Moneta Discovers Gold Mineralization at New Westaway Target and West Block Deposit Extensions Symbol: TSX: ME
Moneta Discovers Gold Mineralization at New
Westaway Target and West Block Deposit
Extensions
Symbol: TSX: ME
TORONTO
,
Jan. 16, 2020
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from the first two
(2) drill holes testing the gold mineralization at the new Westaway Target and extensions of the
West Block deposit located outside of the updated
November 2019
NI 43-101 mineral resource
estimate. The drilling is part of the recently expanded
18,000 m
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 intersected twelve (12) new gold mineralized veins at the new Westaway Target
located over 1.0 km west of the South West Deposit and confirmed three (3) new gold
mineralized veins at West Block (South West) outside of the
November 2019
Mineral
Resource:
MGH19-129
Extended gold mineralization 1.0 kilometre (Km) to the west of the current South West
gold resource
Drilling intersected twelve (12) new veins at the new Westaway target
Intersected 7.95 metres (m) @ 3.48 grams per tonne gold (g/t Au) including
4.25 m
@
5.77 g/t Au, including
0.95 m
@ 13.80 g/t Au from a new WA vein
Intersected
5.25 m
@ 6.30 g/t Au including
0.80 m
@ 13.40 g/t Au from the new WA-8
vein
Intersected
2.13 m
@ 5.65 g/t Au including
1.41 m
@ 8.03 g/t Au from the new WA-3 vein
MGH19-127
Extended gold mineralization at West Block (South West Deposit) over 400 metres ("m")
to the west of the current South West gold resource
Drill intersected two (2) new gold mineralized veins at Westaway and confirmed three (3)
new gold mineralized veins at West Block
Intersected
8.50 m
@ 2.44 g/t Au, including
2.45 m
@ 5.29 g/t Au from the new WA-2 vein
at Westaway
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 Au from the new West Block WB-11 vein
"We are pleased to have drilled significant new gold mineralization at both the new Westaway
Target and the extensions of West Block," commented CEO & Chief Geologist Gary O'Connor. "We
have intersected twelve (12) new gold mineralized veins at Westaway as well as confirming 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 2019/2020
winter drill program has now been expanded with the addition of a third drill rig to continue 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 the first two (2) drill holes, MGH19-127 and MGH19-129
completed on the 2019/2020 winter drill program for a total of
1,131 m
at the Westaway and West
Block targets, west of the South West Deposit (Table 2). The drill holes were testing new veins to
the west of the West Block deposit and the occurrence of gold mineralized veins at Westaway
located further west.
Westaway and West Block Drill Results
Drill hole
MGH19-127
was drilled to test for new veins west of the
November 2019
NI 43-101
resource estimate at West Block (South West) and for the occurrence of gold mineralized veins at
the new Westaway Target. MGH19-127 was successful in intersecting the southern extensions of
the new West Block WB-11 and WB-12 veins with intercepts of up to
3.30 m
@ 2.62 g/t Au including
0.50 m
@ 8.26 g/t Au from the WB-11 vein. The drill hole also intersected the new WA-1 and WA-2
veins at Westaway with intercepts up to
8.50 M
@ 2.44 g/t Au including
2.45 m
@ 4.06 g/t Au from
WA-2.
Drill hole
MGH19-129
successfully confirmed seven (7) new Westaway veins (WA-1 to WA-7) and
intersected 5 new mineralized veins for a total of 12 veins at Westaway. The 7 new confirmed veins
assayed up to
3.37 m
@ 2.65 g/t Au including
1.25 m
@ 4.88 from the WA-1 vein and up to
2.13 m
@ 5.65 g/t Au including
1.41 m
@ 8.03 g/t Au and including
0.70 m
@ 9.98 g/t Au from the WA-3
vein. The additional 5 new veins, which require additional drilling to confirm continuity , assayed up to
5.25 m
@ 6.30 g/t Au including
0.80 m
@ 13.40 g/t Au from one new vein, up to
7.95 M
@ 3.48 g/t
Au including
0.95 m
@ 13.80 g/t Au from a second new vein and
0.70 m
@ 13.50 g/t Au from a third
vein.
