South") as part of the recently completed summer 2018 drill program, which will be incorporated into
Moneta intercepts 7.90 m @ 8.09 g/t gold
including 0.95 m @ 34.40 g/t gold at
Windjammer South and 54.00 m @ 1.04 g/t
gold including 2.00 m @ 6.23 g/t gold at South
West
Symbol: TSX: ME
TORONTO
,
Oct. 24, 2018
/CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company")
is pleased to announce the results from three drill
holes completed on the South West ("South West") and Windjammer South Deposits ("Windjammer
South") as part of the recently completed summer 2018 drill program, which will be incorporated into
the 43-101 resource estimate update anticipated later this year. South West and Windjammer South
are located within the Company's Golden Highway Project located 110 km east of
Timmins, Ontario
(see Figure 1).
Highlights:
Drilling results have confirmed the setting of gold mineralization at Windjammer South with
the discovery of a new mineralized shoot at SW-8 and 4 new vein structures. At South West
the drilling intersected the targeted SW-6 and new SW-7 mineralized stockwork shoots.
Mineralized Shoots
•
SW-6
Drill hole MGH18-106 intersected the SW-6 mineralized shoot returning 54.00 metres ("m") @ 1.04 grams per tonne gold ("g/t Au")
including 2.00 m @ 6.23 g/t Au at South West
•
SW-7
At South West drill hole MGH18-107 intersected the new SW-7 shoot returning 22.50 m @ 1.52 g/t Au
•
SW-8
Drill hole MGH18-108 intersected the new SW-8 mineralized shoot at Windjammer South returning 44.30 m @ 1.55 g/t Au including
3.85 m @ 4.81 g/t Au
Vein Structures
•
WJS vein #2
Drill hole MGH18-108 intersected the new WJS vein #2 at Windjammer South returning 7.90 m @ 8.09 g/t Au including 0.95 m @ 34.40
g/t Au
•
WJS vein #2 splay
Drill hole MGH18-108 intersected the new WJS vein #2 vein splay at Windjammer South returning 4.70 m @ 4.39 g/t Au including 1.10
m @ 11.10 g/t Au
•
WJS vein #3
Drill hole MGH18-108 intersected the new WJS vein #4 at Windjammer South returning 4.25 m @ 5.70 g/t Au including 2.45 m @ 8.40
g/t Au including 0.65 m @ 23.10 g/t Au
Gary O'Connor
, CEO & Chief Geologist commented, "We are encouraged that the latest drill results
confirmed the setting of high gold mineralization at Windjammer South is similar to that at the South
West, Gap and "55" deposit areas. The new drilling at Windjammer South and South West was part
of the 2018 summer drill program and has confirmed the new SW-8 stockwork zone and 4 new vein
structures at Windjammer South. The positive results at Windjammer South will enable the stock-
work zones and mineralized vein structures at Windjammer South to be included in the pending
resource update. The new drill holes also confirmed the SW-6 and the new SW-7 mineralized shoots
at South West. The latest holes at South West were drilled to enable the SW-6 and SW-7
mineralized stock-work zones and associated vein structures to be included in the resource estimate
update scheduled for later this year."
The latest assay results are from three (3) drill holes totalling
1,238.60 m
from a total of
3,550.70 m
drilled in eight (8) drill holes this past summer. The new results form part of the drill program
undertaken by the company at South West and Windjammer South during the summer of 2018. The
drill program was conducted to define the new mineralized stock-work zones ("shoots") identified
during the 2017/2018 drill program in preparation for the new resource update.
South West and Windjammer South Deposits
The summer 2018 drill program was designed to define the SW-6 and the new SW-7 mineralized
shoots at South West and the new SW-8 and four (4) new vein structures at Windjammer South
identified during the 2017/2018 drill program in preparation for the pending resource estimate
update. The drill programs have now been successful in confirming the existence of eleven (11)
mineralized shoots and twenty-one (21) vein structures on the project. Additional veins and stock-
work zones have been intersected and are also currently being modelled.
The mineralized shoots occur within Timiskaming age clastic sediments located along the sheared
contact with a Banded Iron Formation ("BIF") unit to the north. The shoots occur up to
50 m
long,
25
m
wide and plunge ~65° to ~75° to the south-west and have been confirmed to depths of
1,200 m
.
The associated vein structures trend NW and dip steeply to the SW at ~70° and occur south of the
BIF also within the clastic sediments. The first six modelled veins have an average width of
approximately
2.90 m
and are spaced
25 m
to
30 m
apart. The vein structures can now be traced
for up to
400 m
in strike length and have been historically drilled to vertical depths of up to
1,200 m
.
The mineralized veins and stock-work veining within the shoots occur as quartz-pyrite veins within an
ankerite-sericite-silica-pyrite alteration halo. The eleven (11) mineralized shoots and twenty-one (21)
vein corridors have now been successfully traced along a width of over
2,200 m
between South
West and Windjammer South.
South West and Windjammer South Drill Results
Drill hole
MGH18-106
confirmed the new SW-7 mineralized stock work zone at South West located
to the immediate east of SW-6 returning
54.00 m
@ 1.04 g/t Au including
2.00 m
@ 6.23 g/t Au
including
1.00 m
@ 9.43 g/t Au. The hole also intersected the up-dip extensions of the Yew vein
assaying
2.00 m
@ 3.90 g/t Au at a down hole depth of
128.00 m
.
