Symbol: TSX: ME
TORONTO, March 1, 2018 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce the results from four
additional diamond drill holes completed on the South West Deposit
("South West") located within the Company's Golden Highway Project
located 110 km east of Timmins,
Ontario (Figure 1).
Highlights:
- Drill hole MGH17-064 intersected 4.20 metres ('m") @ 41.08
grams per tonne gold ("g/t Au") including 0.90 m @ 141.50 g/t Au at a depth of 472.80 m, from a second and new mineralized shoot
(SW-2) identified;
- The second and new shoot is located east of the first shoot
(SW-1) drilled in hole MGH17-056 which returned 4.01 m @ 38.33 g/t Au, including 0.96 m @ 144.19 g/t Au reported on 08 February 2018;
- Drill hole MGH17-063 intersected 7.10
m @ 2.28 g/t Au, including 1.00
m @ 7.72 g/t Au at a depth of 229.90
m from a fourth and new mineralized shoot (SW-4) in the
eastern Gap area of South West;
- Hole MGH17-067 confirmed the up-dip extensions of the
central deep array of veins at South West intercepting 2.90 m @ 2.08 g/t Au (Willow) at a depth of
214.10 m and 3.00m @ 2.58 g/t Au (Arbutus) at a depth of
296.00 m
Gary O'Connor, Co-CEO & Chief
Geologist commented, "The four latest drill holes from South West
have confirmed our new interpretation of the newly recognized
mineralized shoots along the main shear plane contact. It is
encouraging that drill testing of the second shoot (SW-2) returned
assays of up to 4.20m @ 41.08 g/t Au
confirming the potential high grade nature of these structures. The
South West deposit continues to grow and expand, now covering an
area over 800 m in strike length,
with current drill results now confirming two new mineralized
shoots and up-dip extensions of veins previously drilled at depth.
Drilling continues on the South West deposit to expand the number
and confirm the grades of the tension vein arrays and mineralized
shoots."
The latest assay results are from four drill holes totalling
2,292.00 m of drilling at South West.
The ongoing drill program at South West was part of the previously
announced exploration drill program undertaken by the Company in
late 2017 designed to test higher grade targets 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/NR-mar12018-fig1.jpg
South West Deposit
The South West drill program has
been successful in confirming the existence of new tension veins
and shear plane bounded mineralized shoots. The 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. This contact hosts the mineralized
shoots or "D" structures which plunge ~65° to the west and occur up
to 50m long, 25m wide and have been traced to depths of
400m. The second (SW-2) and fourth
(SW-4) mineralized shoots have now been successfully drill tested
at South West. Drilling to date has confirmed fourteen NW trending
tension veins which dip steeply to the south-west at 70°. The veins
have an average width of approximately 3.00
m and are spaced 25 m to
30 m apart. The veins can be traced
for up to 350 m strike length, have
been drilled to 900 m depth and are
open to the south.
The tension veins and stock-work style veining within the shoots
at South West occur as quartz-carbonate-pyrite veins within a
distinct ankerite alteration halo occasionally associated with
sericite. A zone of 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/NR-mar12018-fig2.jpg
South West Drill Results
Drill hole MGH17-064
was designed to test the occurrence of the second mineralized
shoots (SW-2) which had been identified and modelled from
historical drilling. The hole intersected 4.20m @ 41.08 g/t Au including
1.70 m @ 96.14 g/t Au which
includes 0.90 m @ 141.50 g/t
Au at a depth of 472.80 m within
a wide zone of quartz-carbonate-pyrite veining on the BIF contact.
This hole also confirmed the extensions of the Cedar, Pine and
Spruce veins near the BIF contact with Spruce assaying up to
0.83 m @ 3.76 g/t Au at a
depth of 525.70 m.
Drill hole MGH17-059 was drilled to test the area between
the SW-1 and SW-2 mineralized shoots. The hole did intercept the
edge of the quartz-carbonate-pyrite veining in SW-2 from
512.00 m and returned 2.00 m @ 2.67 g/t Au but did not intercept
the core mineralized portion and confirmed that the shape and
plunge of the mineralized structures. The hole also intersected the
extensions of the Balsam vein near the BIF contact returning
0.70 m @ 3.13 g/t Au at
490.20 m.
Drill hole MGH17-063 was drilled to test the occurrence
of a fourth mineralized shoot (SW-4) to the east in the Gap area
along the same shear zone in contact with the BIF unit. The hole
intersected the shoot or "D" structure from 229.90 m as a zone of quartz-carbonate-pyrite
veining and returned 7.10 m @ 2.28
g/t Au, including 1.00 m @
7.72 g/t Au. Historical drilling of this structure at depth had
returned 10.00 m @ 7.08 g/t Au
in hole MSW11-283 and 1.50
m @ 14.24 g/t Au in hole MSW11-291AX. The assays
for the end of hole MGH17-063 on the BIF contact remain
outstanding.
