Moneta Discovers New Gold Mineralization at Halfway with 500 Metre Step-Out Drilling Symbol: TSX: ME
Moneta Discovers New Gold Mineralization at
Halfway with 500 Metre Step-Out Drilling
Symbol: TSX: ME
TORONTO
,
Dec. 11, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from the first drill
hole testing gold mineralization on the new Halfway target located
500 m
east of the updated
November 2019
NI 43-101 mineral resource estimate. The drilling is part of the 2019/2020 winter
drill program currently underway on the Company's Golden Highway Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
New Halfway Target Drill Discovery
Drill discovery of new gold mineralized zones at Halfway target
Located
500 m
east of Windjammer South and NI 43-101 resource estimate
MGH19-123: New vein zone intersected 1.80 metres ("m") @ 7.48 grams per tonne Gold
("g/t Au") including
0.77 m
@ 15.50 g/t Au at
210.20 m
MGH19-123: Second new vein intersected
1.50 m
@ 3.13 g/t Au including
0.75 m
@ 4.17
g/t Au at
232.00 m
MGH19-123: Third vein zone intersected
1.28 m
@ 7.79 g/t Au at
288.00 m
Gary O'Connor
, CEO & Chief Geologist commented, "We are pleased to have intersected multiple
zones of gold mineralization at the new Halfway target returning results of up to
0.77 m
@ 15.50 g/t
Au from our first drill hole. The Halfway target is located
500m
east of the updated
November 2019
Resource Estimate and is hosted within the same geological setting. Our recently announced drill
program to test the new Halfway and Westaway targets as well as drill test the resource expansion
potential at West Block (South West), 55 and Windjammer South deposits is ongoing and will
continue over the winter".
The latest assay results are from the first drill hole, MGH19-123 from the 2019/2020 winter drill
program drilled to a depth of
501.00 m
at the Halfway Target to test the potential of historical high-
grade gold intercepts. The first drill hole was drilled to test the up-dip and southern extensions of the
previously intersected mineralized vein zones.
Halfway Target Drill Results
Drill Hole
MGH19-123
was drilled to follow-up on historical drill hole MJ11-43 which intersected
3.25
m
@ 8.87 g/t Au at
410.75 m
drill depth, including
2.30 m
@ 11.74 g/t Au and including
1.47 m
@
16.86 g/t Au (see press release ME-PR-18-2018 dated
December 05, 2018
). The hole was
designed to test and confirm the occurrence of a mineralized vein system
500 m
east of
Windjammer South. The drill hole intersected a number of structural zones with varying vein density
and intensity. Three (3) main structural zones intercepted zones of
7.70 m
@ 2.02 g/t Au including
1.80 m
@ 7.48 g/t Au, including
0.77 m
@ 15.50 g/t Au at
210.20 m
drill depth,
6.50 m
@ 1.46 g/t
Au including
1.50 m
@ 3.13 g/t Au including
0.75 m
@ 4.17 g/t Au at
232.00 m
drill depth and
1.28
m
@ 7.79 g/t Au at
288.00 m
drill depth.
Table 1: "55" and Windjammer South: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH19-123
210.20
217.90
7.70
2.02
New
includes
210.20
212.00
1.80
7.48
New
includes
211.23
212.00
0.77
15.50
New
MGH19-123
232.00
238.50
6.50
1.46*
New
includes
235.00
236.50
1.50
3.13
New
includes
235.00
235.75
0.75
4.17
New
MGH19-123
288.00
289.28
1.28
7.79
New
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 70% to 85% of true width.
Halfway Target
The Halfway target is located within a similar geological setting as the South West, 55 and
Windjammer South deposits (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 hosted within an overlying brittle coarse grain sandstone. The
mineralized quartz-pyrite veins occur as extensional vein structures associated with ankerite-sericite-
silica-pyrite alteration haloes. The veins appear to be oriented ENE-SSW and dip steeply to the
west.
Click here for Figure 1: Halfway Target Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/GWH_PlanMap_20191209.jpg
Click here for Figure 2: Halfway: Schematic Geology Cross-Section
https://www.monetaporcupine.com/uploads/MGH19-123Schematic-X-Section.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-123
572570
5370532
356
70
-55
501.00
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/December2019/11/c5443.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 08:41e 11-DEC-19