Symbol: TSX:
ME
TORONTO, Sept. 18, 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 "55" Deposit ("55") located within the
Company's Golden Highway Project (located 110 km east of
Timmins, Ontario, see Figure
1).
Highlights:
Drilling at "55" successfully in
confirmed all seven (7) vein structures and located new
veins
Vein Structures
•
|
"D"
Vein
|
MGH17-052
intersected 1.74 m @ 7.04 g/t Au including 0.85 m @ 12.15 g/t Au.
MGH17-050 returned 2.00 m @ 3.60 g/t Au including 1.00 m @ 5.12 g/t
Au
|
|
|
|
•
|
"B"
Vein
|
Drill hole
MGH17-050 intersected 2.00 m @ 3.03 g/t Au and hole MGH17-052
assayed 1.00 m @ 3.24 g/t Au
|
|
|
|
•
|
"J"
Vein
|
Drill hole
MGH17-055 intersected 10.00 m @ 1.78 g/t Au including 2.00 m @ 4.11
g/t Au
|
|
|
|
•
|
"I"
Vein
|
Drill hole
MGH17-057A intersected 6.00 m @ 2.19 g/t Au including 1.00 m @ 4.46
g/t Au
|
|
|
|
•
|
"K"
Vein
|
MGH17-055
intersected 2.70 m @ 1.68 g/t Au including 0.90 m @ 3.58 g/t
Au
|
|
|
|
•
|
"G"
Vein
|
MGH17-061
intersected 11.20 m @ 0.92 g/t Au including 1.00 m @ 2.60 g/t
Au
|
|
|
|
•
|
New
Veins
|
MGH17-061
intersected a new vein assaying 0.80 m @ 7.34 g/t Au. MGH17-055
intersected an additional new vein returning 2.00 m @ 2.27 g/t Au
including 1.00 m @ 3.31 g/t Au
|
Gary O'Connor, CEO & Chief
Geologist commented, "We are encouraged with the latest drill
results from the "55" deposit, confirming all seven (7) vein
structures tested on the current program. The area represents an
additional target area in a similar geological setting to the South
West deposit where we are confident of adding new higher-grade
structural zones to our resource base."
The latest assay results are from six (6) drill holes totalling
1,467.0 m of drilling at "55" that
were designed to confirm 7 of the 12 higher-grade structural vein
targets identified to date. Hole MGH17-057 was a re-drill of hole
MGH17-057A which could not be completed. The drill program at "55"
concludes the previously announced exploration drill program
undertaken by the Company in late 2017 and early 2018 for a total
of 39,300 m in 66 drill holes on the
Golden Highway Project.
"55" Deposit
The "55" area occurs approximately 2
kilometres (km) west of the South West Deposit ("South West"), the
target of most of the 2017/2018 drill program. Gold mineralization
occurs in a similar geological setting and style to South West also
hosted within Timiskaming age clastic sediments in contact with
predominantly Banded Iron Formation (BIF) units to the north in
fault contact with ultramafic rocks. The fault is one of the main
splays of the regional Destor-Porcupine Fault Zone. BIF units also
bound the mineralization to the
south.
A total of twelve (12) NNW trending vein structures and one (1)
stockwork zone have been interpreted to date. The veins have been
traced up to 250 m in strike length
and drilled to depths of 300 m. The
drill program was designed to drill confirm 7 of the vein
structures interpreted from historical drilling consisting of 70
drill holes for 20,356 m of drilling
at "55". The main veins have an average width of approximately
2.50 m and are spaced 30 m to 35 m apart.
The stockwork zone "shoot" occurs up to 50
m long and 25 m wide along the
sheared BIF contact within the clastic sediments. The shoot has
been drilled to depths of 300 m and
plunges steeply at ~70° to the west. The mineralized shoot was not
tested in this program.
Gold mineralization is associated with quartz-pyrite veining
within structural corridors associated with
ankerite-sericite-silica-pyrite alteration hosted within the
clastic sediments.
"55" Drill Results
Drill hole MGH17-050 was drilled to test the "B" vein
structures within the western structural corridor at "55". The hole
intercepted the "B" vein and returned 4.00
m @ 2.40 g/t Au including 1.00
m @ 5.12 g/t Au.
Drill hole MGH17-052 was drilled south of MGH17-050 to
test the "C" and "D" vein structures from the western structural
corridor. The hole returned 1.75 m @
7.04 g/t Au including 0.85 m @ 12.15
g/t Au from the "D" vein at 75.85 m
down hole depth and 1.00m @ 3.24 g/t
Au from the "C" vein.
MGH17-055 was drilled to test the "J" and "K" vein
structures from the eastern structural corridor. The hole
intersected both veins and returned 10.00
m @ 1.78 g/t Au including 2.00
m @ 4.11 g/t Au from the "J" vein.
Drill holes MGH17-057 and MGH17-057A were drilled
to test the "I" and "J" structures from the eastern structural
corridor. MGH17-057 intersected both veins and assayed
5.00 m @ 1.60 g/t Au including
1.00 m @ 2.91 g/t Au from the "J"
vein at a depth of 122.00 m.
