Symbol: TSX: ME
TORONTO,
Jan. 16, 2018 /CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)
("Moneta" or the "Company") is pleased to announce the results
of the first three drill holes of a five hole program drilled in
the Discovery Area as part of the 2017 drill program on the Golden
Highway Project, located 110km east of Timmins in Ontario. The Discovery Area is located outside
of the December 2012 NI 43-101 gold
resource.
Highlights:
- Upper Zone: Drill hole MGH17-037 returned assays
of up to 32.87m @ 2.71g/t Au from
338.13m (including 14.88m @ 3.35g/t Au at 339.0m and 10.0m @
2.89g/t Au at 357.0m) and
1.60m @ 6.04g/t Au from 273.40m in hole MGH17-038;
- Contact Zone: Drilling has returned up to
3.0m @ 5.24g/t Au (including
1.0m @ 10.75g/t Au) from drill hole
MGH17-038 at a depth of 558.0m;
- Drilling of the upper quartz veining and breccia
zones at the Discovery Area confirmed wider widths 50m east of 2014 drilling that assayed up to
11.2m @ 5.44g/t
Au;
- Drill results have extended the high-grade gold
at the sediment-ultramafic Contact Zone, 50m to the east at depth where 2014 drilling
returned 7.20m @ 6.24g/t
Au.
"The results from the first three drill holes drilled in
the Discovery Area are the first of a series of drilling results
from our 2017 drill program to released. We are encouraged by the
Discovery Area drill results as they have confirmed and expanded
our new interpretation of an array of steeply south dipping gold
mineralized quartz veins and breccia zones associated with
intrusive dykes at shallow depths linking to deeper zones of gold
mineralization along the sediment-ultramafic contact. Known
mineralization was extended by over 100m in the two zones within the Discovery Area
and has now extended mineralization to over 500m of strike length. The results of the final
two drill holes will enable the Company to finalize future drill
plans for delineating the zones of mineralization," commented
Co-CEO and Chief Geologist, Gary
O'Connor.
During the final quarter of 2017, Moneta completed five
diamond drill holes in the Discovery Area for a total of
3,116.6m as part of the Company's
2017 exploration drill program which consisted of over 20,000m drilled in more than 50 drill holes, in
total. The significant assay results for three of the five holes
completed are included in Table 1 below and the drill locations are
shown in Figure 2. Details of the drill holes are included as Table
2. The assay results for the final two drill holes (MGH17-045 and
MGH17-048) of the five drill hole program at Discovery Area are
pending.
Discovery Area
The Discovery Area
(see Figure 1) includes an Upper Zone and Contact Zone and is
located on a southern splay of the Destor Porcupine Fault Zone
(DPFZ) and hosted within altered komatiitic ultramafic rocks of the
Kidd-Munro assemblage to the north and the sheared fault contact
with greywacke units of the Timiskaming age sedimentary rocks to
the south. The faulted contact dips steeply to the north (~80°) in
this area. The host rocks have been intruded by a series of roughly
ENE (070°) trending steeply south dipping
Timiskaming age quartz feldspar, syenite to lamprophyre porphyry
dykes (QFP) spatially associated with quartz vein hosted gold
mineralization.
Please click here for Figure 1:
Discovery Area on the Golden Highway Project Location
Map:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-1.jpg
Please click here for Figure 2:
Discovery Area Drill Location
Map:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-2.jpg
Discovery Area - Upper Zone
To the
north the Discovery Area hosts a series of steeply south dipping
interconnecting zones of strong quartz veining, including
stock-work veining and brecciation, occurring along structures
associated with the QFP dykes within altered ultramafic to mafic
units. The veining has been traced for over 500m strike length with a total vertical height
of over 400m. The south dipping zones
of mineralization occur over aggregate widths of over 80m, averaging 35m.
The individual mineralized zones dip at the same orientation as the
DPFZ and are noted by chlorite-pyrite alteration. An interpretative
section (Figure 3) shows the structural setting of the upper zone
and significant drill results are included in Table 1.
Drill hole MGH17-037 extended the known
mineralization to the east and returned 14.88m @ 3.35g/t Au from a depth of 339.0m (including 1.69m @ 6.19g/t Au at 344.50m and 1.88m @
7.65g/t Au at 352.0m) in drill hole
MGH17-37 within a wider zone of 32.87m @ 2.71g/t from 338.12m depth. This occurs 25m east of previous
hole MGH13-100 (14.80m @ 3.44g/t
Au).
Drilling of the Upper Zone in hole MGH17-038
intersected three zones of 3.0m @
2.16g/t Au at 131.5m, 1.58m @ 2.48g/t Au from 142.65m and 1.60m @
6.04g/t Au at 273.40m, located
50m east of hole MGH17-037. The
mineralization on this section is confined to more narrow
structures. Drill hole MGH17-041 was drilled under and to
the north of the extensions of the Upper Zone.
Please click here for Figure 3:
Discovery Area – Upper Zone: Cross
Section:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-3.jpg
Discovery Area - Contact Zone
The
deeper Contact Zone to the south is connected to and linked with
the Upper Zones and dips steeply to the north (see Figure 4,
interpretive cross section) and occurs associated with and parallel
to the sediment-ultramafic contact trending ~070°
(ENE). The deeper zones also occur as gold mineralized
quartz veining, stock-work and breccias often with altered QFP
clasts. The mineralization is associated with pyrite-chlorite and
ankerite alteration within the sediments. These zones are narrower
(5m to 20m) and potentially higher grade. The deeper
zone has been traced for ~200m strike length.
