TORONTO, Sept. 19, 2017 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (the "Company") is
pleased to announce that it has completed a comprehensive technical
review of its gold projects and has commenced the 2017 diamond
drill program on newly generated targets on the Company's Golden
Highway Project located approximately 110km east of Timmins, Ontario.
Highlights:
- The Company has initially mobilized one drill rig, with
plans to add up to 3 additional drill rigs, to drill test newly
developed drill targets on the Golden Highway Project;
- The Discovery Zone is the first of the new targets generated
to be drill tested;
- The Discovery Zone is seen to consist of 6 steeply dipping
parallel structures over a height of 275m open to depth and a
strike length of 250m;
- Historically drilling of the Discovery Zone has returned
assays of up to 7.20m @ 6.24g/t Au and 7.00m @ 5.86g/t Au.
Strategic Target Review
The Company has spent the summer of 2017 completing a strategic
review of all projects and targets within the Company's portfolio
of gold projects within the Timmins Gold Camp which resulted in an
extensive program including the re-interpretation and relogging of
the geology, mineralization style and structural setting of
historical targets as well as the sampling of previously un-sampled
historical drill core. The strategic review has generated a number
of higher grade targets displaying the size and grade potential to
warrant drill testing. The initial priority has been on the Golden
Highway Project where the Company has historically outlined a large
low grade open pit resource along and adjacent to the
Destor-Porcupine Fault Zone ("DPFZ"). The Discovery Zone is the
first of the new targets to be drill tested within the current
~20,000m program to be completed by the end of the year with up to
4 drill rigs.
Discovery Zone
The Discovery Zone (see Figure 1) is located on a southern splay
of the DPFZ and is hosted within altered komatiitic ultramafic
rocks of the Kidd-Munro assemblage to the north and within the
sheared fault contact with greywacke units of the Timiskaming age
sedimentary rocks to the south. The faulted contact dips steeply to
the south (~75°). A total of 6 structural zones have been modelled
within a south dipping structural corridor over an aggregate width
of 35m and trending ENE, parallel to the DPFZ. The structures have
been traced for a strike length of 250m and over a height of 275m
and remain open in both directions. The individual mineralized
zones dip at the same orientation as the DPFZ and are noted by
strong quartz veining, quartz stockwork and pyrite alteration.
For a Location Map of the Discovery
Zone on the Golden Highway Project, please click on the following
link:
http://www.monetaporcupine.com/i/maps/2017-09-19_NR-Fig1.jpg
For a Cross Section of the Discovery Zone,
please click on the following link:
http://www.monetaporcupine.com/i/maps/2017-09-19_NR-Fig2.jpg
The ultramafic rocks have been altered to grey-green and green
carbonate (fuchsite) with pervasive ankerite and chlorite-pyrite
fracture filling and alteration of the sediments and ultramafic
units. Quartz (silica) alteration and veining is associated with
mineralization often with fluorite rims. Mineralization occurs
within the altered and sheared ultramafic units, quartz feldspar
and feldspar porphyry dykes and quartz cemented breccia zones.
Altered clasts of quartz feldspar and feldspar porphyry dykes occur
as clasts within the breccia zones. An interpretative section is
included as Figure 2 to show the structural setting of the
Discovery Zone and the planned drill program.
For selected historical drill results from the
Discovery Zone, please click
here:
http://www.monetaporcupine.com/i/maps/2017-09-19_NR-Table1.jpg
The initial drill program designed to confirm and test the
extent and grade of the zones will consist of a total of 6 drill
holes for 2,230m with 3 new holes and 3 drill extensions of
historical holes which stopped short of the prospective
sedimentary-ultramafic contact zone. An additional 2 holes for
1,140m are planned should results warrant. The Discovery Zone
target is located outside of the historical resource.
QA/QC Procedures
All drilling conducted by Moneta will be oriented. Drill core
will be sawn and half sent for drying and crushing to -2mm, with a
1kg split pulverized to -75µm (200#). A 50g charge will be Fire
Assayed and analyzed using a AAS finish for Gold. Samples above
10g/t Au will be analyzed by Fire Assay with a gravimetric finish
and selected samples with visible gold or high-grade mineralization
will be assayed by Metallic Screen Fire Assay. Moneta will
insert independent certified reference material, blanks, pulp
repeats and sample duplicates with the samples as well as complete
third-party check assays. Gary
O'Connor, MAusIMM has reviewed the contents of this press
release.
About Moneta
Moneta 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,
Kayoram and Denton projects. The Golden Highway Project covers 12
kilometres of prospective ultramafic/mafic volcanic/sedimentary
rocks along the DPFZ hosting a historical 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 statements
concerning the closing of the Offering, the use of proceeds of the
Offering, future performance of our business, its operations and
its financial performance and condition, as well as management's
objectives, strategies, beliefs and intentions. 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 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.