Moneta Expands Gold Mineralization at Windjammer South Symbol: TSX: ME
Moneta Expands Gold Mineralization at
Windjammer South
Symbol: TSX: ME
TORONTO
,
Jan. 9, 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
three drill holes testing the extensions of gold mineralization on the Windjammer South deposit
outside of the updated
November 2019
NI 43-101 mineral resource estimate. The drilling is part of
an expanded 2019/2020 winter drill program consisting of
18,000 m
currently underway on the
Company's Golden Highway Project, 110 km east of
Timmins, Ontario
(see Figure 1).
Highlights:
Drilling confirms extensions of mineralization outside of the updated
November 2019
43-101
mineral resource at the Windjammer South Deposit
MGH19-124
Extended gold mineralization over 100 metres ("m") to the east of the current gold
resource
Drilling confirmed 10 zones with a combined thickness of
88.0 m
Intersected
8.30 m
@ 2.39 grams per tonne gold ("g/t Au"), including
0.65 m
@ 16.60 g/t
Au from the O Zone
Intersected
21.00 m
@ 1.40 g/t Au including
1.40 m
@ 4.79 g/t Au from the G Zone
MGH19-125
Extended gold mineralization
200 m
to the west of the current gold resource
Drilling confirmed 16 zones with a combined thickness of
125.0 m
Intersected
13.00 m
@ 2.26 g/t Au including
4.00 m
@ 5.17 g/t Au and including
1.00 m
@
8.40 g/t Au from the R Zone
Intersected
17.00 m
@ 1.67 g/t Au including
3.00 m
@ 4.93 g/t Au from the Q Zone
Intersected
13.00 m
@ 1.70 g/t Au including
1.00 m
@ 8.41 g/t Au from the O Zone
MGH19-126
Extended mineralized zones
300 m
to the west of the current gold resource
Drilling confirmed 17 zones with a combined thickness of
198.0 m
Intersected
39.40 m
@ 1.70 g/t Au including
3.90 m
@ 4.54 g/t Au from the P Zone
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, and
1.00 m
@ 5.41 g/t Au from the Q Zone
Gary O'Connor
, CEO & Chief Geologist commented, "We are pleased to have intersected multiple
zones of gold mineralization over large combined thicknesses at Windjammer South. The drill
program has successfully confirmed the extensions of gold mineralization with significant step-outs
both west and east of the updated
November 2019
Resource Estimate and has confirmed the new
geological interpretation. The 2019/2020 winter drill program is testing new gold targets at
Westaway and Halfway, as well as drill testing 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 three (3) drill holes, MGH19-124, MGH19-125 and
MGH19-126, completed on the 2019/2020 winter drill program for a total
1,521.00 m
at the
Windjammer South Deposit (See Figure 1 and Table 2). The drill holes were testing the extensions
of the current mineral resource and the newly identified shallow dipping but thicker extensional
zones. The first three (3) drill holes were drilled to test the western and eastern extensions of gold
mineralized zones across the W Structure and E Structures which occur closely related to gold
mineralization. The W Structure and E Structures are steeply dipping and trend NNW-SSE (see
Figure 2).
Windjammer South Deposit Drill Results
Drill Hole
MGH19-124
was drilled to test the eastern and up-dip extensions of mineralized gold
zones to the east of the current resource across the E Structure at Windjammer South. MGH19-124
confirmed the existence of 10 extensional shallow dipping zones (F Zone through to O Zone) with
thicknesses up to
21.00 m
wide for a combined thickness of
88.0 m
from all zones. 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. The drill hole tested zones
up to
100 m
east of the current resource estimate.
Drill hole
MGH19-125
was drilled to test and confirm the extensions of mineralized zones located
along the W Structure located up to
200 m
west of the current resource. The drill hole confirmed and
intersected 16 mineralized zones (D Zone to S Zone), up to
17.00 m
thick, with a combined
thickness of
125 m
for all zones. MGH19-125 returned assays of up to
13.00 m
@ 2.26 g/t Au
including
4.00 m
@ 5.17 g/t Au and including
1.00 m
@ 8.40 g/t Au from the R Zone, and
17.00 m
@ 1.67 g/t Au including
3.00 m
@ 4.93 g/t Au from the Q Zone. The drill hole also intersected
13.00
m
@ 1.70 g/t Au including
1.00 m
@ 8.41 g/t Au from the O Zone.
