Moneta Continues to Expand Mineralization at
Moneta Continues to Expand Mineralization at
South West Intersecting 2.55 m @ 9.30 g/t
Gold and 1.00 m @ 13.65 g/t Gold
TORONTO
,
July 24, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from two
diamond drill holes on the 2019 winter drill program. The holes were completed on the South West
Deposit ("South West") located within the Company's Golden Highway Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
Drill hole MGH19-119 intersected the eastern main veins within the current resource and
extended the Gap veins to depths of up to
100 m
below the resource at South West. MGH19-
120 intersected the eastern main veins and Gap veins up to
100 m
south of the updated
resource at shallower depths.
MGH19-119
•
Yew Vein
Drill hole MGH19-119 intersected 4.75 metres ("m") @ 1.46 grams per tonne gold ("g/t Au") including 0.80 m @ 2.75 g/t Au and 1.00 m @
2.30 g/t Au, plus 2.00 m @ 3.17 g/t Au from Yew
•
Gap-2 Vein
Drill hole MGH19-119 intersected 4.40 m @ 2.61 g/t Au, including 2.00 m @ 3.37 g/t Au upgrading this portion of the resource
•
Gap-1 Vein
Drill hole MGH19-119 intersected 4.20 m @ 3.04 g/t Au including 2.05 m @ 5.41 g/t Au and 1.00 m @ 13.65 g/t Au upgrading and widening
the Gap-1 vein
MGH19-120
•
Sycamore Vein
Drill hole MGH19-120 intersected 6.00 m @ 2.53 g/t Au including 1.00 m @ 7.19 g/t Au extending this new vein 70 m to the south at
shallower depths
•
Gap-3 Vein
Drill hole MGH19-120 intersected 7.40 m @ 2.03 g/t Au including 1.40 m @ 6.70 g/t Au, and 4.35 m @ 6.94 g/t Au including 2.55 m @ 9.30 g/t
Au widening and extending this vein 80 m south
Gary O'Connor
, CEO & Chief Geologist commented, "We are further encouraged by the continuing
success of the 2019 winter drill program which has continued to intersect the strike and depth
extensions of the Gap series of veins at South West beyond the current resource adding up to
100
m
strike length to the south at shallower depths and up to
75 m
depth extensions with the latest
holes. We are also pleased to continue to intersect the shallow and southern strike extensions of the
new Sycamore vein. The drill program has intercepted many of the main veins within the current
resource at South West potentially upgrading the grade and width of veins and confirming the
location and continuity. The drill program has continued to be successful at confirming and drilling the
extensions to the resource, reinforcing the overall confidence in our interpretation."
The latest assay results are from two drill holes, MGH19-119 and MGH19-120, totalling
1,212.00 m
of drilling completed at the South West deposit to test the southern and depth extensions of the Gap
veins. The drill holes also infilled the eastern vein structures of the South West deposit upgrading
and extending the resource and confirming vein locations, thicknesses and grade. The program has
also confirmed the new Sycamore vein structure.
Table 1: South West: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH19-119
321.75
326.50
4.75
1.46*
Yew
includes
321.75
322.55
0.80
2.75
Yew
and
325.50
326.50
1.00
2.30
Yew
MGH19-119
332.80
334.80
2.00
3.17
Yew Splay
MGH19-119
400.00
408.65
8.65
2.02
Larch
includes
404.80
407.70
2.90
3.38
Larch
includes
405.70
406.7
1.00
4.00
Larch
MGH19-119
478.60
483.00
4.40
2.61
Gap-2
includes
478.60
480.60
2.00
3.37
Gap-2
MGH19-119
587.50
588.50
1.00
3.83
New
MGH19-119
597.80
602.00
4.20
3.04
Gap-1
includes
599.95
602.00
2.05
5.41
Gap-1
MGH19-119
639.00
640.00
1.00
13.65
Gap-1 splay
MGH19-119
665.00
674.00
9.00
2.09
Gap-1 splay
includes
665.00
665.90
0.90
3.36
Gap-1 splay
and
671.00
672.00
1.00
3.42
Gap-1 splay
MGH19-119
735.00
739.60
4.60
1.17
Gap-4
MGH19-120
107.50
109.00
1.50
1.93
Larch
includes
107.50
108.00
0.50
2.88
Larch
MGH19-120
121.00
127.00
6.00
2.53
Sycamore
includes
122.00
126.00
4.00
3.27
Sycamore
includes
123.00
124.00
1.00
7.19
Sycamore
MGH19-120
159.15
162.85
3.70
1.88*
Gap-2
includes
161.70
162.85
1.15
3.04
Gap-2
MGH19-120
186.00
187.00
1.00
2.36
Gap-2 splay
MGH19-120
264.60
272.00
7.40
2.03
Gap-3 splay
includes
264.60
266.00
1.40
6.70
Gap-3 splay
includes
264.60
265.45
0.85
7.57
Gap-3 splay
MGH19-120
315.75
320.10
4.35
6.94
Gap-3
includes
315.75
318.30
2.55
9.30
Gap-3
MGH19-120
362.50
364.60
2.10
1.86*
Gap-1
includes
363.15
363.75
0.60
3.04
Gap-1
Intercepts are geologically constrained and 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 100% of true width.
