Symbol: TSX: ME
TORONTO, July 19, 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 identified a new
mineralized shoot (SW-6) and the extensions of two (2) new veins to
the West. Results continue to extend the strike and depth extent of
the known vein structures and mineralized shoots.
Mineralized Shoots
•
|
SW-6
|
Drill hole
MGH18-091 intersected a new mineralized shoot (SW-6) assaying 47.00
metres ("m") @ 2.08 grams per tonne gold ("g/t Au") including 1.86
m @ 5.66 g/t Au and 1.00 m @ 6.49 g/t Au
|
Vein Structures
•
|
Willow
Vein
|
MGH18-090
intersected Willow vein extending the vein by 50 m to the north
assaying 3.30 m @ 3.67 g/t Au including 1.00 m @ 7.06 g/t
Au
|
•
|
Redwood
Vein
|
Drill hole
MGH18-088 intersected 4.70 m @ 2.16 g/t Au including 1.00 m @ 3.74
g/t Au extending Redwood by ~100 m to the south
|
•
|
West #1
Vein
|
Drill hole
MGH18-093A intersected a new vein structure West Vein #1, assaying
10.00 m @ 2.11 g/t Au including 3.15 m @ 3.24 g/t Au and 1.00 m @
4.09 g/t Au 300m south of the West veins
|
•
|
West #2
Vein
|
A second vein
structure West Vein #2 was intersected in drill hole MGH18-093A
assaying 3.00 m @ 3.28 g/t Au including 1.15 m @ 7.03 g/t Au
extending the structures by 300 m to the south
|
Gary O'Connor, CEO & Chief
Geologist commented, "We continue to be encouraged by the drill
results which have continued to extend mineralization and
intersected new mineralization. We have now identified seventeen
(17) vein structures and along strike and nine (9) mineralized
shoots, ultimately adding to the overall size potential at South
West. These results continue to increase our confidence and
understanding of the vein structures and stockwork zones. We plan
to complete the logging and assaying of core from the expanded
drill program on the Golden Highway project in order to define a
larger gold system; increase the number of veins and shoots; and
confirm the higher grade mineralization in preparation
for a resource update."
The latest assay results are from seven drill holes totalling
3,868.0 m of drilling at South West
that continues to test the higher grade structural targets. The
drill program at South West follows up on the previously announced
exploration drill program undertaken by the Company in late 2017
and 2018 that was expanded to 41,100
m in 70 drill holes. Assays for the remaining 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) vein
structures and nine (9) 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. Two new veins intersected in the current drilling are
thought to be the southern extensions of veins west of the Main
Fault. 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 now be traced for over
400 m in strike length and have been
historically drilled to depths of up to 1,200 m.
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 1,000 m. A total of nine (9)
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 occurs within the vein corridors and also hosts
gold mineralization. The veins can be brecciated and occur as
quartz matrix supported breccia zones. The nine (9) mineralized
shoots and seventeen (17) vein corridors have now been successfully
traced over a width of 1,200 m.
South West Drill Results
Drill hole MGH18-088 was drilled to test the southern
extensions of the Redwood, Maple and Oak Veins. The drill hole
intersected the Redwood Vein (4.70 m
@ 2.16 g/t Au, including 1.00 m @
3.74 g/t Au at 510.00 m depth)
extending this vein by ~100 m to the south.
Drill hole MGH18-089 was drilled to test the
location of stockwork vein zones located within mineralized shoots
north and south of the BIF unit adjacent to the four SW-3 shoots.
The hole drilled between the SW-3c and SW-3d shoots. The hole also
tested the northern extensions of the Willow, Arbutus and Yew
structures which it intersected (Yew: 0.30
m @ 3.51 g/t Au).
Drill hole MGH18-090 was also drilled to test the
northern extensions of the SW-3 shoots, the up-dip extensions of
the Willow and Arbutus veins and the northern contacts with the
BIF. The drill hole extended the SW-3d shoot by 25 m to the north intersecting 7.00 m @ 1.26 g/t Au and intersected the northern
extensions of the Willow Vein assaying 3.30
m @ 3.67 g/t Au including 1.00
m @ 7.06 g/t Au at 286.0 m
depth extending the vein 50 m to the
north and 100 m up-dip.
Drill hole MGH18-091 was drilled to test the northern and
southern BIF contacts in the area between the SW-4 and SW-3
mineralized shoots. The drill hole intersected a new zone of
stockwork veining (SW-6) on the southern contact of the BIF, south
of the gabbro returning 47.00 m @
2.08 g/t Au at 381.0 m depth
including 23.87 m @ 2.48 g/t Au
including 1.86 m @ 5.66 g/t Au and
1.00 m @ 6.49 g/t Au.
Diamond drill hole MGH18-092 was drilled to test the
southern extensions of the Willow and Arbutus veins up to
600 m south of the BIF contact. The
vein structures continue but narrow to the south.
Drill holes MGH18-093 and MGH18-093A were drilled to test
the southern extensions of the vein structures located west of the
Main Fault and the western and depth extensions of the SW-1 shoot.