Drill hole
MGH19-126
was drilled
100 m
west of hole MGH19-125 to test the western and depth
extensions of the gold mineralized zones
300 m
west of and at depth along the W Structure.
MGH19-126 confirmed the occurrence of 17 mineralized shallow dipping gold zones (D Zone to T
Zone) up to
39.4 m
thick with a combined mineralized thickness of
198 m
in all zones. MGH19-126
returned assays of up to
39.40 m
@ 1.70 g/t Au including
2.60 m
@ 3.05 g/t Au and
13.05 m
@
2.34 g/t Au, including
3.90 m
@ 4.54 g/t Au from the P Zone. The drill hole 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, and
1.00 m
@ 5.41 g/t Au from the Q Zone.
Table 1: Windjammer South: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(name)
MGH19-124
68.20
78.30
10.10
1.06
F Zone
includes
77.00
77.65
0.65
2.03
F Zone
MGH19-124
84.00
105.00
21.00
1.40
G Zone
includes
103.00
104.40
1.40
4.79
G Zone
includes
103.70
104.40
0.70
5.67
G Zone
MGH19-124
145.70
155.00
9.30
1.76
H Zone
includes
150.00
152.00
2.00
2.43
H Zone
MGH19-124
162.20
180.15
17.95
1.15
I Zone
includes
164.10
167.10
3.00
2.39
I Zone
and
178.00
180.15
2.15
2.24
I Zone
includes
179.50
180.15
0.65
4.34
I Zone
MGH19-124
319.30
327.60
8.30
2.39
O Zone
includes
319.90
320.40
0.50
5.66
O Zone
and
326.85
327.60
0.75
16.60
O Zone
MGH19-125
70.50
76.50
6.00
1.79
New
includes
75.00
76.50
1.50
4.68
New
MGH19-125
276.00
287.00
11.00
1.34
J Zone
MGH19-125
292.00
308.00
16.00
1.22
K Zone
includes
297.00
302.00
5.00
2.25
K Zone
includes
299.00
300.00
1.00
5.77
K Zone
MGH19-125
326.00
328.00
2.00
2.58
M Zone
includes
327.00
328.00
1.00
4.11
M Zone
MGH19-125
331.00
342.00
11.00
2.09
N Zone
includes
335.00
336.00
1.00
5.20
N Zone
MGH19-125
356.00
369.00
13.00
1.70
O Zone
includes
363.00
366.00
3.00
5.14
O Zone
includes
365.00
366.00
1.00
8.41
O Zone
MGH19-125
374.00
377.00
3.00
2.32
O Zone splay
MGH19-125
393.00
401.00
8.00
1.63
P Zone
includes
400.00
401.00
1.00
3.98
P Zone
MGH19-125
404.00
421.00
17.00
1.67
Q Zone
includes
417.00
420.00
3.00
4.93
Q Zone
includes
419.00
420.00
1.00
6.14
Q Zone
MGH19-125
424.00
437.00
13.00
2.26
R Zone
includes
427.00
431.00
4.00
5.17
R Zone
includes
427.00
428.00
1.00
8.40
R Zone
MGH190126
192.00
200.00
8.00
1.94
F Zone
includes
193.00
196.50
3.50
2.76
F Zone
MGH19-126
275.30
281.00
5.70
1.15
H Zone
includes
276.10
277.00
0.90
2.41
H Zone
MGH19-126
354.00
358.85
4.85
2.14
L Zone
includes
355.00
356.00
1.00
5.30
L Zone
MGH19-126
390.00
397.00
7.00
1.23
N Zone
includes
393.00
394.00
1.00
2.37
N Zone
MGH19-126
411.40
422.90
11.50
1.12
O Zone
includes
411.40
412.30
0.90
2.32
O Zone
MGH19-126
425.60
465.00
39.40
1.70
P Zone
includes
425.60
428.20
2.60
3.05
P Zone
and
439.00
440.00
1.00
3.39
P Zone
and
451.95
465.00
13.05
2.34
P Zone
includes
458.00
465.00
7.00
2.93
P Zone
includes
460.00
