Symbol: TSX: ME
TORONTO, Feb. 8, 2018 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce the results from five
additional diamond drill holes completed on the South West Deposit
("South West") located within the Company's Golden Highway Project
located approximately 110 km east of Timmins, Ontario (Figure 1).
Highlights:
- Drill hole MGH17-062 intersected 1.63 metres ('m") @
1,078.43 grams per tonne gold ("g/t Au") including 0.50 m @ 3,510.00 g/t Au, from a NW trending vein
at a depth of 270.12 m in the western
area;
- MGH17-056 returned 4.01 m @
38.33 g/t Au, including 0.96 m @
144.19 g/t Au and 1.00 m @ 9.45g/t
Au, at a depth of 441.50 m in a new
mineralized shoot;
- MGH17-066 intersected 3.00 m @
7.16 g/t Au, including 1.00 m @ 14.10
g/t Au at 393.00m;
- MGH17-060 intersected 2.16 m @
6.7 2g/t Au at 511.58 m;
- Holes MGH17-058, MGH17-060 and MGH17-066 confirmed the
up-dip extensions of the newly identified eastern array of
veins;
- MGH17-056 also intersected the Balsam, Cedar, Pine and
Spruce veins in the central area, returning 1.50 m @ 5.65 g/t Au, including 0.80 m @ 8.85 g/t Au from the Spruce vein at
545.50 m;
Gary O'Connor, Co-CEO & Chief
Geologist commented, "The five latest drill holes have confirmed
our new understanding at South West where additional well
mineralized vein arrays were identified both west and east of the
previously announced central area veins. This recent program has
added several new vein occurrences and confirmed the up-dip
potential from previously drilled veins at depth. The new drilling
has also confirmed the occurrence of well mineralized shoots along
the shear plane which occur on the Banded Iron Formation contact.
The latest results include the highest assay returned to date from
the Golden Highway Project of 0.50 m
@ 3,510.00 g/t Au. These results are encouraging and indicate a
much larger vein system than previously known, now covering an area
over 800m wide. We will continue to
drill the South West deposit to expand the size and confirm the
grades."
The latest results are from five drill holes totalling 2,642.00
metres of drilling at South West designed to confirm and expand our
new geological interpretation of the deposit, testing new zones of
mineralization. The ongoing drill program continued to test high
grade targets as part of the previously announced exploration drill
program undertaken by the Company in late 2017 on the Golden
Highway Project. The program consisted of over 20,000 metres and 50
drill holes and the encouraging results have driven the Company to
expand the drill program. Assays for additional drill holes are
pending and will be released as they become available.
Please click here for Figure 1: South West
Location Map - Golden Highway
Project
http://www.monetaporcupine.com/i/maps/figure1-feb82018.jpg
South West Deposit
The ongoing drill program at South
West was successful in confirming the existence of new vein arrays
which were identified during the re-interpretation of the geology
and mineralization in Q3, 2017 utilizing 241 historical drill holes
totalling 94,127 metres of core. The NW trending and steeply SW
dipping tension vein arrays occur as stacked en échelon veins along
the southern margins of an ENE trending shear zone which occurs
along the Banded Iron Formation (BIF) contact. Modelling to date
has identified up to seven NW trending veins which dip steeply to
the south-west at 70° in the central area as well as several new
veins west of the Main Fault and up to eight additional new veins
in the eastern area (Gap). The veins have an average width of
approximately 3m and are spaced
25 m to 30
m apart. The veins occur within clastic greywacke sediments
of Timiskaming age, and can be traced for up to 350 m strike length and are open to the
south.
The central and eastern area vein sets have been historically
drill tested to depths of up to 900
m. The new drilling in the eastern area was testing the
up-dip extensions of previously drilled veins at depth. The extent
of veining now occurs across an area over 800 m wide. The modelling and drill testing of
the currently known and newly tested veins is continuing.
The current drilling also tested the existence of the three
steeply dipping (~60° to 65°) mineralized shoots identified to date
which occur along the bounding shear plane that occurs at the BIF
contact to the north of the modelled veins. The shoots, or "D"
structures, have been modelled and confirmed in drilling and occur
as zones of strong quartz-carbonate-pyrite veining up to
50 m in length and up to 25 m wide, have been drilled to depths of
800 m and are open at depth.
The veins at South West occur as quartz-carbonate-pyrite veins
occur within a distinct ankerite alteration halo occasionally
associated with sericite. A zone of sulphide(pyrite)-chlorite and
quartz veinlets occurs adjacent to the veins and hosts
mineralization. The veins can be brecciated and occur as quartz
matrix supported breccia zones.
