Moneta identifies multiple new mineralized zones on the Golden Highway Project Symbol: TSX: ME
Moneta identifies multiple new mineralized
zones on the Golden Highway Project
Symbol: TSX: ME
TORONTO
,
Dec. 5, 2018
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce that it has identified multiple
new high grade zones of gold mineralization on the Golden Highway Project, located 110 km east of
Timmins, Ontario
(see Figure 1). The new targets were identified during the 2018 geological re-
interpretation and modelling of high-grade structures. The new zones occur outside the area of
historical resources and the pending NI 43-101 resource estimate update due to be completed in
early 2019.
Highlights:
Moneta has identified five (5) new structurally controlled zones of high-grade mineralization
along the Banded Iron Formation contact (BIF), located outside of the pending resource
update area
•
Halfway
Drill hole MWJ11-43 intersected 3.25 metres (m) @ 8.87 (grams per tonne) g/t Gold (Au), including 2.30 m @ 11.74 g/t Au;
•
Westaway
Drill hole MN-96-178 intersected 6.30 m @ 5.80 g/t Au, including 1.50 m @ 10.42 g/t Au;
•
Western
Drill hole MA03-14 intersected 5.50 m @ 4.26 g/t Au, including 2.00 m @ 9.90 g/t Au;
•
Windjammer South Deeps
Drill hole WJ88-40 intersected 2.00 m @ 3.29 g/t Au, including 1.00 m @ 5.80 g/t Au at depth below the pending resource;
•
Dyment 3
Drill hole MA06-33 intersected 1.50 m @ 3.07 g/t Au, including 0.50 m @ 7.20 g/t Au.
Gary O'Connor
, CEO & Chief Geologist commented, "The new geological modeling and
interpretation methodology has now been applied to five (5) new zones outside of the pending NI 43-
101 resource estimate footprint. The new zones cover an eight (8) km strike length and have the
same style of mineralization as seen in the gold zones to be included in the pending resource update.
Re-logging and re-interpretation of the geological model at Golden Highway has focused on high
grade gold mineralized structures located along a regional 12 km long Banded Iron Formation.
These new zones will form part of a larger program to test drill targets expected to be identified in
the pending resource estimate due in the New Year."
New Mineralized Targets:
The new Halfway, Windjammer South Deeps, Westaway, Dyment 3 and Western Zone targets are
all located along over eight (8) kms of strike length on the southern margins of a 12 km long BIF unit
hosted within clastic sediments of Timiskaming age. Mineralization and all targets occur as NW-SE
trending steeply west dipping stockwork veining and associated vein structures located along or near
the BIF contact. Historical drilling of targets has been limited, however the style and nature of
mineralization is like the BIF related deposits currently the subject of a resource estimate update on
the Golden Highway Project due to be completed in early 2019. The mineralized veins and stock-
work veining within the new structures occur as quartz-pyrite veins within ankerite-sericite-silica-
pyrite (
+
albite) alteration halos.
Halfway:
Is located over
500 m
east of Windjammer South. Drill hole MWJ11-43 intersected
3.25 m
@ 8.87 g/t Au including
2.30 m
@ 11.74 g/t Au at
410.75 m
down hole depth near the
BIF contact. There are no other drill holes close to this intercept.
Westaway:
Is located on over 1.50 kms of BIF contact between South West and "55". Drill hole
MN-96-178 intersected
6.30 m
@ 5.80 g/t Au including
1.50 m
@ 10.42 g/t Au at a down hole
depth of
146.70 m
. Drill hole MN-96-178 intersected
2.90 m
@ 5.64 g/t Au including
1.10 m
@
11.16 g/t Au at a down hole depth of
268.50 m
. Drill hole MN-97-184 intersected
9.00 m
@
3.50 g/t Au including
3.20 m
@ 6.14 g/t Au. The intercepts occur up to
200 m
south of the BIF
contact as sediment hosted quartz-pyrite veining.