463.90
3.90
4.54
P Zone
MGH19-126
469.00
498.00
29.00
2.33
Q Zone
includes
469.00
482.00
13.00
3.81
Q Zone
includes
470.00
481.00
11.00
4.24
Q Zone
includes
471.00
474.00
3.00
6.48
Q Zone
and
477.00
481.00
4.00
5.41
Q Zone
and
493.00
498.00
5.00
2.04
Q Zone
includes
496.00
497.00
1.00
5.41
Q Zone
MGH19-126
618.00
633.00
15.00
1.02
T Zone
includes
618.00
619.00
1.00
4.96
T 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
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 relatively flat shallowly south-west dipping zones (see figure
2). A significant amount of historical drilling has defined the mineralized zones. A summary of
historical intercepts used for the corridor tested by drill holes MGH19-124, MGH19-125 and
MGH19-126 is included in Table 2.
Click here for Figure 1: Windjammer South Deposit Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/ME-PR-01-2020-002.jpg
Click here for Figure 2: Windjammer South Deposit: Schematic Cross-Section (MGH19-125,
MGH19-126)
https://www.monetaporcupine.com/uploads/ME-PR-01-2020-003.jpg
Click here for Figure 3: Windjammer South Deposit: Schematic Cross-Section (MGH19-124)
https://www.monetaporcupine.com/uploads/ME-PR-01-2020-004.jpg
Table 2: Windjammer South: Selected Historical Intercepts
Hole
From
To
Length
Au
Vein
#
(m)
(m)
(m)
(g/t)
Name
WJ88-20
61.00
68.50
7.50
2.29
D Zone
includes
61.00
64.50
3.50
3.60
D Zone
WJ88-40
96.50
101.90
5.40
3.54
E Zone
MGH13-046
67.00
74.00
7.00
3.75
F Zone
includes
71.70
74.00
2.30
7.08
F Zone
MWJ08-18
127.30
130.00
2.70
3.50
G Zone
MGH13-046
116.00
135.00
19.00
1.60
H Zone
includes
129.70
134.00
4.30
2.48
H Zone
MWJ08-11
135.00
152.55
17.55
14.05
I Zone
includes
140.55
152.55
12.00
19.80
I Zone
includes
148.40
152.55
4.15
107.96
I Zone
WJ88-16
222.00
226.30
4.30
5.07
J Zone
includes
222.00
224.50
2.50
8.07
J Zone
includes
224.20
224.50
0.30
44.50
J Zone
MWJ07-01
211.40
218.20
6.80
6.95
K Zone
includes
217.50
218.20
0.70
46.61
K Zone
WJ88-39
317.00
322.60
5.60
2.89
L Zone
includes
319.70
321.30
1.60
7.02
L Zone
MWJ07-03
301.80
348.10
46.30
2.24
M Zone
includes
340.10
347.20
7.10
5.15
M Zone
includes
346.20
347.20
1.00
9.55
M Zone
WJ88-36
333.50
334.50
1.00
11.52
N Zone
MGH13-042
326.00
363.00
37.00
1.53
O Zone
includes
327.00
328.00
1.00
4.97
O Zone
WJ89-52
375.00
389.40
14.40
9.27
P Zone
includes
388.50
389.40
0.90
119.41
P 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 70% to 95% of true width.
Table 3: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-124
572296
5370443
339
91
-61
342.0
MGH19-125
571925
5370300
333
80
-56
528.0
MGH19-126
571829
5370291
333
85
-55
651.0
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.
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%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 07:30e 09-JAN-20