Please click here for Figure 2: South West:
Geology and Drill Location
Map
http://www.monetaporcupine.com/i/maps/figure2-feb82018.jpg
Drill Result Discussion
Drill hole MGH17-056
was designed to test for the occurrence of mineralized shoots which
had been identified and modelled from historical drilling. The hole
intersected a wide zone of quartz-carbonate-pyrite veining
occurring on the BIF contact and returned 4.01 m @ 38.33 g/t Au, including 0.96 m @ 144.19 g/t Au and 1.00 m @ 9.45 g/t Au from a depth of 441.50 m. This hole also confirmed the Balsam,
Cedar, Pine and Spruce veins with assays of up to 1.50 m @ 5.65 g/t Au, including 1.00 m @ 8.85 g/t Au, at 545.00 m depth from the Spruce Vein.
Drill hole MGH17-062 was drilled to test for NW trending
veins west of the Main Fault. The drill hole intersected up to 4
veins including one which returned 1.63
m @ 1,078.43g/t Au, including 0.50
m @ 3,510.00 g/t Au, at a depth of 270.12 m.
Drill holes MGH17-058, MGH17-060 and MGH17-066
were drilled in the eastern area of South West. These holes were
designed to test for the up-dip extensions of veins previously
intersected at depth below the central area. The drilling
intersected up to 8 new veins with results returned up to
3.00 m @ 7.16 g/t Au, including
1.00 m @ 14.10 g/t Au at 393.00 m depth and 2.16
m @ 6.72 g/t Au at a depth of 511.58
m.
Please click here for Figure 3: South West:
Schematic Cross
Section
http://www.monetaporcupine.com/i/maps/figure3-feb82018.jpg
Table 1: South
West: Significant Drill Results
|
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
Name
|
MGH17-056
|
441.50
|
445.51
|
4.01
|
38.33
|
"D"
structure
|
Includes
|
441.50
|
442.46
|
0.96
|
144.19
|
|
and
|
444.00
|
445.00
|
1.00
|
9.45
|
|
MGH17-056
|
455.00
|
460.00
|
5.00
|
2.16
|
Balsam
|
MGH17-056
|
536.50
|
537.00
|
0.50
|
3.81
|
Pine
|
MGH17-056
|
545.50
|
547.00
|
1.50
|
5.65
|
Spruce
|
Includes
|
545.50
|
546.30
|
0.80
|
8.85
|
|
MGH17-058
|
107.50
|
105.53
|
1.03
|
2.39
|
|
MGH17-060
|
185.75
|
189.4
|
3.65
|
2.23
|
New
|
Includes
|
186.69
|
188.7
|
2.01
|
2.89
|
|
MGH17-060
|
342.00
|
343.00
|
1.00
|
2.30
|
New
|
MGH17-060
|
346.00
|
347.00
|
1.00
|
2.22
|
|
MGH17-060
|
448.70
|
449.00
|
0.30
|
5.36
|
|
MGH17-060
|
485.47
|
496.10
|
0.63
|
2.78
|
|
MGH17-060
|
511.58
|
514.50
|
2.16
|
6.72
|
New
|
MGH17-062
|
113.00
|
114.00
|
1.00
|
2.03
|
|
MGH17-062
|
120.00
|
121.00
|
1.00
|
3.28
|
New
|
MGH17-062
|
148.00
|
150.00
|
2.00
|
2.30
|
New
|
MGH17-062
|
270.12
|
271.75
|
1.63
|
1,078.43
|
West Vein
|
includes
|
271.25
|
271.75
|
0.50
|
3,510.00
|
|
MGH17-062
|
274.05
|
275.00
|
0.95
|
2.01
|
|
MGH17-062
|
278.00
|
279.00
|
1.00
|
7.41
|
New
|
MGH17-066
|
99.00
|
101.00
|
2.00
|
2.43
|
New
|
MGH17-066
|
342.05
|
343.00
|
0.95
|
2.04
|
|
MGH17-066
|
366.00
|
367.00
|
1.00
|
2.88
|
New
|
MGH17-066
|
393.00
|
396.00
|
3.00
|
7.16
|
New
|
Includes
|
396.00
|
397.00
|
1.00
|
14.10
|
|
MGH17-066
|
342.00
|
343.00
|
1.00
|
2.30
|
New
|
MGH17-066
|
346.00
|
347.00
|
1.00
|
2.22
|
|
Intercepts are
calculated using a 2.0g/t Au cut-off, maximum of 2m internal waste
and no top cap. All
intercepts are reported as drill widths.
|
Table 2: Drill
Hole Details
|
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
MGH17-056
|
570,675
|
5,369,378
|
320
|
090
|
-52
|
755.0
|
MGH17-058
|
571,471
|
5,369,809
|
325
|
015
|
-62
|
210.0
|
MGH17-060
|
571,362
|
5,369,670
|
324
|
035
|
-55
|
636.0
|
MGH17-062
|
570,614
|
5,369,489
|
320
|
090
|
-55
|
504.0
|
MGH17-066
|
571,471
|
5,369,809
|
325
|
005
|
-65
|
537.0
|
QA/QC Procedures
All core drilling conducted by Moneta
is oriented. Drill core is sawn and half and 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, MAusIMM 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.
SOURCE Moneta Porcupine Mines Inc.