Western:
The Western area is located approximately 2.00 km west of the "55" deposit. Drill
hole MA03-14 returned
5.50 m
@ 4.26 g/t Au including
2.00 m
@ 9.90 g/t Au at a down hole
depth of
213.60 m
. Hole MA03-15 intersected
1.50 m
@ 8.42 g/t Au including
0.60 m
@ 15.93
g/t Au at a depth of
147.60 m
.
Windjammer South Deeps:
Hole WJ88-40 was drilled to a depth of over
1,000 m
, below the
Windjammer South stockwork and vein system currently the subject of the pending resource
update. The drill hole intersected a number of vein structures south and distal to the BIF contact
intersecting
2.00 m
@ 3.29 g/t Au including
1.00 m
@ 5.80 g/t Au at
835.00 m
and
11.00 m
@
1.24 g/t Au including
1.00 m
@ 3.02 g/t Au at a depth of
945.60 m
.
Dyment 3:
The Dyment 3 area is located 1.0 km west of the "55" deposit. Drill hole MA06-33
intersected
1.50 m
@ 3.07 g/t Au including
0.50 m
@ 7.20 g/t Au at
242.45 m
down hole depth.
Please click here for Figure 1: New Target Location Map - Golden Highway Project
http://www.monetaporcupine.com/i/maps/dec52018-fig1.jpg
Please click here for Figure 2: Golden Highway Project Regional Section: New Targets
http://www.monetaporcupine.com/i/maps/dec52018-fig2.jpg
Please click here for Figure 3: Golden Highway Project: New Target Areas (View to NW)
http://www.monetaporcupine.com/i/maps/dec52018-fig3.jpg
Table 1: Select Significant Intercepts: New Targets
Target
Hole
From
To
Length
Au
Area
#
(m)
(m)
(m)
g/t
Westaway
MN-96-178
146.70
153.00
6.30
5.80
Includes
151.50
153.00
1.50
10.42
Westaway
MN-96-178
268.50
271.40
2.90
5.64
Includes
268.50
269.60
1.10
11.16
Westaway
MN-97-184
323.90
332.90
9.00
3.50
Includes
323.90
327.10
3.20
6.14
Westaway
MN-97-186
176.40
179.70
3.30
6.22
Halfway
MWJ11-43
410.75
414.00
3.25
8.87
includes
411.70
413.17
2.30
11.74
includes
411.70
413.17
1.47
16.86
Dyment
MA06-33
242.45
243.95
1.50
3.07
includes
242.45
242.95
0.50
7.20
Dyment
MA07-35X
123.12
123.52
0.40
5.49
Western
MA03-13
213.60
218.00
4.40
2.47
includes
213.00
213.60
0.60
10.63
Western
MA03-14
261.20
266.70
5.50
4.26
includes
263.70
265.70
2.00
9.90
includes
263.70
264.30
0.60
28.28
Western
MA03-15
147.60
149.10
1.50
8.42
includes
148.00
148.60
0.60
15.93
Western
MA03-16
191.00
191.40
0.40
23.52
Western
MA04-22
207.00
208.00
1.00
7.34
includes
207.40
208.00
0.60
10.47
Western
MA04-22
239.00
241.00
2.00
6.26
includes
239.50
240.50
1.00
10.05
WJS Deeps
WJ88-40
239.70
243.90
4.20
3.91
includes
239.70
240.30
0.60
10.56
and
243.30
243.90
0.60
11.11
WJS Deeps
WJ88-40
266.90
268.00
1.10
9.70
WJS Deeps
WJ88-40
835.00
837.00
2.00
3.29
includes
836.00
837.00
1.00
5.80
WJS Deeps
WJ88-40
945.60
957.50
11.90
1.24*
includes
951.50
952.50
1.00
3.02
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 65%
to 100% of true width.
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Half sawn drill core 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 5 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, Kayorum and Denton
projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic
volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of
1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au),
clustered within four kilometres.
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 & CFO, 416-579-3040
CO: Moneta Porcupine Mines Inc.
CNW 08:30e 05-DEC-18