Symbol: TSX: ME
TORONTO, June 21, 2018 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce the results from seven
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 has continued to extend the
strike and depth extent of the vein structures and extend the size
of the mineralized shoots. One new vein, Walnut has been confirmed
by drilling, increasing the total number of veins to
seventeen.
Vein array
•
|
Cedar
Vein
|
Drill hole
MGH17-081 confirmed the northern and up-dip extensions of the Cedar
vein intersecting 1.93 metres ("m") @ 34.36 grams per tonne gold
("g/t Au") including 1.03 m @ 65.10 g/t Au
|
|
|
|
•
|
Birch
Vein
|
Birch was
intersected in drill hole MGH17-081 returning 3.00 m @ 5.38 g/t Au
extending the vein
up-dip
|
|
|
|
•
|
Walnut
Vein
|
Drill hole
MGH17-083 intersected the new Walnut vein located 50 m west of
Willow, assaying 3.00 m @ 5.73 g/t Au including 0.75 m @ 9.17 g/t
Au extending the vein to depth by 100 m
|
|
|
|
•
|
Maple
Vein
|
MGH17-087
intersected Maple vein extending the vein by 50 m up-dip assaying
0.45 m @ 10.65 g/t Au
|
|
|
|
•
|
Pine
Vein
|
Drill hole
MGH17-087 intersected 0.80 m @ 8.90 g/t Au extending Pine by ~50
m
|
|
|
|
•
|
Spruce
Vein
|
Drill hole
MGH17-087 intersected Spruce assaying 1.20 m @ 8.72 g/t Au
confirming ~50 m up-dip extension
|
Mineralized Shoots
•
|
SW-1: Drill hole
MGH17-084 intersected 15.00 m @ 1.76 g/t Au including 2.10 m @ 3.02
g/t Au confirming the shallow extensions of this shoot by 25 m to
the south
|
Gary O'Connor, CEO & Chief
Geologist commented, "We are extremely pleased to continue to
expand the footprint of gold mineralization at South West and
confirm another new vein, Walnut and extend the known seventeen
vein structures to depth and to the south. Our new drilling and
understanding of the vein structures gives us confidence that we
can connect the veins from surface to the historical drilling to
depths of 1,200 m. We also extended
the size of one mineralized shoot, SW-1 with the current drilling.
We are encouraged by the new results and plan to complete the
logging and assaying of core from the expanded drill program at
South West to continue to define a larger gold system, increase the
number of veins and shoots, and confirm the higher
grade mineralization."
The latest assay results are from seven drill holes totalling
4,813.6 m of drilling at South West
that continues to test the higher grade structural targets. The
ongoing drill program at South West follows up on the previously
announced exploration drill program undertaken by the Company in
late 2017 and early 2018 on the Golden Highway Project and that was
expanded to 41,100 m in 70 drill
holes. Assays for additional drill holes are pending and will be
released as they become available for the South West and "55"
areas.
South West Deposit
Drilling to date at South West has
been successful in confirming the existence of seventeen (17)
stacked veins and eight (8) mineralized shoots. The veins trend NW
as stacked veins, steeply dipping to the SW at 70°, and occur south
of the Banded Iron Formation ("BIF") within clastic Timiskaming age
sediments. A new vein, Walnut, the seventeenth identified to date
was confirmed in the current drilling. The first six modelled veins
have an average width of approximately 2.90
m and are spaced 25 m to
30 m apart. The vein structures can
be traced now for over 400 m strike
length and have been historically drilled to depths of up to
1,200 m and remain open but appear to
narrow to the south.
The sheared contact with the BIF hosts mineralized stockwork
zones ("shoots") which plunge ~65° to ~75° to the west and occur up
to 50 m long, 25 m wide and have been confirmed to depths of
over 800 m. A total of eight shoots
have now been identified.
The veins and stock-work style veining within the shoots occur
as quartz-carbonate-pyrite veins within an ankerite alteration halo
occasionally associated with sericite. A zone of pyrite-chlorite
and quartz veinlets occur within the vein corridors and also host
mineralization. The veins can be brecciated and occur as quartz
matrix supported breccia zones. The eight (8) mineralized shoots
and seventeen (17) vein corridors have now been successfully traced
across a width of 1,200 m.