The drill holes confirmed the extensions of two vein structures up
to 300 m to the south intersecting
10.00 m @ 2.11 g/t Au including
3.15 m @ 3.24 g/t Au at 164.0m depth and 3.00
m @ 3.28 g/t Au including 1.15
m @ 7.03 g/t Au at 251.00 m
depth. MGH18-093 intersected the western extensions of SW-1
intersecting 1.00 m @ 2.33 g/t Au at
611.00 m extending the mineralized
stockwork by 100 m to the west and
100 m to depth. Drill hole MGH18-093A
was terminated short of the target.
Please click below for Figure 1 - South West
Location Map: Golden Highway
Project
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig1.jpg
Please click below for Figure 2 - South West:
Geology and Drill Location
Map
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig2.jpg
Please click below for Figure 3 - South West:
Schematic Cross
Section
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig3.jpg
Table 1: Drill Hole Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
#
|
mE
|
mN
|
masl
|
°
|
°
|
m
|
MGH17-088
|
571001
|
5369271
|
323
|
90
|
-55
|
714.0
|
MGH17-089
|
570951
|
5369697
|
324
|
90
|
-57
|
453.0
|
MGH17-090
|
570999
|
5369798
|
325
|
85
|
-66
|
624.0
|
MGH18-091
|
571103
|
5369904
|
325
|
90
|
-60
|
471.0
|
MGH18-092
|
571369
|
5369396
|
326
|
90
|
-55
|
540.0
|
MGH18-093
|
570820
|
5368955
|
323
|
3
|
-73
|
700.0
|
MGH18-093A
|
570782
|
5368994
|
323
|
5
|
-68
|
366.0
|
Table 2: South West: Selective Significant Drill
Results
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
#
|
(m)
|
(m)
|
(m)
|
(g/t)
|
#
|
MGH18-088
|
510.00
|
514.70
|
4.70
|
2.16
|
Redwood
|
includes
|
510.00
|
511.00
|
1.00
|
3.74
|
Redwood
|
MGH18-089
|
160.30
|
160.60
|
0.30
|
2.44
|
Willow
|
MGH18-089
|
256.70
|
257.00
|
0.30
|
3.51
|
Yew
|
MGH18-090
|
264.00
|
271.00
|
7.00
|
1.26*
|
SW-3d
|
includes
|
264.00
|
265.00
|
1.00
|
2.29
|
SW-3d
|
and
|
267.00
|
268.00
|
1.00
|
2.73
|
SW-3d
|
MGH18-090
|
275.00
|
277.00
|
2.00
|
2.00
|
SW-3d
|
MGH18-090
|
286.00
|
289.30
|
3.30
|
3.67
|
Willow
|
includes
|
287.30
|
288.30
|
1.00
|
7.06
|
Willow
|
MGH18-091
|
381.00
|
428.00
|
47.00
|
2.08*
|
SW-6
|
includes
|
381.00
|
385.98
|
4.98
|
1.96*
|
SW-6
|
and
|
389.00
|
391.00
|
2.00
|
3.81
|
SW-6
|
and
|
398.00
|
400.98
|
2.98
|
2.16
|
SW-6
|
and
|
403.13
|
427.00
|
23.87
|
2.48
|
SW-6
|
includes
|
409.00
|
427.00
|
18.00
|
2.74
|
SW-6
|
includes
|
409.00
|
416.00
|
7.00
|
3.01
|
SW-6
|
includes
|
413.14
|
415.00
|
1.86
|
5.66
|
SW-6
|
and
|
419.00
|
427.00
|
8.00
|
3.02
|
SW-6
|
includes
|
421.00
|
422.00
|
1.00
|
6.49
|
SW-6
|
MGH18-093A
|
151.75
|
177.00
|
25.25
|
1.33*
|
New West-1
|
includes
|
151.75
|
154.00
|
2.25
|
2.08
|
New West-1
|
and
|
164.00
|
174.00
|
10.00
|
2.11
|
New West-1
|
includes
|
164.00
|
165.00
|
1.00
|
4.09
|
New West-1
|
and
|
170.85
|
174.00
|
3.15
|
3.24
|
New West-1
|
MGH18-093A
|
193.32
|
194.06
|
0.74
|
3.92
|
New
|
MGH18-093A
|
195.20
|
196.00
|
0.80
|
5.56
|
New
|
MGH18-093A
|
254.00
|
255.00
|
1.00
|
2.63
|
New West-2
|
MGH18-093A
|
260.00
|
263.00
|
3.00
|
1.52*
|
New West-2
|
includes
|
260.00
|
261.00
|
1.00
|
2.51
|
New West-2
|
MGH18-093
|
168.00
|
169.50
|
1.50
|
2.20
|
New West-1
|
MGH18-093
|
172.04
|
173.00
|
0.96
|
4.08
|
New West-1
|
MGH18-093
|
251.00
|
254.00
|
3.00
|
3.28
|
New West-2
|
includes
|
251.00
|
252.12
|
1.15
|
7.03
|
New West-2
|
MGH18-093
|
484.00
|
486.00
|
2.00
|
2.15
|
New West-3
|
MGH18-093
|
493.00
|
494.00
|
1.00
|
2.20
|
Main Fault
|
MGH18-093
|
611.00
|
612.00
|
1.00
|
2.33
|
SW-1
|
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.
|
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.