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
info@monetaporcupine.com.
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.