Moneta Expands Gold Mineralization at Windjammer South in Step-Out Drilling
Moneta Expands Gold Mineralization at
Windjammer South in Step-Out Drilling
TSX: ME
TORONTO
,
May 14, 2020
/CNW/ -
Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF)
(XETRA: MOP) ("Moneta" or the "Company")
is pleased to announce the results from four (4) drill
holes testing the western and eastern 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 recently completed on the Company's Golden
Highway Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
Drilling was conducted to expand the gold mineralization west and east of the updated
November 2019
NI 43-101 mineral resource at the Windjammer South Deposit
Extended gold mineralization over 500 metres "m" west and
200 m
east of the
November
2019
mineral resource update
Drilling confirmed up to 17 shallow dipping mineralized zones with a combined thickness
of up to
215.00 m
Drilling confirmed steep high-grade structures including the Gap veins to the west
Drill holes now confirm continuous mineralization from Windjammer South to the South
West deposit, over 1.0 kilometres "km" in total length
Western Extensions
MGH20-140: Intersected
9.30 m
@ 1.05 grams per tonne "g/t" Gold "Au" including
1.00 m
@ 6.45 g/t Au from the Q Zone
MGH20-147: Intersected
46.00 m
@ 0.95 g/t Au including
1.00 m
@ 4.64 g/t Au and
1.00
m
@ 3.60 g/t Au from the M Zone
MGH20-147: Intersected
12.00 m
@ 1.15 g/t Au including
1.00 m
@ 6.06 g/t Au from the
Gap-6 vein and
12.00 m
@ 1.04 g/t Au including
1.00 m
@ 4.44 g/t Au from the D Zone
Eastern Extensions
MGH20-142: Intersected
22.00 m
@ 1.02 g/t Au including
1.00 m
@ 2.63 g/t Au from the H
Zone and
17.00 m
@ 1.09 g/t Au including
3.00 m
@ 3.09 g/t Au from the I Zone
MGH20-142: Intersected
4.00 m
@ 2.46 g/t Au including
1.00 m
@ 8.08 g/t Au from a
steep vein
Gary O'Connor
, CEO & Chief Geologist commented, "We are pleased to continue to intersect gold
mineralization in large step-outs at Windjammer South, extending the system by
500 m
to the west
and
200 m
to the east. Gold mineralization has been intersected in multiple wide near surface zones
totalling over
200 m
in combined thickness and steep high-grade mineralized structures extending to
depth. Significantly the drill program has confirmed that gold mineralization at Windjammer South
connects with our main South West deposit, spanning more than 1.0 km in distance. The drill
program was recently completed in April and additional drill results will be released as they become
available."
The latest assay results are from four (4) drill holes, MGH20-140, MGH20-142, MGH20-145 and
MGH20-147, completed on the 2019/2020 winter drill program for a total
2,115.00 m
at the
Windjammer South Deposit (Figure 1 and Table 2). The drill holes were testing the western and
eastern extensions of the current mineral resource within the newly identified shallow dipping but
thicker extensional veins and the steeper high-grade veins.
