Moneta extends mineralization 600 m West of
Moneta extends mineralization 600 m West of
South West at West Block with 1.05 m @ 18.25
g/t gold
Symbol: TSX: ME
TORONTO
,
Aug. 1, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce results from the final three
diamond drill holes of the 2019 winter drill program completed on the West Block target located up
to
650 m
west of the South West Deposit ("South West") within the Company's Golden Highway
Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
Drill hole MGH19-121 has confirmed two (2) new mineralized veins within the West Block
area, extending mineralized veining by another 100 metres to the west of the South West
Deposit and by another
100 m
to the south.
4.00 metres ("m") @ 2.53 grams per tonne (g/t) Gold (Au) including
1.00 m
@ 4.74 g/t Au,
at a depth of
165.00 m
from the new WB-12 vein extending mineralization by
100 m
to
the west
1.05 m
@ 18.25 g/t Au at a depth of
227.00 m
confirming the new WB-10 vein
6.50 m
@ 2.55 g/t Au including
0.80 m
@ 4.82 g/t Au at a depth of
288.60 m
confirming
WB-08
Gary O'Connor
, CEO & Chief Geologist commented, "We continue to be pleased with the West
Block drilling, located
600 m
west of the South West deposit, where we have again intersected new
mineralized veins extending the foot-print of veining by another
100 m
to the west and by
100 m
to
the south. The drill program was designed to test the extensions of mineralized veining previously
intersected in the West Block area, located west of the Main Fault. The West Block area was not
included in the recent mineral resource estimate update and occurs in the same geological setting as
the South West deposit. This is the same area where drill results released from the current drill
program intersected up to
6.19 m
@ 12.22 g/t Au, including
1.00 m
@ 27.50 g/t Au from the WB-09
vein in hole MGH19-116 (see press release ME-PR-05-2019 dated
May 29, 2019
). We are
encouraged that the drill program is continuing to increase the size potential of the resource."
The latest assay results are from the final three (3) holes, MGH19-118, MGH19-121 and MGH19-
122 totalling
1,703.00 m
completed in the West Block area, located west of the South West deposit,
and designed to test the lateral and depth extent of veining previously identified in the area.
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.
West Block Drill Results
Drill hole
MGH19-118
was drilled to test the northern extensions of the four eastern most veins (WB-
01 to WB-04) adjacent to the banded iron "A" formation "BIF" above the Main Fault. The hole has
confirmed a larger section of folded BIF in the area and intersected and confirmed the location of the
WB-02 vein intersecting
3.45 m
@ 1.08 g/t Au including
0.90 m
@ 2.76 g/t Au at a drill depth of
442.55 m
. The hole drilled through the Main Fault as modelled.
Drill hole
MGH19-121
was drilled to test the southern extensions of the WB-09 to WB-03 veins
100
m
south of hole MGH19-116. The drill hole was planned to confirm the existence of and establish the
continuity of mineralized veins previously intersected in the West Block area which have not been
modelled and were not included in the recent mineral resource update. The drill hole successfully
intersected two (2) new mineralized vein structures (WB-10 and WB-12) extending mineralization by
over
100 m
to the west and confirmed the southern extensions of the WB-09, WB-08 and WB-05
veins by
100 m
. Selected highlights of the drill hole include
4.00 m
@ 2.53 g/t Au, including
1.00 m
@ 4.74 g/t Au at a drill depth of
165.00 m
from the WB-12 vein,
1.05 m
@ 18.25 g/t Au at a drill
depth of 227.00 from the WB-10 vein (Drill hole MGH19-116 intersected
3.00 m
@ 19.93 g/t Au
including
1.00 m
@ 27.50 g/t Au from the WB-09 vein),
6.30 m
@ 2.55 g/t Au including
0.80 m
@
4.82 g/t Au at a drill depth of
288.60 m
and
1.00 m
@ 2.00 g/t Au from the WB-08 vein at a drill
depth of
349.00 m
.
Drill hole
MGH19-122
was drilled to test the ultramafic/sediment contact to the west and below drill
hole MGH19-116. The hole intersected ultramafic/mafic rocks of the Upper Tisdale Formation and
did not intersect the Timiskaming sediments highlighting an offset in the contact in this area.
Table 1: West Block: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
"#"
(m)
(m)
(m)
(g/t)
"Name"
MGH19-118
442.55
446.00
3.45
1.08*
WB-02
includes
442.55
443.45
0.90
2.76
WB-02
MGH19-121
165.00
169.00
4.00
2.53
WB-12
includes
166.00
168.00
2.00
3.46
WB-12
includes
167.00
168.00
1.00
4.74
WB-12
MGH19-121
227.00
228.05
1.05
18.25
WB-10
MGH19-121
288.60
294.90
6.30
2.55
WB-09
includes
292.60
294.90
2.30
3.29
WB-09
includes
294.10
294.90
0.80
4.82
WB-09
MGH19-121
349.00
350.00
1.00
2.00
WB-08
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 100% of true width.
South West Deposit (including West Block)
The South West deposit, including the West Block 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 has confirmed the existence of veins
including wider stockwork zones in the South West, West Block and Gap areas. The NNW-SSE
trending extensional vein structures occur as stacked veins, steeply dipping to the SW, 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
3.0 m
and are spaced
25 m
to
40 m
apart. A total of
24 veins have been modelled at South West and 10 at West Block.
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.
Click here for Figure 1: West Block Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2019-08-01_NR-Fig1.jpg
Click here for Figure 2: West Block: Geology and Drill Location Map
https://www.monetaporcupine.com/uploads/2019-08-01_NR-Fig2.jpg
Click here for Figure 3: West Block: Schematic Cross-Section
https://www.monetaporcupine.com/uploads/2019-08-01_NR-Fig3.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-118
570475
5369450
325
90
-65
549.00
MGH19-121
570400
5369300
325
90
-58
497.00
MGH19-122
570354
5369379
339
89
-67
657.00
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent to ALS Global
Assay Laboratory Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm
(200#). ALS Global is an ISO/IEC 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 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 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 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:
http://www.newswire.ca/en/releases/archive/August2019/01/c0075.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 08:15e 01-AUG-19