Moneta Extends Mineralization by 500 Metres
Moneta Extends Mineralization by 500 Metres
With 3.00 M @ 19.93 G/T Gold Including 1.00 m
@ 27.50 g/t Gold at West Block
Symbol: TSX: ME
TORONTO
,
May 29, 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
diamond drill hole of the 2019 winter drill program completed on the West Block target
500 m
west
of the South West Deposit ("South West") located within the Company's Golden Highway Project,
110 km east of
Timmins, Ontario
(see Figure 1).
Highlights:
Drill hole MGH19-116 intersected four (4) new mineralized veins within the West Block area
located outside of the 2019 mineral resource estimate, extending mineralized veining by over
500 metres to the west of the South West Deposit.
6.19 metres ("m") @ 12.22 grams per tonne (g/t) Gold (Au) including
3.00 m
@ 19.93 g/t
Au including
1.00 m
@ 27.50 g/t Au, located
500 m
west of South West;
3.00 m
@ 3.78 g/t Au including
2.00 m
@ 4.94 g/t Au located
475 m
west of South West;
2.00 m
@ 2.36 g/t Au located
325 m
west of South West;
3.00 m
@ 2.29 g/t Au located
300 m
west of South West.
Gary O'Connor
, CEO & Chief Geologist commented, "We are pleased to have intersected four (4)
new mineralized vein structures
500 m
west of the South West deposit in our first drill hole to be
completed on the West Block target in 2019. 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. We are encouraged that our first drill hole at
West Block intersected well mineralized veining and expanded the extent of mineralization to the
west by over
500 m
. This is the same area where drill results released in 2018 intersected up to
1.63 m
@ 1,078.00 g/t Au including
0.50 m
@ 3,510.00 g/t Au in drill hole MGH17-062 (see press
release ME-PR-03/2018 dated
February 08, 2018
). We are encouraged that the drill program is
continuing to increase the size of and upgrade the resource."
The latest assay results are from the first drill hole, MGH19-116 totalling
564.0 m
completed at the
West Block area located west of the South West deposit and designed to test the lateral and depth
extent of veining in the area.
The drill program at South West continues as part of the previously announced 2019 winter
exploration drill program on the Golden Highway Project. The fully funded program consists of up to
10,000 metres of drilling to extend the Gap veins and test the continuity of mineralized structures in
the West Block area. The drill program was temporarily on hold due to wet ground conditions but
has recommenced as of
May 23
. Results of drill holes will be released as they become available.
West Block Drill Results
Drill hole
MGH19-116
was drilled 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 holes successfully intersected four
(4) mineralized vein structures extending mineralization over
500 m
to the west of the South West
deposit, west of the Main Fault. Selected highlights of the drill hole include
6.19 m
@ 12.22 g/t Au,
including
3.00 m
@ 19.93 g/t Au and including
1.00 m
@ 27.50 g/t Au at a drill depth of
274.32 m
,
3.00 m
@ 3.78 g/t Au including
2.00 m
@ 4.94 g/t Au at a drill depth of
290.00 m
,
2.00 m
@ 2.36
g/t Au at a drill depth of
468.00 m
and
3.00 m
@ 2.29 g/t Au within a zone starting at a drill depth of
500.00 m
.
Table 1: West Block: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(#)
MGH19-116
274.32
280.51
6.19
12.22
WB-9
includes
275.00
280.51
5.51
13.50
WB-9
includes
276.00
279.00
3.00
19.93
WB-9
includes
276.00
277.00
1.00
27.50
WB-9
MGH19-116
290.00
293.00
3.00
3.78
WB-8
includes
290.00
292.00
2.00
4.94
WB-8
MGH19-116
468.00
474.50
6.50
1.59*
WB-5
includes
471.00
473.00
2.00
2.36
WB-5
MGH19-116
500.00
505.00
5.00
1.69*
WB-1
includes
502.00
505.00
3.00
2.29
WB-1
includes
502.00
503.00
1.00
3.87
WB-1
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.
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.
Please click here for Figure 1: South West Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2019-05-29_NR-Fig1.jpg
Please click here for Figure 2: West Block - Geology and Drill Location Map
https://www.monetaporcupine.com/uploads/2019-05-29_NR-Fig2.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-116
570451
5369379
321
90
-70
564.00
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent to ALS Canada
Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). A 50 g
charge is Fire Assayed and analyzed using a 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.
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http://www.newswire.ca/en/releases/archive/May2019/29/c6733.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 08:30e 29-MAY-19