Table 1: South West and Windjammer South: Selective Significant Drill Results
Target
Hole
From
To
Length
Au
Vein
Name
#
(m)
(m)
(m)
(g/t)
Name
South West
MGH18-106
128.00
130.00
2.00
3.90
Yew
includes
128.00
129.00
1.00
5.42
Yew
South West
MGH18-106
272.00
326.00
54.00
1.04*
SW-7
includes
301.00
305.00
4.00
3.59
SW-7
includes
301.00
303.00
2.00
6.23
SW-7
Includes
301.00
302.00
1.00
9.43
SW-7
and
308.00
326.00
18.00
1.45*
SW-7
includes
315.00
321.00
6.00
1.99
SW-7
and
324.00
325.00
1.00
2.19
SW-7
South West
MGH18-107
134.00
146.00
12.00
1.05*
SW-6
includes
141.13
142.25
1.12
2.62
SW-6
South West
MGH18-107
174.00
196.50
22.50
1.52*
SW-6
includes
174.00
175.00
1.00
2.03
SW-6
and
180.00
181.00
1.00
3.40
SW-6
and
184.00
185.00
1.00
2.97
SW-6
South West
MGH18-107
230.40
232.40
2.00
2.29
SW-7
WJS
MGH18-108
113.20
118.30
5.10
2.08
WJS vein #1
includes
113.20
113.75
0.55
12.65
WJS vein #1
WJS
MGH18-108
213.00
220.90
7.90
8.09
WJS vein #2
includes
218.50
220.90
2.40
15.93
WJS vein #2
includes
219.95
220.90
0.95
34.40
WJS vein #2
WJS
MGH18-108
267.00
273.35
6.35
3.94
WJS #2 splay
includes
268.00
272.70
4.70
4.39
WJS #2 splay
includes
268.00
269.10
1.10
11.10
WJS #2 splay
and
270.70
273.35
2.00
3.26
WJS #2 splay
WJS
MGH18-108
425.00
435.30
10.30
2.69
WJS vein #3
includes
429.00
434.80
4.25
5.70
WJS vein #3
includes
430.55
433.00
2.45
8.40
WJS vein #3
includes
430.55
431.20
0.65
23.10
WJS vein #3
WJS
MGH18-108
449.00
456.00
8.00
1.12*
WJS vein #4
includes
449.00
449.50
0.50
3.71
WJS vein #4
and
453.00
454.00
1.00
2.17
WJS vein #4
WJS
MGH18-108
462.70
507.00
44.30
1.55*
SW-8
includes
478.50
494.75
16.25
1.91
SW-8
includes
478.50
483.35
4.85
2.32
SW-8
includes
483.00
483.35
0.35
5.34
SW-8
and
502.60
506.45
3.85
4.81
SW-8
includes
502.60
504.50
1.90
5.93
SW-8
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.
Diamond drill hole
MGH18-107
was drilled to confirm the up-plunge extensions of the SW-6
mineralized shoot and intercepted
22.50 m
@ 1.52 g/t Au at a down hole depth of
174.00 m
. The
drill hole confirmed new extensions of the SW-7 mineralized stock-work zone located to the
immediate east of SW-6 assaying
2.00 m
@ 2.29 g/t Au.
Drill hole
MGH18-108
was drilled to confirm mineralized veins and stock-work zones intersected in
previous drill campaigns at
Windjammer South
. This hole intersected four (4) vein structures and
one (1) stockwork zone;
SW-8 mineralized shoot:
44.30 m
@ 1.55 g/t Au, including
4.85 m
@ 2.32 g/t Au and
3.85 m
@ 4.81 g/t Au
WJS vein #1:
5.10 m
@ 2.08 g/t Au, including
0.55 m
@ 12.65 g/t Au
WJS vein #2:
7.90 m
@ 8.09 g/t Au, including
2.40 m
@ 15.93 g/t Au, including
0.95 m
@
34.40 g/t Au
WJS vein #2 splay:
4.70 m
@ 4.39 g/t Au including
1.10 m
@ 11.10 g/t Au
WJS vein #3:
10.30 m
@ 2.69 g/t Au, including
4.25 m
@ 5.70 g/t Au, including
0.65 m
@
23.10 g/t Au
WJS vein #4:
8.00 m
@ 1.12 g/t Au including
0.50 m
@ 3.71 g/t Au
Drilling at Windjammer South will enable the newly interpreted mineralized zones to be included in
the pending resource update.
Please click below for Figure 1: South West and Windjammer South Location Map –
Golden
Highway Project
http://www.monetaporcupine.com/i/maps/2018-10-24_NR-Fig1.jpg
Please click below for Figure 2: South West and Windjammer South: Geology and Drill
Location Map
http://www.monetaporcupine.com/i/maps/2018-10-24_NR-Fig2.jpg
Please click below for Figure 3: South West and Windjammer South: Schematic Cross
Section
http://www.monetaporcupine.com/i/maps/2018-10-24_NR-Fig3.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH18-106
571663
5370203
327
268
-55
351.0
MGH18-107
571812
5370127
327
8
-55
239.6
MGH18-108
572368
5370243
331
281
-60
648.0
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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2018/24/c6148.html
%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 09:01e 24-OCT-18