South West Drill Results
Drill hole MGH17-081
was drilled to test the up-dip and northern extensions of the six
initial modelled veins. The drill hole intersected the Tamarack
(2.60 m @ 2.06 g/t Au), Elm
(1.00 m @ 5.15 g/t Au), Birch
(3.00 m @ 5.38 g/t Au, including
1.00 m @ 8.28 g/t Au), Balsam
(1.00 m @ 3.50 g/t Au), Cedar
(1.93 m @ 34.36 g/t Au including
1.03 m @ 65.10 g/t Au), and Pine
(1.08 m @ 5.18 g/t Au). The drill
hole added up to 50 m to the vein
extensions.
Drill hole MGH17-082 was drilled to test the Walnut,
Willow and Arbutus veins to the south and intersected the Willow
vein at 465.40 m depth assaying
0.30 m @ 2.21 g/t Au extending the
vein by 50 m. The drill hole did also
confirm the Redwood and Alder vein structures. The drill hole was
drilled to the south of the SW-3 mineralized shoots and confirmed
that the mineralization is not continuous along the BIF contact.
Drill hole MGH17-083 was also drilled to test the BIF
contact south of SW-3 and the Maple, Oak, Alder vein structures at
depth as well as the new Walnut vein, located ~50 m west of Willow.
The drill hole intersected Maple at 444.67
m (1.80 m @ 1.53 g/t Au) and
the Walnut vein structure at 697.50 m
assaying 3.00 m @ 5.73 g/t Au
including 0.75 m @ 9.17 g/t Au
extending this vein by 50 m to the
south and 100 m depth. The BIF
contact south of SW-3 was confirmed not to host mineralization.
Drill hole MGH18-084 was drilled to test the west veins
and the southern and depth extensions of the main veins by
100 m as well as the southern
extensions of the SW-1 shoot near the Main Fault. The drill hole
intersected the West veins (1.10 m @
2.58 g/t Au) and a 25 m southern step
out of the SW-1 shoot (15.00 m @ 1.76
g/t Au at 447.50 m depth). The holes
also confirmed up to 100 m extensions
of the Tamarack (0.61 m @ 3.28 g/t
Au), Cedar (1.00 m @ 5.89 g/t Au),
Pine (0.65 m @ 8.37 g/t Au) and the
Spruce vein structure (2.50 m @ 3.62
g/t Au including 1.00 m @ 6.59 g/t
Au).
Diamond drill holes MGH18-085 and MGH18-086 were drilled
to test additional 100 m extensions
of the main veins to the south and confirmed the extensions of the
Tamarack (2.90 m @ 2.60 g/t Au) and
Spruce vein structures (0.80 m @ 3.96
g/t Au). The veins structures were intersected to the south but
appear to narrow.
Drill hole MGH17-087 was drilled to confirm the main
veins and test the depth and southern extensions of the Maple, Oak
and Alder veins. The drill holes confirmed the main Elm
(2.00m @ 2.79 g/t Au), Birch, Balsam
(1.25 m @ 5.27 g/t Au), Pine
(0.50 m @ 10.75 g/t Au) and Spruce
(1.20 m @ 8.72 g/t Au) vein
structures. MGH18-087 confirmed the Maple (0.45 m @ 10.65 g/t Au), Oak (0.70 m @ 3.81 g/t Au) and the Alder (2.00 m @ 2.00 g/t Au at 575.00 m) vein structures at depth and with up to
50 m step outs to the south.
