
1.10
3.97
G Zone
MGH19-132
201.00
202.00
1.00
2.22
H Zone
MGH19-132
245.00
245.60
0.60
15.00
Vertical
MGH19-132
273.75
281.00
7.25
1.89
Vertical
includes
275.90
281.00
5.10
2.45
Vertical
includes
278.50
281.00
2.50
4.25
Vertical
includes
280.50
281.00
0.50
8.82
Vertical
MGH19-132
285.10
287.25
2.15
5.34
K Zone
MGH19-132
432.30
434.05
1.75
2.36
New Zone
MGH19-134
102.50
110.38
7.88
0.63
D Zone
includes
102.50
103.50
1.00
2.22
D Zone
MGH20-136
250.00
255.50
5.50
2.10
I Zone
includes
250.75
251.50
0.75
7.05
I Zone
MGH20-136
353.40
358.00
4.60
0.94
L Zone
includes
353.40
354.40
1.00
2.07
L Zone
MGH20-136
475.00
479.75
4.75
1.03
P Zone
includes
476.85
477.20
0.35
4.59
P Zone
MGH20-136
499.00
502.85
3.85
1.31
R Zone
includes
500.85
501.40
0.55
5.30
R Zone
MGH20-136
564.00
565.00
1.00
7.08
Vertical
MGH20-136
647.50
650.50
3.00
1.31
U Zone
includes
648.10
648.75
0.65
2.54
U Zone
MGH20-136
665.00
667.75
2.75
1.10
V Zone
Intercepts are calculated using a 1.0 g/t Au cut-off unless noted (*), a maximum of 3m internal dilution and no top cap applied. All intercepts are reported as drill widths and
estimated to be 80% to 95% of true width.
Windjammer South Deposit Drill Results
Drill holes
MGH19-
128
and
MGH19-130
were drilled on a section
100 m
to the south of drill holes
MGH19-124 and MGH19-125 (Press release ME PR 01-2020 dated
09 January 2020
: Drill results
up to
29.00 m
@ 2.33 g/t Au including
11.00 m
@ 4.24 g/t Au at Windjammer South). The drill holes
tested the extensions of flat lying and vertical zones over
200 m
south of the BIF contact and up to
200 m
west of the
November 2019
mineral resource estimate. The drill holes confirmed the
extensions of 13 new zones with a combined thickness of up to
44.00 m
. Drill hole MGH19-128
intersected zones of up to
6.00 m
@ 1.61 g/t Au including
1.00 m
@ 7.61 g/t Au from the J Zone.
Drill hole MGH19-130 intersected zones of up to
1.00 m
@ 8.58 g/t Au from a vertical zone and
3.40
m
@ 2.28 g/t Au including
0.80 m
@ 8.21 g/t Au from the L Zone.
Drill holes
MGH19-132
and
MGH20-136
were drilled on a section
100 m
to the south of drill holes
MGH19-130 and MGH19-128, located over
300 m
south of the BIF contact. The drilling also
confirmed zones up to
200 m
west of the
November 2019
mineral resource estimate. Drill hole
MGH20-136 intersected up to 17 zones with combined thicknesses of
75.00 m
. Drill hole MGH19-
132 intersected up to
0.60 m
@ 15.00 g/t Au in a new vertical zone,
7.25 m
@ 1.89 g/t Au including
0.50 m
@ 8.82 g/t Au in a second new vertical zone, and
2.15 m
@ 5.34 g/t Au from the K Zone.
Drill hole MGH20-136 intersected up to
5.50 m
@ 2.10 g/t Au including
0.75 m
@ 7.05 g/t Au from
the I Zone,
3.85 m
@ 1.31 g/t Au including
0.55 m
@ 5.30 g/t Au from the R Zone and
1.00 m
@
7.08 g/t Au from a new vertical zone.
Drill hole
MGH19-134
was drilled
100 m
south of the MGH19-132 and MGH20-136 drill section, over
500 m
south of the BIF. The drill hole was testing the southern extensions of the flat lying and
vertical veins along the W Structure, south of the
November 2019
mineral resource estimate.
MGH19-134 intersected 12 mineralized zones with a combined thickness of
32.00 m
. Drilling
intersected up to
7.88 m
@ 0.63 g/t Au including
1.00 m
@ 2.22 g/t Au from the D Zone. With
distance from the BIF, gold grades and the thickness of mineralized sections decreased. Further
drilling is to be concentrated along the
200 m
adjacent to the BIF contact where gold mineralization
is better developed.
Windjammer South Deposit
The Windjammer South deposit is located within a similar geological setting as the South West
deposit located
1,400 m
to the southwest (See 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 both steeply west dipping NNW-SSE
oriented mineralized zones and as wider shallowly south-west dipping zones (figure 2 and 3). A
significant amount of historical drilling has defined the mineralized zones.
Click here for Figure 1: Windjammer South Deposit Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/feb-20-2020-2.jpg
Click here for Figure 2: Windjammer South Deposit: Schematic Section (MGH19-128 & MGH20-
130)
https://www.monetaporcupine.com/uploads/feb-20-2020-3.jpg
Click here for Figure 3: Windjammer South Deposit: Schematic Section (MGH19-132 & MGH20-
136)
https://www.monetaporcupine.com/uploads/feb-20-2020-4.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-128
572024
5370224
330
80
-62
501.0
MGH19-130
571932
5370206
330
82
-57
444.0
MGH19-132
572073
5370132
330
80
-62
492.0
MGH19-134
572122
5370043
331
80
-60
504.0
MGH20-136
571925
5370300
328
80
-58
687.0
QA/QC Procedures
All core drilling conducted by Moneta was 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/February2020/20/c7707.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 20-FEB-20