TORONTO, July 24, 2019 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce the results from two diamond
drill holes on the 2019 winter drill program. The holes were
completed on the South West Deposit ("South West") located within
the Company's Golden Highway Project, 110 km east of Timmins, Ontario, (see Figure 1).
Highlights:
Drill hole MGH19-119 intersected the
eastern main veins within the current resource and extended the Gap
veins to depths of up to 100 m below
the resource at South West. MGH19-120 intersected the eastern main
veins and Gap veins up to 100 m south
of the updated resource at shallower depths.
MGH19-119
|
•
|
Yew
Vein
|
Drill hole
MGH19-119 intersected 4.75 metres ("m") @ 1.46 grams per tonne gold
("g/t Au") including 0.80 m @ 2.75 g/t Au and 1.00 m @ 2.30 g/t Au,
plus 2.00 m @ 3.17 g/t Au from Yew
|
|
|
|
•
|
Gap-2
Vein
|
Drill hole
MGH19-119 intersected 4.40 m @ 2.61 g/t Au, including 2.00 m @ 3.37
g/t Au upgrading this portion of the resource
|
|
|
|
•
|
Gap-1
Vein
|
Drill hole
MGH19-119 intersected 4.20 m @ 3.04 g/t Au including 2.05 m @ 5.41
g/t Au and 1.00 m @ 13.65 g/t Au upgrading and widening the Gap-1
vein
|
|
|
|
MGH19-120
|
•
|
Sycamore
Vein
|
Drill hole
MGH19-120 intersected 6.00 m @ 2.53 g/t Au including 1.00 m @ 7.19
g/t Au extending this new vein 70 m to the south at shallower
depths
|
|
|
|
•
|
Gap-3
Vein
|
Drill hole
MGH19-120 intersected 7.40 m @ 2.03 g/t Au including 1.40 m @ 6.70
g/t Au, and 4.35 m @ 6.94 g/t Au including 2.55 m @ 9.30 g/t Au
widening and extending this vein 80 m south
|
Gary O'Connor, CEO & Chief
Geologist commented, "We are further encouraged by the continuing
success of the 2019 winter drill program which has continued to
intersect the strike and depth extensions of the Gap series of
veins at South West beyond the current resource adding up to
100 m strike length to the south at
shallower depths and up to 75 m depth
extensions with the latest holes. We are also pleased to continue
to intersect the shallow and southern strike extensions of the new
Sycamore vein. The drill program has intercepted many of the main
veins within the current resource at South West potentially
upgrading the grade and width of veins and confirming the location
and continuity. The drill program has continued to be successful at
confirming and drilling the extensions to the resource, reinforcing
the overall confidence in our
interpretation."
The latest assay results are from two drill holes, MGH19-119 and
MGH19-120, totalling 1,212.00 m of
drilling completed at the South West deposit to test the southern
and depth extensions of the Gap veins. The drill holes also
infilled the eastern vein structures of the South West deposit
upgrading and extending the resource and confirming vein locations,
thicknesses and grade. The program has also confirmed the new
Sycamore vein structure.
Table 1: South West: Selected Significant Drill
Results
Hole
|
From
|
To
|
Length
|
Au
|
Vein
|
(#)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
(Name)
|
MGH19-119
|
321.75
|
326.50
|
4.75
|
1.46*
|
Yew
|
includes
|
321.75
|
322.55
|
0.80
|
2.75
|
Yew
|
and
|
325.50
|
326.50
|
1.00
|
2.30
|
Yew
|
MGH19-119
|
332.80
|
334.80
|
2.00
|
3.17
|
Yew Splay
|
MGH19-119
|
400.00
|
408.65
|
8.65
|
2.02
|
Larch
|
includes
|
404.80
|
407.70
|
2.90
|
3.38
|
Larch
|
includes
|
405.70
|
406.7
|
1.00
|
4.00
|
Larch
|
MGH19-119
|
478.60
|
483.00
|
4.40
|
2.61
|
Gap-2
|
includes
|
478.60
|
480.60
|
2.00
|
3.37
|
Gap-2
|
MGH19-119
|
587.50
|
588.50
|
1.00
|
3.83
|
New
|
MGH19-119
|
597.80
|
602.00
|
4.20
|
3.04
|
Gap-1
|
includes
|
599.95
|
602.00
|
2.05
|
5.41
|
Gap-1
|
MGH19-119
|
639.00
|
640.00
|
1.00
|
13.65
|
Gap-1
splay
|
MGH19-119
|
665.00
|
674.00
|
9.00
|
2.09
|
Gap-1
splay
|
includes
|
665.00
|
665.90
|
0.90
|
3.36
|
Gap-1
splay
|
and
|
671.00
|
672.00
|
1.00
|
3.42
|
Gap-1
splay
|
MGH19-119
|
735.00
|
739.60
|
4.60
|
1.17
|
Gap-4
|
MGH19-120
|
107.50
|
109.00
|
1.50
|
1.93
|
Larch
|
includes
|
107.50
|
108.00
|
0.50
|
2.88
|
Larch
|
MGH19-120
|
121.00
|
127.00
|
6.00
|
2.53
|
Sycamore
|
includes
|
122.00
|
126.00
|
4.00
|
3.27
|
Sycamore
|
includes
|
123.00
|
124.00
|
1.00
|
7.19
|
Sycamore
|
MGH19-120
|
159.15
|
162.85
|
3.70
|
1.88*
|
Gap-2
|
includes
|
161.70
|
162.85
|
1.15
|
3.04
|
Gap-2
|
MGH19-120
|
186.00
|
187.00
|
1.00
|
2.36
|
Gap-2
splay
|
MGH19-120
|
264.60
|
272.00
|
7.40
|
2.03
|
Gap-3
splay
|
includes
|
264.60
|
266.00
|
1.40
|
6.70
|
Gap-3
splay
|
includes
|
264.60
|
265.45
|
0.85
|
7.57
|
Gap-3
splay
|
MGH19-120
|
315.75
|
320.10
|
4.35
|
6.94
|
Gap-3
|
includes
|
315.75
|
318.30
|
2.55
|
9.30
|
Gap-3
|
MGH19-120
|
362.50
|
364.60
|
2.10
|
1.86*
|
Gap-1
|
includes
|
363.15
|
363.75
|
0.60
|
3.04
|
Gap-1
|
Intercepts are
geologically constrained and calculated using a 2.0 g/t Au cut-off
unless noted (*), a maximum of 2m internal dilution and no top cap
applied. All intercepts are reported as drill widths and estimated
to be 80% to 100% of true width.
