Symbol: TSX: ME
TORONTO, Aug. 1, 2019 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce results from the final three
diamond drill holes of the 2019 winter drill program completed on
the West Block target located up to 650
m west of the South West Deposit ("South West") within the
Company's Golden Highway Project, 110 km east of Timmins, Ontario, (see Figure 1).
Highlights:
Drill hole MGH19-121 has confirmed two
(2) new mineralized veins within the West Block area, extending
mineralized veining by another 100 metres to the west of the South
West Deposit and by another 100 m to
the south.
- 4.00 metres ("m") @ 2.53 grams per tonne (g/t) Gold (Au)
including 1.00 m @ 4.74 g/t Au, at a
depth of 165.00 m from the new WB-12
vein extending mineralization by 100
m to the west
- 1.05 m @ 18.25 g/t Au at a
depth of 227.00 m confirming the new
WB-10 vein
- 6.50 m @ 2.55 g/t Au including
0.80 m @ 4.82 g/t Au at a depth of
288.60 m confirming WB-08
Gary O'Connor, CEO & Chief
Geologist commented, "We continue to be pleased with the West Block
drilling, located 600 m west of the
South West deposit, where we have again intersected new mineralized
veins extending the foot-print of veining by another 100 m to the west and by 100 m to the south. The drill program was
designed to test the extensions of mineralized veining previously
intersected in the West Block area, located west of the Main Fault.
The West Block area was not included in the recent mineral resource
estimate update and occurs in the same geological setting as the
South West deposit. This is the same area where drill results
released from the current drill program intersected up to
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 (see press release ME-PR-05-2019 dated
May 29, 2019). We are encouraged that
the drill program is continuing to increase the size potential of
the resource."
The latest assay results are from the final three (3) holes,
MGH19-118, MGH19-121 and MGH19-122 totalling 1,703.00 m completed in the West Block area,
located west of the South West deposit, and designed to test the
lateral and depth extent of veining previously identified in the
area.
The drill program at South West was part of the previously
announced 2019 winter exploration drill program on the Golden
Highway Project. The fully funded program consisted of 9,681 metres
of drilling in 14 completed holes designed to expand and upgrade
the updated 2019 resource. The drill program has now been completed
and results will continue to be released as they become
available.
West Block Drill Results
Drill hole MGH19-118
was drilled to test the northern extensions of the four eastern
most veins (WB-01 to WB-04) adjacent to the banded iron "A"
formation "BIF" above the Main Fault. The hole has confirmed a
larger section of folded BIF in the area and intersected and
confirmed the location of the WB-02 vein intersecting 3.45 m @ 1.08 g/t Au including 0.90 m @ 2.76 g/t Au at a drill depth of
442.55 m. The hole drilled through
the Main Fault as modelled.
Drill hole MGH19-121 was drilled to test the southern
extensions of the WB-09 to WB-03 veins 100
m south of hole MGH19-116. The drill hole was planned to
confirm the existence of and establish the continuity of
mineralized veins previously intersected in the West Block area
which have not been modelled and were not included in the recent
mineral resource update. The drill hole successfully intersected
two (2) new mineralized vein structures (WB-10 and WB-12) extending
mineralization by over 100 m to the
west and confirmed the southern extensions of the WB-09, WB-08 and
WB-05 veins by 100 m. Selected
highlights of the drill hole include 4.00
m @ 2.53 g/t Au, including 1.00
m @ 4.74 g/t Au at a drill depth of 165.00 m from the WB-12 vein, 1.05 m @ 18.25 g/t Au at a drill depth of
227.00 from the WB-10 vein (Drill hole MGH19-116
intersected 3.00 m @ 19.93 g/t Au
including 1.00 m @ 27.50 g/t Au from
the WB-09 vein), 6.30 m @ 2.55 g/t Au
including 0.80 m @ 4.82 g/t Au at a
drill depth of 288.60 m and
1.00 m @ 2.00 g/t Au from the WB-08
vein at a drill depth of 349.00
m.
Drill hole MGH19-122 was drilled to test the
ultramafic/sediment contact to the west and below drill hole
MGH19-116. The hole intersected ultramafic/mafic rocks of the Upper
Tisdale Formation and did not intersect the Timiskaming sediments
highlighting an offset in the contact in this area.
Table 1: West Block: Selected Significant Drill
Results
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
"#"
|
(m)
|
(m)
|
(m)
|
(g/t)
|
"Name"
|
MGH19-118
|
442.55
|
446.00
|
3.45
|
1.08*
|
WB-02
|
includes
|
442.55
|
443.45
|
0.90
|
2.76
|
WB-02
|
MGH19-121
|
165.00
|
169.00
|
4.00
|
2.53
|
WB-12
|
includes
|
166.00
|
168.00
|
2.00
|
3.46
|
WB-12
|
includes
|
167.00
|
168.00
|
1.00
|
4.74
|
WB-12
|
MGH19-121
|
227.00
|
228.05
|
1.05
|
18.25
|
WB-10
|
MGH19-121
|
288.60
|
294.90
|
6.30
|
2.55
|
WB-09
|
includes
|
292.60
|
294.90
|
2.30
|
3.29
|
WB-09
|
includes
|
294.10
|
294.90
|
0.80
|
4.82
|
WB-09
|
MGH19-121
|
349.00
|
350.00
|
1.00
|
2.00
|
WB-08
|
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 75% to 100% of true width.
South West Deposit (including West Block)
The South
West deposit, including the West Block area, has been defined as a
series of mineralized vein structures and associated stockwork
zones which occur adjacent to the regional banded iron formation
"A" unit "BIF-A". Drilling and geological modelling has
confirmed the existence of veins including wider stockwork zones in
the South West, West Block and Gap areas. The NNW-SSE trending
extensional vein structures occur as stacked veins, steeply dipping
to the SW, and occur predominantly within a coarse grain sandstone
that occurs adjacent to the BIF-A unit. The vein structures have
been traced for up to 400 m strike
length, drilled to 1,200 m depth,
occur up to 25 m wide with an average
width of approximately 3.0 m and are
spaced 25 m to 40 m apart. A total of 24 veins have been
modelled at South West and 10 at West Block.
The veins and associated stock-work style veining occur as
quartz-pyrite veins within a distinct
ankerite-sericite-silica-pyrite alteration halo. The veins can be
brecciated and occur as quartz matrix supported quartz vein breccia
zones.
Click here for Figure 1: West Block Location
Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/2019-08-01_NR-Fig1.jpg
Click here for Figure 2: West Block: Geology
and Drill Location Map
https://www.monetaporcupine.com/uploads/2019-08-01_NR-Fig2.jpg
Click here for Figure 3: West Block: Schematic
Cross-Section
https://www.monetaporcupine.com/uploads/2019-08-01_NR-Fig3.jpg
Table 2: Drill Hole Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
(#)
|
(mE)
|
(mN)
|
(masl)
|
(°)
|
(°)
|
(m)
|
MGH19-118
|
570475
|
5369450
|
325
|
90
|
-65
|
549.00
|
MGH19-121
|
570400
|
5369300
|
325
|
90
|
-58
|
497.00
|
MGH19-122
|
570354
|
5369379
|
339
|
89
|
-67
|
657.00
|
QA/QC Procedures
All core drilling conducted by Moneta
is oriented. Drill core is sawn and half is sent to ALS Global
Assay Laboratory Inc. for drying and crushing to -2 mm, with a 1.00
kg split pulverized to -75 µm (200#). ALS Global is an ISO/IEC
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 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 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 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au and a
total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au
in the inferred category at a 3.00 g/t Au cut-off.
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.