South West Deposit Symbol: TSX: ME
Moneta intersects 1.63m @ 1,078.43 g/t Gold and 4.01m @ 38.33g/t Gold at the
South West Deposit
Symbol: TSX: ME
TORONTO, Feb. 8, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)
(XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from five additional
diamond drill holes completed on the South West Deposit ("South West") located within the Company's
Golden Highway Project located approximately 110 km east of Timmins, Ontario (Figure 1).
Highlights:
• Drill hole MGH17-062 intersected 1.63 metres ('m") @ 1,078.43 grams per tonne gold ("g/t
Au") including 0.50 m @ 3,510.00 g/t Au, from a NW trending vein at a depth of 270.12 m in
the western area;
• MGH17-056 returned 4.01 m @ 38.33 g/t Au, including 0.96 m @ 144.19 g/t Au and 1.00 m @
9.45g/t Au, at a depth of 441.50 m in a new mineralized shoot;
• MGH17-066 intersected 3.00 m @ 7.16 g/t Au, including 1.00 m @ 14.10 g/t Au at 393.00m;
• MGH17-060 intersected 2.16 m @ 6.7 2g/t Au at 511.58 m;
• Holes MGH17-058, MGH17-060 and MGH17-066 confirmed the up-dip extensions of the newly
identified eastern array of veins;
• MGH17-056 also intersected the Balsam, Cedar, Pine and Spruce veins in the central area,
returning 1.50 m @ 5.65 g/t Au, including 0.80 m @ 8.85 g/t Au from the Spruce vein at 545.50
m;
Gary O'Connor, Co-CEO & Chief Geologist commented, "The five latest drill holes have confirmed our
new understanding at South West where additional well mineralized vein arrays were identified both west
and east of the previously announced central area veins. This recent program has added several new
vein occurrences and confirmed the up-dip potential from previously drilled veins at depth. The new
drilling has also confirmed the occurrence of well mineralized shoots along the shear plane which occur
on the Banded Iron Formation contact. The latest results include the highest assay returned to date from
the Golden Highway Project of 0.50 m @ 3,510.00 g/t Au. These results are encouraging and indicate a
much larger vein system than previously known, now covering an area over 800m wide. We will continue
to drill the South West deposit to expand the size and confirm the grades."
The latest results are from five drill holes totalling 2,642.00 metres of drilling at South West designed to
confirm and expand our new geological interpretation of the deposit, testing new zones of mineralization.
The ongoing drill program continued to test high grade targets as part of the previously announced
exploration drill program undertaken by the Company in late 2017 on the Golden Highway Project. The
program consisted of over 20,000 metres and 50 drill holes and the encouraging results have driven the
Company to expand the drill program. Assays for additional drill holes are pending and will be released as
they become available.
Please click here for Figure 1: South West Location Map - Golden Highway Project
http://www.monetaporcupine.com/i/maps/figure1-feb82018.jpg
South West Deposit
The ongoing drill program at South West was successful in confirming the existence of new vein arrays
which were identified during the re-interpretation of the geology and mineralization in Q3, 2017 utilizing
241 historical drill holes totalling 94,127 metres of core. The NW trending and steeply SW dipping tension
vein arrays occur as stacked en échelon veins along the southern margins of an ENE trending shear
zone which occurs along the Banded Iron Formation (BIF) contact. Modelling to date has identified up to
seven NW trending veins which dip steeply to the south-west at 70° in the central area as well as several
new veins west of the Main Fault and up to eight additional new veins in the eastern area (Gap). The
veins have an average width of approximately 3m and are spaced 25 m to 30 m apart. The veins occur
within clastic greywacke sediments of Timiskaming age, and can be traced for up to 350 m strike length
and are open to the south.
The central and eastern area vein sets have been historically drill tested to depths of up to 900 m. The
new drilling in the eastern area was testing the up-dip extensions of previously drilled veins at depth. The
extent of veining now occurs across an area over 800 m wide. The modelling and drill testing of the
currently known and newly tested veins is continuing.
The current drilling also tested the existence of the three steeply dipping (~60° to 65°) mineralized shoots
identified to date which occur along the bounding shear plane that occurs at the BIF contact to the north
of the modelled veins. The shoots, or "D" structures, have been modelled and confirmed in drilling and
occur as zones of strong quartz-carbonate-pyrite veining up to 50 m in length and up to 25 m wide, have
been drilled to depths of 800 m and are open at depth.