|
The drill program at South West was part of the previously
announced 2019 winter exploration drill program on the Golden
Highway Project. The fully funded program consisted of 9,681 metres
of drilling in 14 completed holes designed to expand and upgrade
the updated 2019 resource. The drill program has now been completed
and results will continue to be released as they become
available.
South West Drill Results
Drill hole MGH19-119
was drilled close to the banded iron formation, BIF "A" primarily
to test the depth extensions of the Gap veins at depth up to
100 m below the current resource. The
hole successfully confirmed all Gap veins but was stopped short of
the Gap-6 vein. The drill hole also infilled and upgraded the
Walnut, Arbutus, Yew and Larch vein structures within the current
resource and confirmed the new Sycamore vein, east of Larch.
Selected highlights of the drill hole include 0.80 m @ 2.75 g/t Au and 1.00 m @ 2.30 g/t Au plus 2.00 m @ 3.17 g/t Au from the Yew vein,
8.65 m @ 2.02 g/t Au including
2.90 m @ 3.38 g/t Au from the Larch
vein, 4.40 m @ 2.61 g/t Au including
2.00m @ 3.37 g/t Au from a wide zone
of the Gap-2 vein, and 4.20 m @ 3.04
g/t Au including 2.05 m @ 5.41 g/t Au
and 1.00 m @ 13.65 g/t Au plus
9.00 m @ 2.09 g/t Au from a wide zone
of the Gap-1 vein.
Hole MGH19-120 was drilled to extend the Gap veins by up
to 100 m south of the current
resource at shallower depths, approximately 200 m above hole MGH19-110 and 100 m above hole MGH19-117. The hole also
confirmed the Yew and Larch veins and the new Sycamore vein. The
hole did not test the new Gap-6 vein or the Gap-4 and Gap-5
veins. Selected highlights of the drill hole include
4.00 m @ 3.27 g/t Au including
1.00 m @ 7.19 g/t Au from the
Sycamore vein, 3.70 m @ 1.88 g/t Au
including 1.15 m @ 3.04 g/t Au from
the Gap-2 vein, 7.40 m @ 2.03 g/t Au
including 1.40 m @ 6.70 g/t Au and
4.35 m @ 6.94 g/t Au including
2.55 m @ 9.30 g/t Au from a wide zone
of the Gap-3 vein, and 2.10 m @ 1.86
including 0.60 m @ 3.04 g/t Au from
the Gap-1 vein.
South West Deposit
The South West deposit, including
the Gap area, has been defined as a series of mineralized vein
structures and associated stockwork zones which occur adjacent to
the regional banded iron formation "A" unit "BIF-A". Drilling
and geological modelling have confirmed the existence of twenty-two
veins including wider stockwork zones in the South West and Gap
area. The NNW-SSE trending extensional vein structures occur as
stacked veins, steeply dipping to the SW at 70°, and occur
predominantly within a coarse grain sandstone that occurs adjacent
to the BIF-A unit. The vein structures have been traced for up to
400 m strike length, drilled to
1,200 m depth, occur up to
25 m wide with an average width of
approximately 3.00 m and are spaced
25 m to 40
m apart.
The veins and associated stock-work style veining occur as
quartz-pyrite veins within a distinct
ankerite-sericite-silica-pyrite alteration halo. The veins can be
brecciated and occur as quartz matrix supported quartz vein breccia
zones.
Table 2: Drill Hole Details
Hole
|
Easting
|
Northing
|
Elevation
|
Azimuth
|
Inclination
|
Depth
|
(#)
|
(mE)
|
(mN)
|
(masl)
|
(°)
|
(°)
|
(m)
|
MGH19-119
|
571201
|
5369700
|
325
|
45
|
-65
|
831.00
|
MGH19-120
|
571533
|
5369715
|
329
|
50
|
-62
|
381.00
|
Please click here for Figure 1: South West
Location Map- Golden Highway
Project
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig1.jpg
Please click here for Figure 2: South West:
Geology and Drill Location Map
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig2.jpg
Please click here for Figure 3: South West:
Drill Hole MGH19-119: Schematic Cross Section
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig3.jpg
Please click here for Figure 4: South West:
Drill Hole MGH19-120: Schematic Cross Section
https://www.monetaporcupine.com/uploads/2019-07-24_NR-Fig4.jpg
QA/QC Procedures
All core drilling conducted by Moneta
is oriented. Drill core is sawn and half is sent to 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 6
core gold projects strategically located along the Destor-Porcupine
Fault Zone in the Timmins Gold Camp with over 80 million ounces of
past gold production. The projects consist of the Golden Highway,
North Tisdale, Nighthawk Lake,
DeSantis East, Kayorum and Denton
projects. The Golden Highway Project covers 12 kilometres of
prospective ground along the DPFZ of which 4 km hosts the current
43-101 mineral resource estimate comprised of an indicated resource
of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au and a
total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au
in the inferred category at a 3.00 g/t Au cut-off.
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.