TORONTO, Sept. 28, 2017 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Company") is pleased to
announce that it has commenced a diamond drilling program on the LC
Zone, the second newly generated target on the Company's Golden
Highway Project after completing a comprehensive technical review
of all gold projects. The project is located approximately 110km
east of Timmins, Ontario.
Highlights:
- LC Zone to be drilled with a second drill rig to test newly
developed targets;
- The LC Zone is the second of several new targets to be drill
tested by up to 4 drill rigs;
- Significant gold mineralization is located within quartz
veins along the margins of a SE dipping syenite porphyry body which
has been traced for over 600m;
- Results of up to 6.71m @ 10.82g/t Au and 6.57m @ 9.53g/t Au
have been returned from previous drilling at the LC Zone.
LC Zone Target Drill Program
The LC Zone is located to
the immediate south of the Destor-Porcupine Fault Zone ("DPFZ") and
is associated with the deeper of two SE dipping syenite feldspar
porphyry intrusions.
For a Golden Highway Project Location
Map, please click on the following
link:
http://www.monetaporcupine.com/i/maps/2017-09-28_NR-Fig1.jpg
For a LC Zone Location Map, please click on
the following
link:
http://www.monetaporcupine.com/i/maps/2017-09-28_NR-Fig2.jpg
For a Cross Section of the LC
Zone, please click on the following
link:
http://www.monetaporcupine.com/i/maps/2017-09-28_NR-Fig3.jpg
For selected previous drill results from the
LC Zone, please click
here:
http://www.monetaporcupine.com/i/maps/2017-09-28_NR-Table1.jpg
The deeper intrusion is silicified and hosts strong "measle"
style alteration consisting of coarse pyrite clots up to 1cm in
size occurring as replacement and fracture filling within strongly
buff to white bleached silicified intrusive giving the appearance
of "measles". Gold bearing white quartz veining and brecciation
generally occurs with pyrite and chlorite veinlets associated with
this alteration style on or near to the margins of the
intrusion.
The syenite feldspar porphyry bodies are hosted within generally
weakly altered komatiitic ultramafic and minor mafic volcanic rock
units of the Kidd-Munro assemblage, with some shearing occurring to
the immediate north associated with the DPFZ. The upper intrusion
surfaces and hosts weaker alteration and gold mineralization. The
deeper altered intrusive body has been traced for over 600m. The
bodies dip ~50° to the SE and are seen to occur up to 75m in
thickness and be separated by 25-40m of weakly altered ultramafic
and lesser mafic volcanic units. The mineralized quartz veining and
brecciation zones are variable in size and have been seen up to 10m
in thickness. Coarse visible gold has previously been observed in 3
locations hosted by quartz veining and drill intercepts of up to
6.71m @ 10.82g/t Au and 6.57m @ 9.53g/t Au have been
returned.
Initially drilling will consist of 9 drill holes drilled on an
azimuth of 300° (NW) for a total of 3,500m, designed to test the
true width of the mineralization. An additional 6 holes for 2,200m
could be drilled if results are positive. The LC Zone target is
located outside of the NI 43-101 resource.
Strategic Target Review
The Company commenced a
strategic technical review of all projects and targets within the
Company's portfolio of gold projects within the Timmins Gold Camp
over the summer of 2017. The strategic review has generated several
higher grade targets warranting drill testing on the Golden Highway
structural corridor. The Company is now completing a technical
review of the gold projects on other projects including the
North Tisdale and Nighthawk Lake
projects. The LC Zone is the second of the new targets to be drill
tested within the current ~20,000m program, which is to be
completed by the end of the year with up to 4 drill rigs.
QA/QC Procedures
All drilling conducted by the Company
will be oriented. Drill core will be sawn and half sent for drying
and crushing to -2mm, with a 1kg split pulverized to -75µm (200#).
A 50g charge will be Fire Assayed and analyzed using a AAS finish
for Gold. Samples above 10g/t Au will be analyzed by Fire Assay
with a gravimetric finish and selected samples with visible gold or
high-grade mineralization will be assayed by Metallic Screen Fire
Assay. The Company will insert independent certified
reference material, blanks, pulp repeats and sample duplicates with
the samples as well as complete third-party check assays.
Gary O'Connor, MAusIMM has reviewed
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.
SOURCE Moneta Porcupine Mines Inc.