Table 1: Windjammer South: Select Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH20-140
185.70
188.50
2.80
1.72
Vertical
includes
187.50
188.50
1.00
3.52
Vertical
MGH20-140
261.00
291.00
30.00
0.53
F Zone
includes
261.00
265.00
4.00
1.25
F Zone
MGH20-140
381.00
385.00
4.00
1.64
M Zone
includes
381.00
382.00
1.00
3.01
M Zone
MGH20-140
406.00
420.00
14.00
1.06
N Zone
MGH20-140
448.45
452.00
3.55
1.37
O Zone
includes
448.45
448.85
0.40
3.35
O Zone
MGH20-140
465.00
472.00
7.00
0.86
P Zone
includes
471.00
472.00
1.00
1.31
P Zone
MGH20-140
480.00
489.30
9.30
1.05
Q Zone
includes
484.00
485.00
1.00
6.45
Q Zone
MGH20-140
499.00
521.00
22.00
0.52
Q Zone
includes
519.00
521.00
2.00
1.87
Q Zone
MGH20-142
78.00
100.00
22.00
1.02
H Zone
includes
84.00
85.00
1.00
2.63
H Zone
MGH20-142
105.00
122.00
17.00
1.09
I Zone
includes
119.00
122.00
3.00
3.09
Vertical
includes
119.00
120.00
1.00
4.43
Vertical
MGH20-142
140.00
153.00
13.00
0.81
J Zone
includes
140.00
141.00
1.00
2.42
J Zone
MGH20-142
180.00
184.00
4.00
2.46
Vertical
includes
181.00
182.00
1.00
8.08
Vertical
MGH20-142
194.00
215.00
21.00
0.66
K Zone
includes
203.00
206.00
3.00
1.75
K Zone
includes
203.00
204.00
1.00
2.77
K Zone
MGH20-142
425.00
449.00
24.00
0.57
R Zone
includes
425.00
429.00
4.00
1.25
R Zone
MGH20-142
466.00
487.00
21.00
0.50
S Zone
includes
477.00
478.00
1.00
2.18
S Zone
MGH20-145
74.00
77.00
3.00
1.40
E Zone
includes
75.00
76.00
1.00
2.00
E Zone
MGH20-145
84.25
102.00
17.75
0.62
F Zone
includes
101.00
102.00
1.00
1.63
F Zone
MGH20-145
163.00
172.55
9.55
0.74
H Zone
includes
167.50
168.70
1.20
2.10
H Zone
MGH20-147
83.00
95.00
12.00
1.15
Gap-6
includes
94.00
95.00
1.00
6.06
Gap-6
MGH20-147
119.00
137.00
18.00
0.86
D Zone
includes
125.00
137.00
12.00
1.04
D Zone
includes
129.00
130.00
1.00
4.44
D Zone
MGH20-147
146.00
159.00
13.00
0.64
E Zone
includes
153.00
154.00
1.00
2.81
E Zone
MGH20-147
323.00
326.00
3.00
1.27
Vertical
includes
323.00
324.00
1.00
3.23
Vertical
MGH20-147
336.00
360.00
24.00
0.60
K Zone
MGH20-147
364.00
385.00
21.00
0.70
L Zone
includes
382.00
383.00
1.00
3.36
L Zone
MGH20-147
393.00
439.00
46.00
0.95
M Zone
includes
398.00
401.00
3.00
2.25
Vertical
includes
400.00
401.00
1.00
4.64
Vertical
and
420.00
421.00
1.00
3.60
M Zone
and
435.00
438.00
3.00
2.32
M Zone
Shallow intercepts are calculated using a 0.5 g/t Au cut-off with a maximum of 3m internal dilution, steep veins are calculated using a 1.00 g/t Au cut-off and 2 m internal dilution
and no top caps applied. All intercepts are reported as drill widths and estimated to be 80% to 95% of true width.
Windjammer South Deposit Drill Results
Drill hole
MGH20-140
was drilled as a
100 m
step-out and under-cut to the west of hole MGH19-
126. (Press release ME PR 01-2020 dated
09 January 2020
: MGH19-126 intersected
39.40 m
@
1.70 g/t Au including
13.05 m
@ 2.34 g/t Au including
3.90 m
@ 4.54 g/t Au,
29.00 m
@ 2.33 g/t Au
including
11.00 m
@ 4.24 g/t Au, including
3.00 m
@ 6.48 g/t Au and
4.00 m
@ 5.41 g/t Au at
Windjammer South). The drill holes tested the extensions of shallow dipping zones and steep
structures south of the BIF A contact within the over-lying host coarse grained sandstone. MGH20-
140 confirmed the extensions of 17 new zones with a combined thickness of up to
127.00 m
up to
400 m
west of the current mineral resource estimate. Drill hole MGH20-140 intersected shallow
zones of up to
30.00 m
@ 0.53 g/t Au including
4.00 m
@ 1.25 g/t Au from the F Zone,
14.00 m
@
1.06 g/t Au including
8.00 m
@ 1.32 g/t Au from the N Zone and
22.00 m
@ 0.52 g/t Au including
2.00 m
@ 1.87 g/t Au. The drill hole also intersected
9.30 m
@ 1.05 g/t Au including
1.00m
@ 6.45
g/t Au from a steeply dipping zone.
