TORONTO, Oct. 5, 2017 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (the "Company") is
pleased to announce that it has mobilized a third diamond drill rig
to test new targets generated through a technical review of its
gold projects and has commenced diamond drilling on the Windjammer
North target within the Company's Golden Highway Project located
approximately 110km east of Timmins,
Ontario (see link below).
Highlights:
- The Company has mobilized a third drill, with plans to add a
fourth drill, to test new drill targets on the Golden Highway
Project;
- Windjammer North is the third of the new targets to be drill
tested;
- The Windjammer North Zone consists of five west plunging
zones up to 50m wide and over 400m in strike length, located within
sheared altered ultramafic rocks;
- Sampling of previously un-sampled core returned up to 0.76m
@ 20.31g/t Au and 0.90m @ 6.18g/t Au from hole WJ-88-38 at
Windjammer North;
- Historical results from previous drilling of up to 8.10m @
10.69g/t Au and 7.80m @ 7.86g/t Au have been returned from this new
target area.
Windjammer North Zone
The Windjammer North Zone (see
link) is located immediately south of, and parallel to the regional
Destor-Porcupine Fault Zone ("DPFS"), trending ENE (070°) and
hosted primarily within altered komatiitic ultramafic rocks of the
Kidd-Munro assemblage. The target zone consists of at least five
west plunging (~25°W) zones up to 50m wide, that can be traced for
over 400m along strike (see link). The zones show an aggregate
thickness of over 100m.
The zone contains massive to brecciated ultramafic metavolcanics
that have been altered to grey to green-grey fuchsitic carbonate in
the western and central portion of the zone with more mafic
metavolcanics to the east displaying albite bleaching and sericite
alteration. Fracture-filling chlorite and specular hematite are
common. Gold mineralization is associated with pyrite-rich white to
light grey quartz veining and veinlets. The structural corridor has
been intruded by variably altered felsic intrusive dykes.
The current drill program consists of a total of 6 drill holes
for 3,060m designed to confirm and test the size and grade
potential including the eastern and western extensions of the
mineralized zones at Windjammer North. The western most of the
holes will test the western extensions between the main modelled
zones and hole WJ-88-38 which returned significant grades from
infill core sampling conducted during 2017 (see link).
For a Golden Highway Project Location
Map, please click on the following link:
http://www.monetaporcupine.com/i/maps/2017-10-04-figure-1.jpg
For a Windjammer North Location Map, please
click on the following link:
http://www.monetaporcupine.com/i/maps/2017-10-04-figure-2.jpg
For Selected Historical Drill Results from the
Windjammer North Zone, please click
here:
http://www.monetaporcupine.com/i/maps/2017-10-04-table-1.jpg
For a Long Section of the Windjammer
North Zone, please click on the following
link:
http://www.monetaporcupine.com/i/maps/2017-10-04-figure-3.jpg
For Significant Results from the 2017 Core
Sampling Program, please click on the following
link:
http://www.monetaporcupine.com/i/maps/2017-10-04-table-2.jpg
Core Sampling Program
The diamond core resampling
program conducted over the summer of 2017 included the sampling of
historical drill core which had not been previously sampled, but
has been identified as possible extensions to newly identified
zones that were not previously recognized. Hole WJ-88-38 is located
~150m from the nearest hole at Windjammer North and displayed
similar alteration and mineralization to the zones identified to
the east. Resampling of drill core from drill hole WJ-88-38
returned assays of 0.76m @ 20.31g/t Au at a depth of 267.0m and
0.90m @ 6.18g/t Au at a depth of 185.2m (see link). The intercepts
are from quartz veined, green carbonate altered ultramafic rocks.
The intercepts are interpreted to be extensions of the newly
identified west plunging mineralization zones and the current drill
program will test the western extensions of the zones that have not
been systematically drilled.
Strategic Target Review
As part of the 2017 strategic
technical review of all its projects and targets within the
Company's portfolio of gold projects within the Timmins Gold Camp,
the Company also completed resampling of historical core from areas
adjacent to newly defined zones which had not been previously
sampled. The project review process also included the re-logging
and re-interpretation of the geology, mineralization and structural
setting of historical targets with a focus on higher grade targets.
Due to the size and grade potential of the targets generated by the
strategic review, the Company is systematically drill testing a
number of these targets commencing with the Discovery and LC Zones
and now the Windjammer North target. The new targets generated will
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. The
Company is currently reviewing targets from the North Tisdale and Nighthawk Lake project
areas.
QA/QC Procedures
For the assays reported in this
release from the re-sampling program, the core was sawn and half
sent for drying and crushing to -2mm, with a 250g split pulverized
to -75µm (200#). A 30g charge was analyzed by Fire Assay with a
gravimetric finish. For the re-sampling program the Company
inserted independent certified reference material, blanks, and pulp
repeats with the samples and completed third-party check assays at
an independent laboratory. Gary
O'Connor, MAusIMM 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.
SOURCE Moneta Porcupine Mines Inc.