Symbol: TSX: ME
TORONTO, June 5, 2018 /CNW/ - Moneta Porcupine Mines
Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the
"Company") is pleased to announce the results from six diamond
drill holes completed on the Windjammer North area ("Windjammer
North") located within the Company's Golden Highway Project
(located 110 km east of Timmins,
Ontario).
Highlights:
Step-out drilling at Windjammer North was designed to test the
up and down plunge extensions of the two main plunging zones of
gold mineralization previously identified at Windjammer North
(Press release, 05 October 2017) as
well as test Zone 3 and Zone 4 at depth.
Plunging Zones
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Drill hole
MGH17-049 extended Zone 1 by 125 m up-plunge
and intersected 3.00 metres ("m") @ 3.60 gram per tonne gold
("g/t Au"), including 1.00 m @ 7.56 g/t Au.
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Drill hole
MGH17-049 extended Zone 2 up-plunge by 125 m in
hold intersecting 2.21 m @ 2.11 g/t Au.
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Drill hole
MGH17-053 intersected Zone 3 extending the zone
by over 125 m down-plunge to the west, assaying 9.50 m @
7.52 g/t Au including 2.82 m @ 19.46 g/t Au. MGH17-046 and
MGH17-049 extended the zone up-plunge by up to 150 m
intersecting 1.00 m @ 5.78 g/t Au and 2.00 m @ 2.14 g/t Au
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Zone 4 was
confirmed in Holes MGH17-053 and MGH17-040
intersecting 0.80 m @ 4.92 g/t Au and 2.27 m @ 1.66 g/t
Au
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Gary O'Connor, CEO & Chief
Geologist commented, "We are very pleased to have extended the
up-dip and down-dip plunges of the two main zones of mineralization
at Windjammer North and confirmed two additional zones at depth.
Drilling has extended the size of mineralization within this gold
system and has confirmed our interpretation and the high-grade
potential at Windjammer North. The encouraging results add to our
inventory of targets with good potential within the Golden Highway
Project beyond the South West and Discovery areas with Windjammer
North also returning good intercepts from step-out
drilling."
The latest assay results are from six drill holes totalling
3,085.0 m of drilling completed at
Windjammer North testing higher grade structural targets. The drill
program at Windjammer North was part of the previously announced
exploration drill program undertaken by the Company in late 2017 on
the Golden Highway Project, which was expanded to 41,100 m in 70 drill holes. Additional assays for
drilling conducted at South West and the "55" area are pending and
will be released as they become available.
Windjammer North
The Windjammer North area is located immediately south of, and
parallel to the regional Destor-Porcupine Fault Zone ("DPFZ"),
trending ENE (070°) and is hosted primarily within altered
komatiitic ultramafic rocks of the Kidd-Munro assemblage in contact
with basaltic flows. The target consisted of two main west plunging
(~25°W) zones up to 50 m wide and up
to 15 m thick, that can be traced for
over 400 m in strike length. The
third and fourth zones were tested and confirmed in this drill
program. Two additional zones have also potentially been identified
but not yet modelled. The zones show an aggregate thickness of
close to 80 m.
Windjammer North consists of massive to brecciated ultramafic
metavolcanics that have been altered to grey to green-grey
fuchsite-carbonate assemblage in the western and central portion of
the zone with more mafic metavolcanics to the east displaying
albite bleaching and sericite alteration. Fracture-filling chlorite
and specular hematite are common. Gold mineralization is associated
with pyrite-rich white to light grey quartz veining and veinlets.
The structural corridor has been intruded by variably altered
felsic intrusive dykes.
Windjammer North Drill Results
Drill holes MGH17-040 and MGH17-042 were drilled to test
the high-grade core of Zone 3 and Zone 4. MGH17-040 confirmed the
two zones intersecting 1.04 m @ 4.48
g/t Au and 10.81 m @ 1.44 g/t Au,
including 0.74 m @ 2.19 g/t Au from
Zone 3. Hole MGH17-042 also intersected the fourth and deeper zone
which returned 2.27 m @ 1.66 g/t Au
at a depth of 582.45 m.
Drill hole MGH17-046 confirmed the up-plunge continuity
of Zone 1 by 75 m returning
3.17 m @ 1.99 g/t Au and intersected
Zone 3 at depth which returned 1.00 m
@ 5.78 g/t Au.