Windjammer South Deposit Drill Results
Drill hole
MGH20-142
was drilled to test the extensions of mineralization
100 m
to the east of
MGH19-124 at Windjammer South to the south of the BIF A within the overlying coarse-grain
sandstone host. (See press release ME PR 01-2020 dated
09 January 2020
: MGH19-124
intersected
31.50 m
@ 1.25 g/t Au including
9.30 m
@ 1.76 g/t Au, ,
17.95 m
@ 1.15 g/t Au
including
3.0 m
@ 2.39 g/t Au and
8.30 m
@ 2.39 g/t Au, including
0.65 m
@ 16.60 g/t Au). The drill
hole confirmed mineralization up to
200 m
east of the
November 2019
mineral resource estimate
over a combined width of
212.0 m
confirming the extensions of 17 zones. The drill hole also
confirmed additional steeply dipping higher-grade structures. Drill hole MGH20-142 intersected up to
22.00 m
@ 1.02 g/t Au including
1.00 m
@ 2.63 g/t Au,
21.00 m
@ 0.66 g/t Au including
1.00 m
@
2.77 g/t Au and
24.00 m
@ 0.57 g/t Au including
4.00m
@ 1.25 g/t Au in shallow dipping zones. The
drill holes also intersected up to
4.00 m
@ 2.46 g/t Au including
1.00 m
@ 8.08 g/t Au in steep
structures. The shallow zones are showing lower gold tenor on the eastern extensions but are
confirming the zones on large step-outs to the current mineral resource.
Drill hole
MGH20-145
was drilled
100 m
south of the MGH20-124 to confirm the southern extensions
of the shallow dipping wide zones and steeper high-grade structures at Windjammer South by up to
100 m
east of the
November 2019
resource (See press release ME PR 01-2020 dated
09 January
2020
: MGH19-124 intersected up to
8.30 m
@ 2.39 g/t Au, including
0.65 m
@ 16.60 g/t Au from
the O Zone and
21.00 m
@ 1.40 g/t Au including
1.40 m
@ 4.79 g/t Au from the G Zone). MGH20-
145 intersected 8 mineralized zones with a combined thickness of
56.00 m
. Drilling intersected up to
17.75 m
@ 0.62 g/t Au from the F Zone and
9.55 m
@ 0.74 g/t Au from the H Zone.
Drill hole
MGH20-147
was drilled
100 m
west of MGH20-140 and
200 m
east of MGH20-126 drill
section, over
500 m
south of the BIF (See press release ME PR 01-2020 dated
09 January 2020
:
MGH19-126 intersected up to
39.40 m
@ 1.70 g/t Au including
13.05 m
@ 2.34 g/t Au, including
3.90 m
@ 4.54 g/t Au. MGH20-126 also intersected
29.00 m
@ 2.33 g/t Au, including
11.00 m
@
4.24 g/t Au, including
3.00 m
@ 6.48 g/t Au and
4.00 m
@ 5.41 g/t Au). In addition to testing the
western extensions of the
November 2019
mineral resource estimate at Windjammer South by over
500 m
, the drill hole intersected the Gap-5 and Gap-6 veins which form the eastern extensions of the
South West deposit. MGH20-147 intersected 14 mineralized zones with a combined thickness of
205.00 m
. Drilling intersected up to
12.00 m
@ 1.04 g/t Au including
1.00 m
@ 4.44 g/t Au from the
D Zone,
24.00 m
@ 0.60 g/t Au,
21.00 m
@ 0.70 g/t Au and
46.00 m
@ 0.95 g/t Au from the M
zone. MGH20-147 also intersected
12.00 m
@ 1.15 g/t Au including
1.00 m
@ 6.06 g/t Au from
Gap-6 and
3.00 m
@ 2.25 g/t Au including
1.00 m
@ 4.64 g/t Au from steep veins.
The drill holes confirmed continuous mineralization between the Windjammer South and South West
deposits.
Windjammer South Deposit
The Windjammer South deposit is located within a similar geological setting as the adjacent South
West deposit (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). A significant amount of historical
drilling has defined the mineralized zones.
Click here for Figure 1: Windjammer South Deposit Location Map- Golden Highway Project
Click here for Figure 2: Windjammer South Deposit: Schematic Section
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH20-140
571752
5370229
334
80
-55
630.0
MGH20-142
572349
5370472
341
80
-55
540.0
MGH20-145
572282
5370338
338
80
-55
471.0
MGH20-147
571756
5370151
334
60
-60
474.0
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.
Randall
Salo
, P.Geo 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. 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
.
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/May2020/14/c8987.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 14-MAY-20