Symbol: TSX: ME
TORONTO,
Feb. 27, 2018 /CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)
("Moneta" or the "Company") is pleased to announce the results
from two additional diamond drill holes completed on the Discovery
Deposit ("Discovery") and four diamond drill holes completed on the
LC Deposit ("LC") located within the Company's Golden Highway
Project located approximately 110 km east of Timmins, Ontario.
Highlights:
- Discovery-Contact Zone: Drill hole MGH17-045
intersected 3.00 metres ('m") @ 4.16 grams per tonne gold ("g/t
Au") including 1.00 m @ 10.30 g/t Au,
at a depth of 595.00 m extending the
zone 50 m to
depth;
- Discovery-Contact Zone: Drill hole MGH17-048
extended the Contact Zone another 75
m east intersecting 1.00 m @
3.16 g/t Au;
- LC: Drilling extended mineralization
300 m to the east of historical
intercepts of 6.71m @ 10.82g/t Au and
6.57m @ 9.53g/t Au with intercepts of
up to 1.00 m @ 3.38 g/t Au in hole
MGH17-044, 1.00 m @ 2.97 g/t Au in
hole MGH17-047, and 0.50 m @ 5.18 g/t
Au in hole MGH17-039
Gary O'Connor, Co-CEO &
Chief Geologist commented, "The two latest drill holes at Discovery
have been successful in extending the Contact Zone by over
50 m to depth and 75 m to the east. At depth, mineralized quartz
veins hosting visible gold grains returned 3.00 m @ 4.16 g/t Au including 1.00 m @ 10.30 g/t Au. Similar quartz veining was
intercepted in hole MGH17-048 in a 75m step-out to the east. The new drilling
extended the mineralization intersected in MGH17-038 of
3.00 m @ 5.24g/t Au, including
1.00 m @ 10.75 g/t Au in the Contact
Zone. The drill holes have increased the size potential of the
Contact Zone. Previous results released on January 16, 2018 from the 2017 drill program
confirmed the size potential of the Upper Zone with mineralization
reported over 15 m widths which was
not targeted in these drill holes. Future drilling will focus on
expanding the Upper Zone which has now been traced for over
500 m. The four holes completed at LC
extended mineralization by 300 m to
the east at LC, intercepting 1.00 m@ 3.38 g/t Au. We continue to be
encouraged by the good results returned from our drill program to
test higher grade targets on our Golden Highway
Project."
The latest results are from two drill holes totalling
1,270.00 m of drilling at Discovery
and four holes totalling 1,509.00 m
at LC. The Discovery holes were designed to test the extensions of
high grade gold mineralization along the Contact Zone at depth by
50 m and to the east by 75m with step-out holes. The LC holes were
designed to test for gold mineralization on the contact of the LC
mineralized syenite intrusion over a 300
m strike length, east of previous drilling. The drilling was
part of the drilling program conducted by Moneta in late 2017 on
the Golden Highway Project. The program consisted of over
20,000 m 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:
Discovery and LC Location Map- Golden Highway Project:
http://www.monetaporcupine.com/i/misc/2018-02-27_NR-Fig1.jpg
Discovery Deposit
The Discovery
Area (see Figure 1) includes the mineralized 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 conglomerate and greywacke units of the
Timiskaming age sedimentary rocks to the south. The depth and
eastern strike extensions of the Contact Zone, which were the
target of the MGH17-045 and MGH17-048 drill holes, occur as a
faulted contact and dip steeply to the north (~80°). The host rocks
have been intruded by a series of roughly ENE
(070°) trending steeply south dipping
Timiskaming age quartz feldspar-syenite porphyry (QFP) to
lamprophyre porphyry dykes spatially associated with quartz vein
hosted gold mineralization. The mineralization at Discovery occurs
outside of the current NI 43-101 resource.
Discovery: Drill Results
Drill hole
MGH17-045 intersected 3.00
m @ 4.16 g/t Au, including 1.00 m @ 10.30 g/t Au, at a depth of
595.00 m. The intercept extended the
Contact Zone 50m deeper than hole
MGH17-38 which intersected 3.00 m @
5.24g/t Au, including 1.00 m @
10.75g/t Au at a depth of 558.0m.
