Symbol: TSX:
ME
TORONTO, April 11, 2018 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce the results from eight
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, see Figure 1).
Highlights:
Step-out drilling at South West continued to extend the
strike and depth extent of the tension vein structures, the SW-1
and SW-2 mineralized shoots and intersected a new shoot (SW-5).
Drilling has increased the total number of veins to fifteen and
mineralized shoots to five.
Tension Veins
•
|
Yew
Vein
|
Drill hole
MGH17-073 intersected 2.33 metres ("m") @ 10.21 grams per tonne
gold ("g/t Au") including 0.91 m @ 15.35 g/t Au, extending the vein
to depth
|
•
|
Willow
Vein
|
Drill hole
MGH17-073 intersected 1.00 m @ 15.10 g/t Au confirming the strike
and depth extensions of this vein
|
•
|
Maple
Vein
|
Drill hole
MGH17-075 intersected 1.31 m @ 7.46 g/t Au extending the up-dip
portion of the vein near surface
|
•
|
Arbutus
Vein
|
Drill hole
MGH17-070 intersected 3.00 m @ 4.41 g/t Au and drill hole MGH17-073
intersected 5.00 m @ 4.12 g/t Au, extending the vein to
depth
|
•
|
Tamarack
Vein
|
Drill hole
MGH17-065 intersected 2.00 m @ 4.61 g/t Au, extending the vein to
depth
|
•
|
Balsam
Vein
(one of the six
core veins)
|
Drill hole
MGH17-065 intersected 5.00 m @ 2.26 g/t Au, extending the vein to
depth
|
•
|
Cedar
Vein (one of the six core veins)
|
Drill hole
MGH17-075 intersected 1.05 m @ 8.20g/t Au extending the vein to the
north
|
SW-1 and SW-2 Mineralized Shoots
•
|
SW-1: Drill hole
MGH17-065 intersected 5.50 m @ 4.65 g/t Au, expanding the shoot to
the south
|
•
|
SW-2: Drill hole
MGH17-075 intersected 1.67 m @ 5.15 g/t Au, expanding the shoot to
the south
|
SW-5 (new) Mineralized Shoot
•
|
Drill hole
MGH17-069 intersected a new shoot (SW-5) intersecting 2.61m @ 6.35
g/t Au, including 1.00 m @ 12.15 g/t Au, expanding the system 150 m
to the east
|
Gary O'Connor, CEO & Chief
Geologist commented, "We are very pleased to see the continued
expansion of gold mineralization in the South West area. Step-out
drilling has extended the strike and depth extent of the veins and
mineralized shoots. The drilling continues to expand the size
potential and confirms the grades of these higher-grade structures
being targeted by the drilling. The total number of veins has
increased to fifteen and mineralized shoots to five. We have been
very encouraged by the results to date and continue to drill at
South West to expand the size of the system, increase the number of
veins and shoots, and confirm the higher
grades."
The latest assay results are from eight drill holes totalling
4,885.90 m of drilling at South West
testing higher grade structural targets. The ongoing drill program
at South West continues 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.
South West Deposit
Drilling to date at South West has
been successful in confirming the existence of fifteen tension
veins and five shear plane bounded mineralized shoots. The NW
trending tension vein arrays occur as stacked en échelon veins,
steeply dipping to the SW at 70°, and occur south of the ENE
trending shear zone within clastic sediments in contact with the
Banded Iron Formation ("BIF"). This sheared contact hosts the
mineralized shoots or "D" structures which plunge ~65° to the west
and occur up to 50 m long,
25 m wide and have been traced to
depths of 400 m.
The tension veins and stock-work style veining within the shoots
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 also hosts mineralization. The veins can be brecciated and
occur as quartz matrix supported breccia zones.
The modelled 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 historically drilled to
1,200 m depth and remain open to the
south. A fifth (SW-5) mineralized shoot has now been successfully
drilled to the east extending the foot print of the vein system to
1,000 m. The newly tested fifteenth
vein (Gap Vein) occurs to the east in the Gap area.
South West Drill Results
Drill holes MGH17-068,
MGH17-070 and MGH17-073 successfully connected the veins
historically drilled below South West at depths of up to
1,200 m, to the new up-dip
extensions. The near surface projections of the Arbutus and Yew
veins from depth has now been confirmed. Drill testing of the
Arbutus vein assayed 3.00 m @ 4.41g/t
Au (MGH17-070) and 5.00 m @ 4.12g/t
Au, including 2.00 m @ 6.13g/t Au
(MGH17-073). Drilling of the Yew vein returned 2.80 m @ 3.75g/t Au including 0.80 m @ 6.37g/t Au (MGH17-070) and 2.33 m @ 10.21g/t Au (MGH17-073). The Willow vein
returned intersections of 5.62m @
3.13g/t Au (MGH17-068), 0.67 m @
11.25g/t Au (MGH17-070), and 1.00 m @
15.10g/t Au (MGH17-073) from the up-dip zone. Drilling also
intersected the EB-1, EB-2, EB-3 and Beech veins however these have
not yet been drilled and modelled in sufficient detail to be
included in the current vein total.