Results from drill hole MGH17-038 in the Contact
Zone returned results of up to 5.0m @
3.73g/t Au at 558.0m including
3.0m @ 5.24g/t Au from 558.0m (including 1.0m @ 10.75g/t Au at 558.0m) located south of the contact within the
sediments in contact with a late gabbro dyke. This zone is located
some 50m below and to the east of
historical hole MGH13-089 (7.2m @
6.29g/t Au). This zone is interpreted as a second and related gold
zone. Hole MGH17-037 was drilled 50m west and above hole MGH13-089 and did not
intersect the western extensions of the Contact Zone.
Drill hole MGH17-041 intersected a large zone
(20m) of quartz veining adjacent to
the contact associated with chlorite-pyrite alteration hosted in
ankerite altered ultramafic units from 555.0m to 575.0m
depth and returned assays of 2.0m @
2.30g/t Au at 559.0m, 1.0m @ 2.39g/t Au from 563.0m and 0.70m @
2.10g/t Au at 572.40m. This quartz
vein zone is interpreted to be the eastern extension (50m) of the zone intersected in hole
MGH13-089.
Drill hole MGH17-045 tested the Contact Zone another
50m deeper than MGH17-038 on the same
section and drill hole MGH17-048 was drilled another 50m to the east and north of MGH17-041. The assay
results from these two holes are pending. Future drill plans to
delineate the zones of mineralization at Discovery Area will be
made upon receipt of these assay results.
Please click here for Figure 4:
Discovery Area – Contact Zone: Cross
Section:
http://www.monetaporcupine.com/i/maps/2018-01-16-figure-4.jpg
Table 1: Discovery Area: Significant Drill
Results
Target
|
Hole
|
From
|
To
|
Length
|
Au
|
Name
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
Discovery
|
MGH17-037
|
338.13
|
371.00
|
32.87
|
2.71
|
|
includes
|
339.00
|
353.88
|
14.88
|
3.35
|
|
and
|
343.41
|
347.43
|
4.02
|
3.68
|
|
includes
|
344.50
|
346.19
|
1.69
|
6.19
|
|
and
|
349.00
|
353.88
|
4.88
|
4.80
|
|
includes
|
352.00
|
353.88
|
1.88
|
7.65
|
|
and
|
357.00
|
367.00
|
10.00
|
2.89
|
|
includes
|
357.00
|
359.00
|
2.00
|
4.71
|
|
and
|
364.50
|
367.00
|
2.50
|
3.46
|
Discovery
|
MGH17-037
|
394.00
|
395.00
|
1.00
|
2.17
|
|
and
|
400.00
|
401.00
|
1.00
|
2.14
|
Discovery
|
MGH17-038
|
131.50
|
134.50
|
3.00
|
2.16
|
|
includes
|
133.50
|
134.50
|
1.00
|
4.20
|
Discovery
|
MGH17-038
|
142.65
|
144.23
|
1.58
|
2.48
|
|
includes
|
142.65
|
143.38
|
0.73
|
3.40
|
Discovery
|
MGH17-038
|
273.40
|
275.00
|
1.60
|
6.04
|
Discovery
|
MGH17-038
|
558.00
|
563.00
|
5.00
|
3.73
|
|
Includes
|
558.00
|
563.00
|
3.00
|
5.24
|
|
Includes
|
558.00
|
559.00
|
1.00
|
10.75
|
Discovery
|
MGH17-041
|
332.00
|
333.00
|
1.00
|
2.10
|
Discovery
|
MGH17-041
|
354.50
|
355.00
|
0.50
|
2.38
|
Discovery
|
MGH17-041
|
387.00
|
390.00
|
3.00
|
2.10
|
Discovery
|
MGH17-041
|
559.00
|
561.00
|
2.00
|
2.30
|
Discovery
|
MGH17-041
|
563.00
|
564.00
|
1.00
|
2.39
|
Discovery
|
MGH17-041
|
572.40
|
573.10
|
0.70
|
2.10
|
Discovery
|
MGH17-041
|
595.00
|
596.00
|
1.00
|
2.40
|
Discovery
|
MGH17-041
|
639.75
|
640.05
|
0.30
|
2.18
|
Intercepts are calculated using a 2.0g/t
Au cut-off, maximum of 2m internal
waste and no top cap (No assays exceed 25g/t Au). All intercepts
are drill widths.
Table 2: Discovery Area: Drill Hole
Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
MGH17-037
|
571,877
|
5,371,149
|
333
|
159
|
-62
|
632.60
|
MGH17-038
|
571,919
|
5,371,163
|
333
|
156
|
-55
|
566.00
|
MGH17-041
|
571,978
|
5,371,161
|
333
|
161
|
-68
|
648.00
|
MGH17-045
|
571,907
|
5,371,201
|
333
|
158
|
-62
|
636.00
|
MGH17-048
|
572,021
|
5,371,180
|
332
|
159
|
-62
|
634.00
|
QA/QC Procedures
All core drilling
conducted by Moneta is oriented. Drill core is sawn and half sent
for drying and crushing to -2mm, with a 1kg split pulverized to
-75µm (200#). A 50g charge is Fire
Assayed and analyzed using a AAS finish for Gold. Samples above
10g/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 1kg 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 a second laboratory. Gary O'Connor, MAusIMM has reviewed and approved
the contents of this press release.
About Moneta
Moneta holds a 100%
interest in 5 core gold projects strategically located along the
Destor-Porcupine Fault Zone within the Timmins Gold Camp which has
over 85 million ounces of past gold production. The projects
consist of the Golden Highway, North
Tisdale, Nighthawk Lake, Kayoram and Denton projects. The
Golden Highway Project covers 12 kilometres of prospective
ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting
a historical 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
statements concerning the closing of the Offering, the use of
proceeds of the Offering, 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.