Drill hole MGH17-048 was drilled to test the
eastern extensions of the Contact Zone 75
m east of hole MGH17-041 which intersected the zone over a
width of more than 20 m and
125 m east of hole MGH17-038 which
returned 1.00 m @ 10.75g/t Au. The
hole intersected quartz-pyrite veining adjacent to the contact and
returned 1.00 m @ 3.16 g/t Au
at a depth of 486.00
m.
The Upper Zone was not targeted in the current two drill
holes.
Please click here for Figure 2:
Discovery: Geology and Drill Location
Map:
http://www.monetaporcupine.com/i/misc/2018-02-27_NR-Fig2.jpg
Please click here for Figure 3:
Discovery: Contact Zone Schematic Cross
Section:
http://www.monetaporcupine.com/i/misc/2018-02-27_NR-Fig3.jpg
LC: Drill Results
The drilling at
LC was designed to test 300 m of
strike length along the ultramafic contact with the deeper of two
SE dipping syenite feldspar porphyry intrusive bodies east of
previous drilling which had returned 6.71
m @ 10.82 g/t Au in hole MU-89-126 and 6.57 m @ 9.53g/t Au in hole MU-89-108. The holes
intersected the porphyry unit which displayed the same distinctive
albite-pyrite alteration associated with quartz-pyrite veining and
returned assays of up to 1.00 m @
3.38 g/t Au in hole MGH17-044, 1.00 m @ 2.97 g/t Au in hole
MGH17-047, and 0.30 m @
5.18 g/t Au in hole MGH17-039 confirming the potential
size of the mineralized system. The LC drilling also occurred
outside of the current NI 43-101 resource estimate.
Table 1: Discovery and LC- Significant Drill
Results
|
Deposit
|
Hole
|
From
|
To
|
Length
|
Au
|
Name
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
Discovery
|
MGH17-045
|
457.29
|
457.96
|
0.67
|
2.46
|
Discovery
|
MGH17-045
|
593.10
|
600.00
|
6.90
|
2.30
|
|
includes
|
595.00
|
598.00
|
3.00
|
4.16
|
|
includes
|
595.00
|
596.00
|
1.00
|
10.30
|
Discovery
|
MGH17-048
|
240.00
|
241.00
|
1.00
|
2.56
|
Discovery
|
MGH17-048
|
486.00
|
487.00
|
1.00
|
3.16
|
LC
|
MGH17-039
|
264.60
|
266.50
|
2.20
|
1.91
|
|
Includes
|
266.20
|
266.50
|
0.30
|
5.18
|
LC
|
MGH17-044
|
140.00
|
141.00
|
1.00
|
3.38
|
LC
|
MGH17-047
|
139.00
|
140.00
|
1.00
|
2.97
|
LC
|
MGH17-047
|
146.00
|
147.00
|
1.00
|
2.02
|
LC
|
MGH17-047
|
172.60
|
173.50
|
0.90
|
2.11
|
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: Discovery and LC- Drill Hole
Details
|
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
Deposit
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
Name
|
MGH17-045
|
571,907
|
5,371,201
|
333
|
158
|
-62
|
636.00
|
Discovery
|
MGH17-048
|
572,021
|
5,371,180
|
332
|
159
|
-62
|
634.00
|
Discovery
|
MGH17-039
|
568,469
|
5,369,564
|
348
|
345
|
-63
|
345.00
|
LC
|
MGH17-043
|
568,303
|
5,369,568
|
335
|
351
|
-60
|
351.00
|
LC
|
MGH17-044
|
568,224
|
5,369,460
|
410
|
411
|
-55
|
411.00
|
LC
|
MGH17-047
|
568,151
|
5,369,384
|
403
|
402
|
-58
|
402.00
|
LC
|
QA/QC Procedures
All core drilling
conducted by Moneta is oriented. Drill core is sawn and half is
sent 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.