The drill program at South West was part of the previously announced 2019 winter exploration drill
program on the Golden Highway Project. The fully funded program consisted of 9,681 metres of
drilling in 14 completed holes designed to expand and upgrade the updated 2019 resource. The
drill program has now been completed and results will continue to be released as they become
available.
South West Drill Results
Drill hole
MGH19-119
was drilled close to the banded iron formation, BIF "A" primarily to test the
depth extensions of the Gap veins at depth up to
100 m
below the current resource. The hole
successfully confirmed all Gap veins but was stopped short of the Gap-6 vein. The drill hole also
infilled and upgraded the Walnut, Arbutus, Yew and Larch vein structures within the current
resource and confirmed the new Sycamore vein, east of Larch. Selected highlights of the drill hole
include
0.80 m
@ 2.75 g/t Au and
1.00 m
@ 2.30 g/t Au plus
2.00 m
@ 3.17 g/t Au from the Yew
vein,
8.65 m
@ 2.02 g/t Au including
2.90 m
@ 3.38 g/t Au from the Larch vein,
4.40 m
@ 2.61 g/t
Au including
2.00m
@ 3.37 g/t Au from a wide zone of the Gap-2 vein, and
4.20 m
@ 3.04 g/t Au
including
2.05 m
@ 5.41 g/t Au and
1.00 m
@ 13.65 g/t Au plus
9.00 m
@ 2.09 g/t Au from a wide
zone of the Gap-1 vein.
Hole
MGH19-120
was drilled to extend the Gap veins by up to
100 m
south of the current resource
at shallower depths, approximately
200 m
above hole MGH19-110 and
100 m
above hole MGH19-
117. The hole also confirmed the Yew and Larch veins and the new Sycamore vein. The hole did
not test the new Gap-6 vein or the Gap-4 and Gap-5 veins. Selected highlights of the drill hole
include
4.00 m
@ 3.27 g/t Au including
1.00 m
@ 7.19 g/t Au from the Sycamore vein,
3.70 m
@
1.88 g/t Au including
1.15 m
@ 3.04 g/t Au from the Gap-2 vein,
7.40 m
@ 2.03 g/t Au including
1.40 m
@ 6.70 g/t Au and
4.35 m
@ 6.94 g/t Au including
2.55 m
@ 9.30 g/t Au from a wide zone
of the Gap-3 vein, and
2.10 m
@ 1.86 including
0.60 m
@ 3.04 g/t Au from the Gap-1 vein.
South West Deposit
The South West deposit, including the Gap area, has been defined as a series of mineralized vein
structures and associated stockwork zones which occur adjacent to the regional banded iron
formation "A" unit "BIF-A". Drilling and geological modelling have confirmed the existence of
twenty-two veins including wider stockwork zones in the South West and Gap area. The NNW-SSE
trending extensional vein structures occur as stacked veins, steeply dipping to the SW at 70°, and
occur predominantly within a coarse grain sandstone that occurs adjacent to the BIF-A unit. The
vein structures have been traced for up to
400 m
strike length, drilled to
1,200 m
depth, occur up to
25 m
wide with an average width of approximately
3.00 m
and are spaced
25 m
to
40 m
apart.
The veins and associated stock-work style veining occur as quartz-pyrite veins within a distinct
ankerite-sericite-silica-pyrite alteration halo. The veins can be brecciated and occur as quartz
matrix supported quartz vein breccia zones.
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-119
571201
5369700
325
45
-65
831.00
MGH19-120
571533
5369715
329
50
-62
381.00
Please click here for Figure 1: South West Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig1.jpg
Please click here for Figure 2: South West: Geology and Drill Location Map
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig2.jpg
Please click here for Figure 3: South West: Drill Hole MGH19-119: Schematic Cross Section
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig3.jpg
Please click here for Figure 4: South West: Drill Hole MGH19-120: Schematic Cross Section
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig4.jpg
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent to ALS Canada
Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). A 50 g
charge is Fire Assayed and analyzed using a 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 with the samples, 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 80 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 383,400 ounces gold contained within 2.59 Mt @
4.61 g/t Au and a total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 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:
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%SEDAR: 00003301E
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
CO: Moneta Porcupine Mines Inc.
CNW 08:00e 24-JUL-19