Hole MGH17-067 was drilled to test the up-dip extensions
of the historical deep intercepts below the central South West
area. Two of the modelled veins were intersected at 214.10m for the Willow vein and 294.00 m for the Arbutus vein. The veins assayed
2.90 m @ 2.58 g/t Au and
3.00 m @ 2.58 g/t Au
respectively. Historical drilling of the Arbutus vein returned
10.70 m @ 4.81 g/t Au in hole
MSW10-162B. Drilling in
historical holes of the Willow vein assayed 7.60 m @ 5.16 g/t Au in hole
MSW10-273B and 3.10m @ 5.05 g/t Au in hole
MSW11-291.
Please click here for Figure 3: South West: Schematic Cross
Section:
http://www.monetaporcupine.com/i/maps/NR-mar12018-fig3.jpg
Table 1: Drill
Hole Details
|
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
MGH17-059
|
570,650
|
5,369,342
|
320
|
90
|
-50
|
702.00
|
MGH17-063
|
571,515
|
5,369,914
|
334
|
35
|
-56
|
435.00
|
MGH17-064
|
570,671
|
5,369,418
|
320
|
90
|
-50
|
702.00
|
MGH17-067
|
571,265
|
5,369,682
|
325
|
90
|
-50
|
453.00
|
Table 2: South
West: Significant Drill Results
|
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
Name
|
MGH17-059
|
284.40
|
284.80
|
0.40
|
2.00
|
|
MGH17-059
|
355.00
|
356.00
|
1.00
|
2.45
|
|
includes
|
482.00
|
482.80
|
0.80
|
2.32
|
|
MGH17-059
|
490.20
|
490.90
|
0.70
|
3.13
|
Balsam
|
MGH17-059
|
512.00
|
514.00
|
2.00
|
2.67
|
SW-2
|
includes
|
512.00
|
513.00
|
1.00
|
3.70
|
SW-2
|
MGH17-063
|
129.40
|
131.60
|
2.20
|
2.54
|
Stkwk
|
includes
|
130.00
|
131.60
|
1.60
|
2.83
|
Stkwk
|
MGH17-063
|
229.90
|
237.00
|
7.10
|
2.28
|
SW-4
|
includes
|
233.00
|
237.00
|
4.00
|
3.01
|
SW-4
|
Includes
|
236.00
|
237.00
|
1.00
|
7.72
|
|
MGH17-063
|
241.55
|
242.33
|
0.78
|
4.02
|
SW-4
|
MGH17-063
|
246.00
|
247.00
|
1.00
|
2.10
|
SW-4
|
MGH17-063
|
264.00
|
265.00
|
1.00
|
2.30
|
SW-4
|
MGH17-063
|
308.00
|
309.00
|
1.00
|
2.07
|
|
includes
|
311.00
|
312.00
|
1.00
|
3.54
|
|
MGH17-064
|
472.80
|
473.70
|
4.20
|
41.08
|
SW-2
|
includes
|
472.80
|
474.50
|
1.70
|
96.14
|
SW-2
|
includes
|
472.80
|
473.70
|
0.90
|
141.50
|
SW-2
|
MGH17-064
|
492.80
|
493.80
|
1.00
|
2.30
|
|
includes
|
495.80
|
496.80
|
1.00
|
2.22
|
|
MGH17-064
|
525.70
|
526.70
|
0.83
|
3.76
|
Spruce
|
MGH17-064
|
694.87
|
695.60
|
0.73
|
2.52
|
|
MGH17-067
|
92.65
|
93.20
|
1.10
|
2.32
|
EB stwk
|
MGH17-067
|
200.00
|
201.00
|
1.00
|
2.96
|
EB stwk
|
MGH17-067
|
214.10
|
217.00
|
2.90
|
2.08
|
Willow
|
Includes
|
214.10
|
216.25
|
2.15
|
2.44
|
Willow
|
MGH17-067
|
249.00
|
250.00
|
1.00
|
2.09
|
|
MGH17-067
|
296.00
|
299.00
|
3.00
|
2.58
|
Arbutus
|
MGH17-067
|
304.42
|
305.00
|
1.58
|
2.19
|
Arbutus
|
includes
|
305.00
|
306.00
|
1.00
|
2.33
|
Arbutus
|
MGH17-067
|
312.00
|
313.00
|
1.00
|
3.40
|
Arbutus
|
MGH17-067
|
336.85
|
337.35
|
0.50
|
2.27
|
|
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.
|
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.