Moneta extends mineralization at Windjammer
Moneta extends mineralization at Windjammer
South and "55" with up to 1.90 m @ 8.44 g/t
gold including 1.05 m @ 14.10 g/t gold
Symbol: TSX: ME
TORONTO
,
Aug. 8, 2019
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from one new
drill hole and sampling of one historical hole as part of the 2019 winter drill program. The results are
from the Windjammer South and "55" Deposits located within the Company's Golden Highway
Project, 110 km east of
Timmins, Ontario
, (see Figure 1).
Highlights:
Windjammer South Deposit
Historical drill hole MWJ08-15 intersected 1.90 metres "m" @ 8.44 grams per tonne "g/t"
Gold "Au" including
1.05 m
@ 14.10 g/t Au from new sampling at a drill depth of
455.10 m
Mineralization from drill hole MWJ08-15 from newly identified veining extended
mineralization by
150 m
east and
100 m
depth from the current Windjammer South
resource
"55" Deposit
Drill hole MGH19-114 intersected up to
7.00 m
@ 2.05 g/t Au including
3.00 m
@ 3.08 g/t
Au at a depth of
356.00 m
Drill hole MGH19-114 extended mineralization by over
120 m
to depth and by
100 m
to
the west of the current "55" resource
Gary O'Connor
, CEO & Chief Geologist commented, "We are encouraged by the ongoing success
of the 2019 program which has shown significant extensions to both the Windjammer South and "55"
deposits outside of the current resources at both deposits. New drilling at "55" and sampling of
newly identified veining at Windjammer South has shown that we have the potential to readily expand
the resources of both these deposits. The "55" and Windjammer South deposits are located 1.5 km
west and 1 km east respectively of the South West deposit. The 2019 drill program has been
successful at drilling potential extensions to the current resources. We are now in the process of
updating the South West resource to include the 2019 drill results."
The latest assay results are from the last drill hole, MGH19-114 from the 2019 winter drill program
drilled to a depth of
465.00 m
at "55", and from historical hole MWJ08-15 from Windjammer South.
The drill holes were drilled and sampled to test extensions of the current resources.
The completed 2019 winter drill program at Golden Highway was primarily designed to drill out the
extensions at South West in the Gap and West Block areas. Drill hole MGH19-114 at the "55"
deposit was designed to test the depth and western extensions at "55" to highlight resource
potential. Identification of and sampling of veining in historical drill hole MWJ08-15, was completed to
test the potential for expansion of the resource to the east at Windjammer South. The program
consisted of 9,681 metres of drilling in 14 completed holes.
Table 1: "55" and Windjammer South: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH19-114
323.60
324.60
1.00
2.83
55-B
MGH19-114
356.00
363.00
7.00
2.05
55-B1
includes
357.00
360.00
3.00
3.08
55-B1
MGH19-114
367.00
372.00
5.00
1.00*
55-C
MGH19-114
381.00
383.70
2.70
1.63*
New
includes
383.00
383.70
0.70
3.03
New
MA-08-049
210.40
211.00
0.60
2.38
New
MWJ08-15
455.10
457.00
1.90
8.44
New
includes
455.95
457.00
1.05
14.10
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 80% to 100% of true width.
"55" Drill Results
Drill hole
MGH19-114
was drilled to test the western and depth extensions of veining at the "55"
deposit to show resource growth potential. The hole was successful in extending veins both to the
west by over
100 m
and at depth by over
120 m
. Selected highlights of the drill hole include
7.00 m
@ 2.05 g/t Au including
3.00 m
@ 3.08 g/t Au from the 55-B1 vein, and
2.70 m
@ 1.63 g/t Au
including
0.70 m
@ 3.03 g/t Au from a new vein. A new zone of mineralization was identified and
sampled at "55" in hole MA08-049 and intercepted
0.60 m
@ 2.38 g/t Au at a drill depth of
210.40
m
.
Windjammer South Drill Results
Drill Hole
MWJ08-15
had previously drilled the eastern extensions of the Windjammer South deposit.
Newly identified veining from the core has extended mineralization by
150 m
to the east and at depth
by
100 m
beyond the current resource. Selected highlights of the drill hole include
1.90 m
@ 8.44
g/t Au including
1.05 m
@ 14.10 g/t Au from the new zone.
"55" and Windjammer South Deposits
The "55" and Windjammer South deposits are located within a similar geological setting as the South
West deposit. Gold mineralization 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". The NNW-SSE trending extensional vein structures occur as stacked veins, steeply dipping
to the SW at 60-80° and occur predominantly within a coarse grain sandstone that occurs adjacent
to BIF-A. The vein structures have been traced for up to
400 m
strike length, drilled to
1,000 m
depth, occur up to
15 m
wide, with an average width of approximately
3.00 m
and are spaced
20 m
to
40 m
apart.
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: "55" and Windjammer South Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2019-08-08_NR-Fig1.jpg
Click here for Figure 2: Windjammer South: Schematic Geology Cross-Section
https://www.monetaporcupine.com/uploads/2019-08-08_NR-Fig2.jpg
The "55" deposit occurs over
1,500 m
west of the South West deposit and the Windjammer South
deposit over
1,000 m
to the east of the South West deposit. Both remain open to expansion and
have not been drilled defined. The "55" deposit currently hosts a resource of 35,400 oz of contained
gold within 0.22 Mt @ 5.11 g/t Au in the indicated category and 45,300 oz within 0.33 Mt @ 4.31 g/t
Au in the inferred category. The Windjammer South deposit currently hosts a resource of 49,100 oz
within 0.36 Mt @ 4.19 g/t Au in the indicated category and 25,500 oz within 0.33 Mt @ 4.59 g/t Au
in the inferred category.
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-114
569112
5368590
320
40
-67
465.00
MWJ08-15
572437
5370305
335
340
-60
464.00
MA08-49
569415
5368726
318
338
-55
332.00
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/August2019/08/c6212.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 08-AUG-19