Drill hole MGH17-075 was drilled to test the southern
extensions of the SW-2 shoot, the northern strike extensions of
three of the original six veins (Cedar, Pine and Spruce) and the
depth extensions of the Maple, Oak and Willow veins which occur in
an area to the east of the central block. The hole extended the
SW-2 shoot to the south (1.67 m @
5.55g/t Au and 1.01 m @ 6.74g/t Au),
and intersected the Cedar (1.05 m @
8.20g/t Au), Pine (0.37 m @ 7.71g/t
Au), Spruce (0.70 m @ 2.48g/t Au),
Maple (1.31 m @ 7.46g/t Au) and Oak
(1.00 m @ 4.50g/t Au) vein
structures. Assays for the bottom of hole MGH17-075 are
pending.
The MGH17-065 and MGH17-071 holes were drilled to test
the down dip extensions of the first six modelled veins, the
Tamarack vein and the SW-1 shoot. The drilling confirmed the
extensions of Tamarack intersecting 2.00
m @ 4.61g/t Au in MGH17-065 and 1.80
m @ 3.42g/t Au in hole MGH17-071. The SW-1 mineralized shoot
was intersected in hole MGH17-065 intersecting 8.00 m @ 3.77g/t Au including 5.50 m @ 4.65g/t Au, at a depth of 566.00 m. The depth extensions of the Birch,
Cedar, Balsam and Spruce vein structures were intersected with
results of up to 5.00 m @ 2.26g/t Au
for Cedar in hole MGH17-065, 1.00 m @
2.98g/t Au for Birch in hole MGH17-071 and Spruce with up to
1.00 m @ 4.24g/t Au in MGH17-065.
The extensions of the west block veins were tested in hole
MGH17-072 and returned up to 1.35
m @ 5.24g/t Au and the extension of Elm vein returned
2.90 m @ 3.27g/t Au at a depth of
371.00m.
Drill hole MGH17-069 was testing the new Gap vein which
is currently the eastern most vein structure identified and the BIF
contact to the east of this. The hole intersected the Gap Vein at
206.10m returning 1.00 m @ 4.17g/t Au and intersected a fifth "D"
structure/mineralized shoot at 568.38
m depth assaying 2.61 m @
6.35g/t Au including 1.00 m @
12.15g/t Au. The new mineralized shoot extended the system by
150 m to the
east.
Table 1: South West: Selected Significant Drill
Results
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
Name
|
MGH17-065
|
508.00
|
510.00
|
2.00
|
4.61
|
Tamarack
|
includes
|
509.00
|
510.00
|
1.00
|
6.81
|
Tamarack
|
MGH17-065
|
566.00
|
574.00
|
8.00
|
3.77
|
SW-1
|
Includes
|
567.80
|
573.30
|
5.50
|
4.65
|
SW-1
|
includes
|
567.80
|
569.46
|
1.66
|
5.95
|
SW-1
|
MGH17-065
|
658.00
|
663.00
|
5.00
|
2.26
|
Cedar
|
MGH17-065
|
782.00
|
783.00
|
1.00
|
4.24
|
Spruce
|
MGH17-068
|
263.64
|
264.50
|
1.76
|
4.80
|
EB-3
|
MGH17-068
|
321.00
|
321.51
|
0.51
|
6.24
|
New vein
|
MGH17-068
|
362.59
|
368.21
|
5.62
|
3.13
|
Willow
|
includes
|
362.59
|
363.60
|
1.01
|
6.63
|
Willow
|
MGH17-069
|
206.10
|
207.10
|
1.00
|
4.17
|
Gap Vein
|
MGH17-069
|
568.39
|
571.00
|
2.61
|
6.35
|
SW-5
|
MGH17-069
|
569.00
|
570.00
|
1.00
|
12.15
|
SW-5
|
MGH17-070
|
98.07
|
98.74
|
0.67
|
11.75
|
Willow
|
MGH17-070
|
267.00
|
270.00
|
3.00
|
4.41
|
Arbutus
|
MGH17-070
|
360.00
|
362.80
|
2.80
|
3.75
|
Yew
|
includes
|
362.00
|
362.80
|
0.80
|
6.37
|
Yew
|
MGH17-071
|
374.00
|
377.00
|
3.00
|
2.31
|
West Vein
|
MGH17-071
|
451.20
|
453.00
|
1.80
|
3.42
|
Tamarack
|
MGH17-071
|
630.00