Table 1: Westaway and West Block: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
Name
MGH19-127
194.00
202.50
8.50
2.44
WA-2
includes
194.00
196.45
2.45
4.06
WA-2
includes
195.00
195.75
0.75
5.29
WA-2
MGH19-127
388.00
394.00
6.00
1.62
WB-12
includes
388.00
389.00
1.00
5.81
WB-12
MGH19-127
436.20
439.50
3.30
2.62
WB-11
includes
437.00
438.00
1.00
5.32
WB-11
includes
437.00
437.50
0.50
8.26
WB-11
MGH19-129
91.38
92.08
0.70
13.50
New
MGH19-129
132.50
133.22
0.72
6.20
New
MGH19-129
189.85
197.80
7.95
3.48
New
includes
189.85
194.10
4.25
5.77
New
includes
189.85
190.80
0.95
13.80
New
MGH19-129
204.00
206.00
2.00
2.01
New
includes
204.00
205.00
1.00
3.56
New
MGH19-129
279.80
284.40
4.60
2.45
New
includes
279.80
280.70
0.90
3.26
New
MGH19-129
328.00
333.25
5.25
6.30
New
includes
331.85
332.65
0.80
13.40
New
MGH19-129
392.95
397.50
4.55
1.10*
WA-6
includes
392.95
393.60
0.65
3.17
WA-6
MGH19-129
441.54
443.45
1.91
2.10
WA-5
includes
441.54
442.50
0.96
2.29
WA-5
MGH19-129
522.64
524.77
2.13
5.65
WA-3
includes
522.64
524.05
1.41
8.03
WA-3
includes
523.35
524.05
0.70
9.98
WA-3
MGH19-129
576.20
577.40
1.20
3.47
WA-2
includes
576.80
577.40
0.60
4.47
WA-2
MGH19-129
608.10
611.47
3.37
2.65
WA-1
includes
610.22
611.47
1.25
4.88
WA-1
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 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
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 with
selected intercepts included in Table 3.
Click here for Figure 1: Westaway Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/image002.jpg
Click here for Figure 2: Westaway and West Block Deposit: Schematic Geology Cross-Section
https://www.monetaporcupine.com/uploads/image003.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-127
570243
5369074
326
47
-60
480.0
MGH19-129
569959
5368873
320
55
-62
651.0
Table 3: Westaway and West Block; Selected Historical Drill Assays
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(name)
MN97-186
249.60
253.00
3.40
1.92
WA-1
includes
252.00
253.00
1.00
4.39
WA-1
MN97-184
323.90
339.90
16.00
2.14
WA-2
includes
323.90
332.90
9.00
3.50
WA-2
includes
323.90
326.20
3.20
6.14
WA-2
MN97-186
171.00
180.90
9.90
2.25
WA-2
includes
176.40
179.70
3.30
6.22
WA-2
includes
176.90
178.70
1.80
8.91
WA-2
MN97-205
363.60
371.10
7.50
2.36
WA-2
includes
368.70
370.00
1.30
9.26
WA-2
MN97-178
267.90
271.90
4.00
4.45
WA-3
includes
268.50
269.60
1.10
11.16
WA-3
MN96-178
221.40
223.00
1.60
2.85
WA-4
includes
222.00
223.00
1.00
3.53
WA-4
MN96-178
142.00
153.00
11.00
3.62
WA-5
includes
146.70
153.00
6.30
5.80
WA-5
includes
151.50
153.00
1.50
10.42
WA-5
MN97-191
404.20
409.90
5.70
2.13
WA-5
includes
406.20
407.10
0.90
4.80
WA-5
MN96-178
105.00
120.00
15.00
1.13
WA-6
includes
105.00
107.60
2.60
4.96
WA-6
MGH19-121
227
228.05
1.05
18.25
WB-10
MN97-199
258.7
280.2
21.50
1.19
WB-11
includes
268
271.4
3.40
2.46
WB-11
includes
268
269.3
1.30
4.22
WB-11
MGH19-121
165
169
4.00
2.53
WB-11
includes
167
168
1.00
4.74
WB-11
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
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:
http://www.newswire.ca/en/releases/archive/January2020/16/c0555.html
%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 07:30e 16-JAN-20