NI 43-101 mineral resource estimate. West Block is
Moneta Intersects 1.60 M @ 14.98 g/t Gold
from New Mineralized Zone South of West
Block
Symbol: TSX: ME
TORONTO
,
July 07, 2020
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from three (3)
additional drill holes testing new gold mineralized zones and vein extensions south of the West Block
deposit beyond the updated
November 2019
NI 43-101 mineral resource estimate. West Block is
located 1.0 km west of the Company's main gold deposit at South West which is currently
undergoing a Preliminary Economic Assessment study with results to be released later in 2020. The
drill holes are part of the 2019/2020 winter drill program on the Company's Golden Highway Project,
110 km east of
Timmins, Ontario
(Figure 1).
Highlights:
Drilling intersected new gold mineralization to the south of and confirmed the extensions of
mineralized veins at West Block:
Confirmed new areas of gold mineralization over 300 metres (m) south of West Block
Confirmed depth extensions of veins by
200 m
in drilling west of and below the current
resource
MGH20-156: Intersected
1.60 m
@ 14.98 grams per tonne gold (g/t Au) including
0.90 m
@ 21.30 g/t Au, intersecting new gold mineralization over
300 m
to the south of West
Block
MGH20-137: Intersected
3.00 m
@ 4.03 g/t Au including
2.00 m
@ 5.49 g/t Au extending
the strike length of veins to the south and
200 m
to depth at West Block
MGH20-152: Intersected
3.27 m
@ 3.51 g/t Au including
1.49 m
@ 7.19 g/t Au intersecting
new gold mineralization over
200 m
to the south of West Block
"Our latest drill program at West Block has intersected new gold mineralization and successfully
extended gold mineralized veins to the south in step-out holes over large distances", commented
CEO
Gary O'Connor
"We have intersected new gold mineralization south of the gabbro and BIF "C"
units which has added significantly to the strike potential in an area not previously included in the
resource model. The 2019/2020 winter drill program continues to be successful at intersecting new
areas of gold mineralization as well as expanding our resources at Windjammer South and West
Block including the extensions of the new discovery at Westaway".
The latest assay results are from three (3) drill holes, MGH20-137, MGH20-152 and MGH20-156
completed on the 2019/2020 winter drill program for a total of
1,674.0 m
in the West Block area,
located west of the main South West Deposit (Table 2). The drill holes were testing the southern
and down dip extensions of known mineralized veins and areas of new mineralization to the south at
West Block. The 2019/2020 winter drill program consisting of 36 holes for
18,159.0 m
was
successfully completed with the processing and assaying of core continuing under COVID-19 work
safety protocols. The drill results for additional step-out holes at Westaway and the 55 deposit are
still pending and will be released once received.
Table 1: West Block: Selected Significant Drill Results
Hole
From
To
Length
Au
Structure
(#)
(m)
(m)
(m)
(g/t)
(vein)
MGH20-137
76.50
79.50
3.00
4.03
WB-13
includes
76.50
78.50
2.00
5.49
WB-13
MGH20-137
391.50
394.20
2.70
1.43
WB-7
includes
392.40
393.30
0.90
2.84
WB-7
MGH20-137
506.90
508.50
1.60
3.53
WB-4
includes
507.70
508.50
0.80
5.88
WB-4
MGH20-152
87.50
90.77
3.27
3.51
New
includes
88.28
89.77
1.49
7.19
New
includes
88.28
89.00
0.72
8.75
New
MGH20-152
215.00
230.62
15.62
0.91
New
includes
218.24
220.00
1.76
2.34
New
and
230.00
230.62
0.62
2.19
New
MGH20-156
69.30
95.20
25.90
NA
Kimberlite
MGH20-156
371.30
372.90
1.60
14.98
New
includes
372.00
372.90
0.90
21.30
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 95% of true width.
West Block Drill Results
Drill hole
MGH20-137
was located
300 m
west of the
November 2019
resource update and was
drilled to test the western extensions and depth extensions of the West Block veins
(see press
release ME-PR-05-2019 dated
May 29, 2019
:
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).
Drilling intersected and confirmed the WB-3 to
WB-12 veins and confirmed one new vein, WB-13, extending veins to the west and by up to
200 m
at depth. The drill intersected up to
3.00 m
@ 4.03 g/t Au, including
2.00 m
@ 5.49 g/t from the WB-
13 vein extending the gold mineralized system by
300 m
to the west. MGH20-137 also intersected
1.60 m
@ 3.53 g/t Au including
0.80 m
@ 5.88 g/t Au from WB-4 extending the vein to depth by
200
m
.
Drill hole
MGH20-156
was drilled over
300 m
south of MGH19-121 and tested for mineralization
south of the gabbro and BIF "C" units where no mineralized veins had been previously modelled
(PR-
12-2019 dated
August 01, 2019
: Drilling intersected up to
1.05 m
@ 18.25 g/t Au at West Block in
drill hole MGH19-121)
. The hole confirmed new zones of mineralized veining over
160 m
to the
south of the gabbro intersecting up to
1.60 m
@ 14.98 g/t Au, including
0.90 m
@ 21.30 g/t Au from
WB-2. The drill hole also intersected a kimberlite body from
69.30 m
to
95.20 m
. Further test work
will be required to determine any possible diamond potential of the body.
Drill Hole
MGH20-152
was drilled
100 m
to the south of MGH20-156 confirming the southern
extensions of the new mineralized structures south of West Block, intersecting up to
3.27 m
@ 3.51
g/t Au including
1.49 m
@ 7.19 g/t Au, including
0.72 m
@ 8.75 g/t Au, and
15.62 m
@ 0.91 g/t Au
including
1.76 m
@ 2.34 g/t Au. The drill hole also confirmed the new veins are associated with
intersections in historical holes of up to
3.00 m
@ 3.28 g/t Au including
1.00 m
@ 7.03 g/t Au in hole
MGH18-093 and
10.00 m
@ 2.11 g/t Au including
1.00 m
@ 4.46 g/t Au and
2.68 m
@ 3.23 g/t Au,
including
0.80 m
@ 5.56 g/t Au from hole MGH18-093A. The historical intercepts were previously
not included in any resource estimate. The new and historical mineralized veins are currently being
geologically modelled.
Click here for Figure 1: West Block Location Map- Golden Highway Project
Click here for Figure 2: West Block Deposit: Drill Location Plan
West Block Deposit
The West Block deposit is located within a similar geological setting as the South West deposit
(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
and are open to the south. The gold mineralized zones occur as steeply west dipping WNW-ESE
oriented mineralized structures as per the main mineralization at South West. Drilling to date has
now confirmed the possible strike length of veins for over
600 m
, widths averaging over
3.00 m
and
to depths of
600 m
. A total of 13 mineralized veins have been confirmed at West Block to date with
the current drill program intersecting new veins in significant step-outs to the south.
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH20-137
570452
5369151
325
50
-55
600
MGH20-152
570606
5368906
327
50
-55
582
MGH20-156
570675
5369065
327
50
-60
492
QA/QC Procedures
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 routine third-party check assays
at Activation Laboratories Ltd.
Kevin Montgomery
, P.Geo is a qualified person under NI 43-101 and
has reviewed and approved the technical content 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. A preliminary economic assessment on the South West deposit located
within the Golden Highway Project commenced in Q1, 2020. The results of the PEA are due to be
delivered later in 2020. The study will review several development scenarios for the South West
deposit which was the subject of a resource update in
November 2019
.
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/July2020/07/c6514.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; Linda Armstrong, Investor Relations, 647-456-9223
CO: Moneta Porcupine Mines Inc.
CNW 09:06e 07-JUL-20