|
631.00
|
1.00
|
2.98
|
Birch
|
MGH17-071
|
655.70
|
659.20
|
3.50
|
2.04
|
New vein
|
includes
|
655.70
|
656.50
|
0.80
|
4.30
|
New vein
|
and
|
658.20
|
659.20
|
1.00
|
3.67
|
New vein
|
MGH17-072
|
164.65
|
166.00
|
1.35
|
5.24
|
New vein
|
MGH17-072
|
182.00
|
183.00
|
1.00
|
4.44
|
New vein
|
MGH17-072
|
347.00
|
348.00
|
1.00
|
4.11
|
West Vein
|
MGH17-072
|
371.00
|
373.90
|
2.90
|
3.27
|
Elm Vein
|
MGH17-073
|
172.86
|
173.90
|
1.04
|
4.89
|
New vein
|
MGH17-073
|
286.00
|
287.00
|
2.00
|
3.71
|
EB-3
|
MGH17-073
|
460.00
|
461.00
|
1.00
|
15.10
|
Willow
|
MGH17-073
|
500.00
|
505.00
|
5.00
|
4.12
|
Arbutus
|
includes
|
503.00
|
505.00
|
2.00
|
6.13
|
Arbutus
|
MGH17-073
|
551.59
|
553.92
|
2.33
|
10.21
|
Yew
|
includes
|
551.59
|
552.50
|
0.91
|
15.35
|
Yew
|
and
|
553.16
|
553.92
|
0.76
|
11.25
|
Yew
|
MGH17-075
|
80.91
|
82.58
|
1.67
|
5.15
|
SW-2
|
includes
|
80.91
|
81.76
|
0.85
|
6.74
|
SW-2
|
MGH17-075
|
102.00
|
103.00
|
1.00
|
6.16
|
SW-2
|
MGH17-075
|
106.60
|
107.65
|
1.05
|
8.20
|
Cedar
|
MGH17-075
|
135.80
|
136.17
|
0.37
|
7.71
|
Pine
|
MGH17-075
|
271.92
|
275.00
|
3.08
|
3.99
|
Maple
|
includes
|
272.90
|
274.21
|
1.31
|
7.46
|
Maple
|
includes
|
273.80
|
274.21
|
0.41
|
15.75
|
Maple
|
MGH17-075
|
334.00
|
335.00
|
1.00
|
4.50
|
Oak
|
MGH17-075
|
563.00
|
564.00
|
1.00
|
5.98
|
EB-3
|
Intercepts are calculated using a 2.0 g/t Au cut-off, maximum
of 2m internal waste and no top cap.
All intercepts are reported as drill widths.
Please click here for Figure 1: South West
Location Map- Golden Highway
Project:
http://www.monetaporcupine.com/i/maps/2018-04-11_NR-Fig1.jpg
Please click here for Figure 2: South West:
Geology and Drill Location
Map:
http://www.monetaporcupine.com/i/maps/2018-04-11_NR-Fig2.jpg
Please click here for Figure 3: South West:
Schematic Cross
Section:
http://www.monetaporcupine.com/i/maps/2018-04-11_NR-Fig3.jpg
Table 2: Drill Hole Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
MGH17-065
|
570,540
|
5,369,300
|
320
|
90
|
-55
|
793.90
|
MGH17-068
|
571,201
|
5,369,632
|
325
|
90
|
-56
|
453.00
|
MGH17-069
|
571,571
|
5,369,897
|
325
|
30
|
-60
|
573.00
|
MGH17-070
|
571,205
|
5,369,757
|
325
|
90
|
-53
|
525.00
|
MGH17-071
|
570,600
|
5,369,220
|
320
|
90
|
-50
|
846.00
|
MGH17-072
|
570,555
|
5,369,444
|
320
|
90
|
-55
|
501.00
|
MGH17-073
|
571,000
|
5,369,757
|
320
|
90
|
-58
|
600.00
|
MGH17-075
|
571,032
|
5,369,457
|
320
|
90
|
-51
|
594.00
|
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.
This news release includes certain forward-looking
information and forward-looking statements, collectively
"forward-looking statements" within the meaning of
applicable Canadian securities legislation. 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 include, but are not limited to
information with respect to the future performance of the business,
its operations and financial performance and condition such as the
Company's drilling program and the timing and results thereof; and
the ability of the Company to finance and carry out its anticipated
goals and objectives.
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.