TORONTO,
Feb. 28, 2014 /CNW/ - Moneta
Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta"
or the "Company") is pleased to report drill results from its
100% owned Golden Highway property in Timmins, Ontario.
Drill hole MGH13-077 intersected consistent gold
grades over a large, shallow mineralized interval, as follows:
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Drill
hole
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From
(m) |
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To
(m)
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Vertical
Depth
(m) |
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Width(1)
(m) |
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Au
(g/t)
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MGH13-077 |
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130.5 |
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245.0 |
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135.0 |
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114.5 |
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2.02
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incl. |
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130.5 |
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221.9 |
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91.4 |
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2.30
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incl. |
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153.0 |
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177.0 |
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24.0 |
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3.90
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and |
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153.0 |
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162.0 |
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9.0 |
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5.50
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incl. |
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204.3 |
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221.9 |
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17.6 |
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2.80
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incl. |
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233.0 |
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245.0 |
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12.0 |
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2.10 |
Outside the six zones already included in the NI
43-101 gold resources, Golden Highway currently hosts four
additional gold zones, immediately north of the conceptual pit,
namely Windjammer North, Landing, Twin Creeks, and LCZ
zones.
Drill hole MGH13-077 was designed to test a 400
metre drilling gap between the volcanic hosted Windjammer
North and the Landing zones. The significance of this
114.5 metre drill intercept is its 100 metre proximity to the
existing conceptual pit shell.
Ian C. Peres,
President and CEO said, "This discovery confirms the mineralization
potential along a 12km stretch of Destor volcanics that has seen limited
drilling. Continued success in these volcanics has the potential to
dramatically add to the overall Golden Highway project
economics."
Ken D. Tylee,
Vice President Exploration said, "The intensity of structural
preparation and related alteration, coupled with the uniform
distribution of gold mineralization over such a broad width, makes
this a very impressive intercept for our Golden Highway
property. These results support our view that the volcanic package
along the Destor Porcupine Fault Zone holds significant potential
for high grade gold mineralization adjacent to our existing gold
resource."
MGH13-077 is the first of a series of pending
results focused on assessing the high grade potential in the
volcanics. Follow-up drilling is underway.
The current results are characterized by a
series of volcanic flows and felsic intrusives, structurally
influenced by the broad Destor
Porcupine Fault Zone as it tracks across 12km of the Company's
Golden Highway property, resulting in intense brecciation
and related hematite-chlorite-pyrite fracture filling.
The updated NI 43-101 Resource Estimate,
originally planned for Q1 2014, has been deferred given these
significant results and its proximity to surface and the conceptual
pit shell. This discovery, in conjunction with pending results, may
significantly alter the current Golden Highway Preliminary
Economic Assessment (December
2012).
Complete assay results, plan map, and an isotropic
view highlighting the Golden Highway discovery area are
available on the Company's website at www.monetaporcupine.com under
News.
The Company's exploration program is being
managed by Ken D. Tylee, P. Geo., a
Qualified Person within the meaning of National Instrument 43-101.
Mr. Tylee has verified and approved the data disclosed in this
release, including the sampling, analytical and test data
underlying the information.
About Moneta
Moneta holds a 100% interest in 5 core gold projects strategically
located along the highly prospective Destor Porcupine Fault Zone in
the world class Timmins Camp, one of
the best mining jurisdictions in the world with over 75 million
ounces of past gold production and unmatched infrastructure
including paved highway access, water, electricity, skilled labor
force, and nearby mills.
A Preliminary Economic Assessment (December 2012) for the flagship Golden
Highway generated a Net Present Value of $748M using US$1,350 gold based on the NI 43-101 resource
estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au)
plus 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au),
clustered within four kilometres of similar geology.
Moneta's public documents may be accessed at
www.sedar.com. For further information on Moneta, please
visit our website
at www.monetaporcupine.com or email us at
info@monetaporcupine.com.
(1) Weighted averages were used to
calculate all reported intervals; Internal dilution within reported
intervals does not exceed core length of twelve metres.
Assay Reporting: Diamond drill core logging and
sampling follows general industry practices whereby logged and
sample marked core is sawn in half with one half bagged and tagged
for shipment to the assay laboratory and the remaining half of the
sawn core returned to the core box for storage and future
reference. Pulps and rejects are also stored. Blanks and a
range of standards are inserted into the sample steam at regular
intervals. Initial assays, gravimetrics, and routine duplicates are
completed by AGAT Laboratories. Up to 15% of the pulps are
submitted to a second laboratory as duplicates and checks.
All laboratories used standard 30g fire assay techniques.
Additional core sampling and assaying, including second cuts and
metallics, may be completed at later dates. Intersections are
reported using drilled widths unless specified otherwise with assay
values as simple averages of duplicates and gravimetric
results.
This news release includes certain
forward-looking statements concerning the future performance of our
business, its operations and its financial performance and
condition, as well as management's objectives, strategies, beliefs
and intentions. 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 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.