The veins at South West occur as quartz-carbonate-pyrite veins occur within a distinct ankerite alteration
halo occasionally associated with sericite. A zone of sulphide(pyrite)-chlorite and quartz veinlets occurs
adjacent to the veins and hosts mineralization. The veins can be brecciated and occur as quartz matrix
supported breccia zones.
Please click here for Figure 2: South West: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/figure2-feb82018.jpg
Drill Result Discussion
Drill hole MGH17-056 was designed to test for the occurrence of mineralized shoots which had been
identified and modelled from historical drilling. The hole intersected a wide zone of quartz-carbonate-
pyrite veining occurring on the BIF contact and returned 4.01 m @ 38.33 g/t Au, including 0.96 m @
144.19 g/t Au and 1.00 m @ 9.45 g/t Au from a depth of 441.50 m. This hole also confirmed the Balsam,
Cedar, Pine and Spruce veins with assays of up to 1.50 m @ 5.65 g/t Au, including 1.00 m @ 8.85 g/t Au,
at 545.00 m depth from the Spruce Vein.
Drill hole MGH17-062 was drilled to test for NW trending veins west of the Main Fault. The drill hole
intersected up to 4 veins including one which returned 1.63 m @ 1,078.43g/t Au, including 0.50 m @
3,510.00 g/t Au, at a depth of 270.12 m.
Drill holes MGH17-058, MGH17-060 and MGH17-066 were drilled in the eastern area of South West.
These holes were designed to test for the up-dip extensions of veins previously intersected at depth
below the central area. The drilling intersected up to 8 new veins with results returned up to 3.00 m @
7.16 g/t Au, including 1.00 m @ 14.10 g/t Au at 393.00 m depth and 2.16 m @ 6.72 g/t Au at a depth of
511.58 m.
Please click here for Figure 3: South West: Schematic Cross Section
http://www.monetaporcupine.com/i/maps/figure3-feb82018.jpg
Table 1: South West: Significant Drill Results
Hole From To Length Au Vein
# (m) (m) (m) (g/t) Name
MGH17-056 441.50 445.51 4.01 38.33 "D" structure
Includes 441.50 442.46 0.96 144.19
and 444.00 445.00 1.00 9.45
MGH17-056 455.00 460.00 5.00 2.16 Balsam
MGH17-056 536.50 537.00 0.50 3.81 Pine
MGH17-056 545.50 547.00 1.50 5.65 Spruce
Includes 545.50 546.30 0.80 8.85
MGH17-058 107.50 105.53 1.03 2.39
MGH17-060 185.75 189.4 3.65 2.23 New
Includes 186.69 188.7 2.01 2.89
MGH17-060 342.00 343.00 1.00 2.30 New
MGH17-060 346.00 347.00 1.00 2.22
MGH17-060 448.70 449.00 0.30 5.36
MGH17-060 485.47 496.10 0.63 2.78
MGH17-060 511.58 514.50 2.16 6.72 New
MGH17-062 113.00 114.00 1.00 2.03
MGH17-062 120.00 121.00 1.00 3.28 New
MGH17-062 148.00 150.00 2.00 2.30 New
MGH17-062 270.12 271.75 1.63 1,078.43 West Vein
includes 271.25 271.75 0.50 3,510.00
MGH17-062 274.05 275.00 0.95 2.01
MGH17-062 278.00 279.00 1.00 7.41 New
MGH17-066 99.00 101.00 2.00 2.43 New
MGH17-066 342.05 343.00 0.95 2.04
MGH17-066 366.00 367.00 1.00 2.88 New
MGH17-066 393.00 396.00 3.00 7.16 New
Includes 396.00 397.00 1.00 14.10
MGH17-066 342.00 343.00 1.00 2.30 New
MGH17-066 346.00 347.00 1.00 2.22
Intercepts are calculated using a 2.0g/t Au cut-off, maximum of 2m internal waste and no top cap. All
intercepts are reported as drill widths.
Table 2: Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
# mE mN masl ° ° m
MGH17-056 570,675 5,369,378 320 090 -52 755.0
MGH17-058 571,471 5,369,809 325 015 -62 210.0
MGH17-060 571,362 5,369,670 324 035 -55 636.0
MGH17-062 570,614 5,369,489 320 090 -55 504.0
MGH17-066 571,471 5,369,809 325 005 -65 537.0
QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half and 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, MAusIMM 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
SOURCE Moneta Porcupine Mines Inc.
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For further information: Gary V. O'Connor, Co-CEO, 416-357-3319; Ian C. Peres, President & Co-
CEO, 416-579-3040
CO: Moneta Porcupine Mines Inc.
CNW 09:11e 08-FEB-18