Please click below for Figure 1 - South West
Location Map- Golden Highway
Project:
http://www.monetaporcupine.com/i/maps/ME-PR-11-2018-2.jpg
Please click below for Figure 2 - South West:
Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/ME-PR-11-2018-3.jpg
Please click below for Figure 3 - South West:
Schematic Cross Section
http://www.monetaporcupine.com/i/maps/ME-PR-11-2018-4.jpg
Table 1: South West: Selective Significant Drill
Results
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
#
|
MGH18-081
|
53.40
|
56.00
|
2.60
|
2.06
|
Tamarack
|
MGH17-081
|
95.00
|
96.00
|
1.00
|
5.15
|
Elm
|
MGH17-081
|
175.00
|
183.00
|
8.00
|
2.43*
|
Birch
|
includes
|
177.00
|
180.00
|
3.00
|
5.38
|
Birch
|
includes
|
177.00
|
178.00
|
1.00
|
8.28
|
Birch
|
MGH17-081
|
214.00
|
215.00
|
1.00
|
3.50
|
Balsam
|
MGH17-081
|
266.10
|
268.03
|
1.93
|
34.36
|
Cedar
|
includes
|
267.00
|
268.03
|
1.03
|
65.10
|
Cedar
|
MGH17-081
|
283.50
|
285.50
|
2.00
|
4.30
|
Cedar
Splay
|
includes
|
284.50
|
285.50
|
1.00
|
6.80
|
Cedar
Splay
|
MGH17-081
|
306.92
|
308.00
|
1.08
|
5.18
|
Pine
|
MGH17-083
|
83.68
|
85.53
|
1.85
|
2.24
|
Main Fault
|
MGH17-083
|
345.77
|
346.52
|
0.75
|
3.12
|
New
|
MGH17-083
|
697.50
|
707.62
|
10.12
|
2.80
|
Walnut
|
includes
|
697.50
|
700.50
|
3.00
|
5.73
|
Walnut
|
includes
|
699.00
|
699.75
|
0.75
|
9.17
|
Walnut
|
MGH18-084
|
342.80
|
343.90
|
1.10
|
2.58
|
West Vein
|
MGH18-084
|
374.95
|
375.56
|
0.61
|
3.28
|
Tamarack
|
MGH18-084
|
447.50
|
462.50
|
15.00
|
1.76*
|
SW-1
|
includes
|
448.90
|
451.00
|
2.10
|
3.02
|
SW-1
|
MGH18-084
|
528.00
|
529.00
|
1.00
|
5.89
|
Cedar
|
MGH17-084
|
600.35
|
601.00
|
0.65
|
8.37
|
Pine
|
MGH18-084
|
625.00
|
627.50
|
2.50
|
3.62
|
Spruce
|
includes
|
625.00
|
626.00
|
1.00
|
6.59
|
Spruce
|
MGH18-085
|
446.00
|
448.90
|
2.90
|
2.60
|
Tamarack
|
includes
|
447.00
|
447.50
|
0.50
|
7.32
|
Tamarack
|
MGH18-085
|
811.50
|
812.30
|
0.80
|
3.96
|
Spruce
|
MGH18-087
|
99.00
|
101.00
|
2.00
|
2.79*
|
Elm
|
includes
|
100.00
|
101.00
|
1.00
|
3.70
|
Elm
|
MGH18-087
|
111.46
|
112.36
|
0.90
|
6.40
|
New
|
MGH18-087
|
134.36
|
136.53
|
2.17
|
1.71*
|
Birch
|
MGH18-087
|
195.00
|
196.25
|
1.25
|
5.27
|
Balsam
|
MGH18-087
|
309.82
|
310.62
|
0.80
|
8.90
|
Pine
|
includes
|
309.82
|
310.32
|
0.50
|
10.75
|
Pine
|
MGH18-087
|
322.91
|
323.21
|
0.30
|
15.55
|
New
|
MGH18-087
|
343.30
|
344.50
|
1.20
|
8.72
|
Spruce
|
MGH18-087
|
390.55
|
391.00
|
0.45
|
10.65
|
Maple
|
MGH18-087
|
561.00
|
563.70
|
2.70
|
1.88*
|
Oak
|
includes
|
563.00
|
563.70
|
0.70
|
3.81
|
Oak
|
Intercepts are calculated using a 2.0 g/t Au cut-off, maximum
of 2m internal waste and no top cap,
unless noted (*). All intercepts are reported as drill widths and
estimated to be 65% to 100% of true widths.
Table 2: Drill Hole Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
MGH17-081
|
571001
|
5369339
|
323
|
90
|
-51
|
528.0
|
MGH17-082
|
571050
|
5369558
|
324
|
90
|
-55
|
696.0
|
MGH17-083
|
570848
|
5369500
|
322
|
90
|
-50
|
737.8
|
MGH18-084
|
570766
|
5369256
|
321
|
90
|
-67
|
848.4
|
MGH18-085
|
570701
|
5369147
|
321
|
90
|
-60
|
812.3
|
MGH18-086
|
571055
|
5369139
|
324
|
90
|
-51
|
600.0
|
MGH18-087
|
570960
|
5369371
|
323
|
90
|
-50
|
591.1
|
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.