MGH17-057A intersected the "I" vein returning 6.00 m @ 2.19 g/t Au including 1.00 m @ 4.46 g/t Au at a depth of 47.00 m.
Diamond drill hole MGH17-061 was drilled to test the
"G", "I" and "J" vein structures. The hole intercepted 1.30 m @ 4.52 g/t Au including 0.60 m @ 6.38 g/t Au from the "G" vein at
75.50 m down hole depth. The hole
also intersected 0.80 m @ 7.34 g/t Au
from a new vein and 1.00 m @ 3.01 g/t
Au from the "I" vein.
Table 1: "55": Selective Significant Drill
Results
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
(#)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(Name)
|
MGH17-050
|
170.40
|
174.40
|
4.00
|
2.40*
|
B Vein
|
includes
|
171.40
|
173.40
|
2.00
|
3.60
|
B Vein
|
includes
|
172.40
|
173.40
|
1.00
|
5.12
|
B Vein
|
MGH17-050
|
177.00
|
179.00
|
2.00
|
2.47*
|
B Vein
splay
|
includes
|
177.00
|
178.00
|
1.00
|
3.28
|
B Vein
splay
|
MGH17-050
|
202.50
|
208.30
|
5.80
|
1.97*
|
B Vein
splay
|
includes
|
203.50
|
205.50
|
2.00
|
3.03
|
B Vein
splay
|
MGH17-052
|
75.85
|
77.60
|
1.75
|
7.04
|
D Vein
|
includes
|
75.85
|
76.70
|
0.85
|
12.15
|
D Vein
|
MGH17-052
|
135.00
|
136.00
|
1.00
|
3.24
|
C Vein
|
MGH17-055
|
64.90
|
66.50
|
1.60
|
3.45
|
New
|
MGH17-055
|
118.00
|
128.00
|
10.00
|
1.78*
|
J Vein
|
includes
|
125.00
|
127.00
|
2.00
|
4.11
|
J Vein
|
MGH17-055
|
152.00
|
153.80
|
2.70
|
1.68*
|
K Vein
|
includes
|
152.00
|
152.90
|
0.90
|
3.58
|
K Vein
|
MGH17-055
|
179.50
|
181.50
|
2.00
|
2.28
|
New
|
MGH17-055
|
190.00
|
192.00
|
2.00
|
2.27
|
New
|
includes
|
191.00
|
192.00
|
1.00
|
3.31
|
New
|
MGH17-057
|
122.00
|
127.00
|
5.00
|
1.60
|
J Vein
|
includes
|
122.00
|
123.00
|
1.00
|
2.91
|
J Vein
|
and
|
125.00
|
126.00
|
1.00
|
2.64
|
J Vein
|
MGH17-057A
|
42.00
|
48.00
|
6.00
|
2.19
|
I Vein
|
includes
|
47.00
|
48.00
|
1.00
|
4.46
|
I Vein
|
MGH17-061
|
75.70
|
77.00
|
1.30
|
4.52
|
G Vein
Splay
|
includes
|
76.40
|
77.00
|
0.60
|
6.38
|
G Vein
Splay
|
MGH17-061
|
87.00
|
98.20
|
11.20
|
0.92
|
G Vein
|
includes
|
87.00
|
88.00
|
1.00
|
2.60
|
G Vein
|
MGH17-061
|
105.80
|
106.60
|
0.80
|
7.34
|
New
|
MGH18-061
|
311.00
|
312.00
|
1.00
|
3.01
|
I Vein
|
MGH18-061
|
347.00
|
348.00
|
1.00
|
4.26
|
J Vein
Splay
|
MGH18-061
|
363.10
|
364.10
|
1.00
|
4.51
|
J Vein
|
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 estimated to be 70% to 85% of true widths.
Please click below for Figure 1: "55" Location
Map - Golden Highway
Project
http://www.monetaporcupine.com/i/maps/2018-09-18_NR-Fig1.jpg
Please click below for Figure 2: "55"
Geology and Drill Location
Map
http://www.monetaporcupine.com/i/maps/2018-09-18_NR-Fig2.jpg
Please click below for Figure 3: "55"
Schematic Cross
Section
http://www.monetaporcupine.com/i/maps/2018-09-18_NR-Fig3.jpg
Table 2: Drill Hole Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
(#)
|
(mE)
|
(mN)
|
(masl)
|
(°)
|
(°)
|
(m)
|
MGH17-050
|
569114
|
5368849
|
320
|
115
|
-57
|
240.0
|
MGH17-052
|
569128
|
5368763
|
320
|
111
|
-59
|
252.0
|
MGH17-055
|
569331
|
5368843
|
320
|
113
|
-58
|
240.0
|
MGH17-057
|
569320
|
5368810
|
325
|
115
|
-55
|
250.0
|
MGH17-057A
|
569320
|
5368810
|
325
|
115
|
-55
|
85.0
|
MGH17-061
|
569233
|
5368792
|
321
|
112
|
-56
|
400.0
|
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, FAusIMM 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.