Drill hole MGH17-049 tested and confirmed the shallow
up-plunge continuity of Zones 1 and 2 by up to 125 m returning 3.00
m @ 3.60 g/t Au including 1.00
m @ 7.56 g/t Au from Zone 1 at a depth of 143.50 m, and 2.21
m @ 2.11 g/t Au from Zone 2 at a depth of 198.66 m. The hole also intersected 2.00 m @ 2.14 g/t Au in Zone 3.
Hole MGH17-053 was drilled to test the down plunge
extensions of Zone 1 and Zone 3. Zone 1 was extended by
50 m and returned 0.31 m @ 3.37 g/t Au. Zone 3 was extended by
125 m intersecting 9.50 m @ 7.52 g/t Au including 2.82 m @ 19.46 g/t Au which included 0.82 m @ 45.70 g/t Au and 0.97 m @ 10.90 g/t Au at 463.2 m depth. A new and potentially fourth zone
was intersected at depth (561.40m)
returning 0.80 m @ 4.92 g/t Au and
0.90 m @ 4.38 g/t Au.
Drill hole MGH17-054 tested the shallow up dip plunge of
Zones 1 and 2 to the east but appears to have been drilled too far
south.
Table 1:
Windjammer North: Selective Significant Drill
Results
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Hole
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From
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To
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Length
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Au
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Zone
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#
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(m)
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(m)
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(m)
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(g/t)
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#
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MGH17-040
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451.07
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452.11
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1.04
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4.48
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3
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MGH17-040
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466.92
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477.73
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10.81
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1.44*
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3
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includes
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466.92
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467.39
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0.47
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2.01
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3
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and
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470.26
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471.00
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0.74
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2.19
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3
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MGH17-040
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582.45
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584.72
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2.27
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1.66*
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4
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includes
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583.85
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584.72
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0.87
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2.85
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4
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MGH17-046
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229.00
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232.17
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3.17
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0.99*
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1
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MGH17-046
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444.50
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445.50
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1.00
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5.78
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3
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MGH17-049
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143.50
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146.50
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3.00
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3.60
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1
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includes
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145.50
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146.50
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1.00
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7.56
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1
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MGH17-049
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198.66
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200.87
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2.21
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2.11
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2
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MGH17-049
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375.00
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377.00
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2.00
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2.14
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3
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MGH17-053
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193.77
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194.78
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1.01
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2.33
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MGH17-053
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321.34
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321.65
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0.31
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3.37
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1
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MGH17-053
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462.30
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471.80
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9.50
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7.52*
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3
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includes
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462.30
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463.27
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0.97
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10.90
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3
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and
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467.30
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470.12
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2.82
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19.46
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3
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includes
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469.30
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470.12
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0.82
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45.70
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3
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MGH17-053
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561.40
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562.20
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0.80
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4.92
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4
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MGH17-053
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569.90
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570.80
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0.90
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4.38
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4
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Intercepts are
calculated using a 2.0 g/t Au cut-off unless noted (*), maximum of
2m internal waste and no top
cap. All intercepts are reported as drill widths and thought to be
close to 100% of true widths.
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Please click below for Figure 1: Windjammer
North Location Map- Golden Highway Project:
http://www.monetaporcupine.com/i/maps/NR-june52018-2.png
Please click below for Figure 2: Windjammer
North: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/NR-june52018-3.jpg
Figure 3: Windjammer North: Schematic Cross
Section
http://www.monetaporcupine.com/i/maps/NR-june52018-4.jpg
Table 2: Drill
Hole Details
|
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
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°
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m
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MGH17-040
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572,358
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5,371,361
|
330
|
160
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-65
|
630.00
|
MGH17-042
|
572,406
|
5,371,446
|
331
|
160
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-60
|
651.00
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MGH17-046
|
572,618
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5,371,376
|
337
|
160
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-65
|
450.00
|
MGH17-049
|
572,697
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5,371,377
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330
|
160
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-65
|
400.00
|
MGH17-053
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572,268
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5,371,315
|
329
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160
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-65
|
654.00
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MGH17-054
|
572,905
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5,371,390
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329
|
160
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-62
|
300.00
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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.