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Moneta Intercepts 25.00 M @ 2.48 G/T Gold Including 4.50 M @ 5.00 G/T Gold at South West

 

 

 

 

 

Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) is pleased to announce the results from the last seven diamond drill holes completed on the South West Deposit located within the Company’s Golden Highway Project (located 110 km east of Timmins, Ontario, see Figure 1).

 

 

Highlights:

 

Drilling results at South West have continued to extend the strike and depth extent of the known vein structures and mineralized shoots.

 

Mineralized Shoots

 

  • SW-3d
  Drill hole MGH18-098 intersected the SW-3d mineralized shoot assaying 25.00 metres (“m”) @ 2.48 grams per tonne gold (“g/t Au”) including 4.50 m @ 5.00 g/t Au, including 0.50 m @ 15.35 g/t Au
   
  • SW-1

 

Drill hole MGH18-094 extended the depth extensions of mineralized shoot SW-1 by 100 m assaying 7.00 m @ 2.05 g/t Au and 3.78 m @ 2.42 g/t Au

 

 

 

Vein Structures

 

  • Arbutus Vein
MGH18-098 intersected Arbutus vein extending the vein by 50 m to the north assaying 8.30 m @ 2.66 g/t Au including 4.00 m @ 4.07 g/t Au. MGH18-097 returned 2.30 m @ 3.68 g/t Au from the Arbutus vein
   
Larch Vein Drill hole MGH18-098 intersected and extended the Larch vein by ~50 m to the north with 4.40 m @ 2.59 g/t Au including 1.78 m @ 4.55 g/t Au
   
Maple Vein

  •  Walnut Vein
Drill hole MGH18-095 extended the Maple Vein 50m to the north, assaying 1.30 m @ 4.92 g/t

 

MGH18-096 intersected the Walnut vein returning 0.96 m @ 12.80 g/t Au at a depth of 701.41 m

 

The Yew vein structure was intersected in drill hole MGH18-098 assaying 7.00m @ 2.20 g/t Au including 1.00 m @ 8.32 g/t Au

 
  • Yew Vein

 

 

 

Gary O’Connor, CEO & Chief Geologist commented, “We are encouraged by the results of the latest drill holes from the 2017/2018 program at South West which have extended and confirmed the size and grade of gold mineralization. The latest results have continued to add to the known seventeen (17) vein structures and nine (9) mineralized stockwork shoots and have located new mineralized veins. We plan to complete a small drill program on the four new shoots to provide sufficient data to model all of the structures in preparation for the forthcoming resource update.”    

 

 

The latest assay results are from the final seven new drill holes and one drill hole extension totalling 5,409.60 m of drilling at South West.  The drill program at South West forms part of the previously announced exploration drill program undertaken by the Company in late 2017 and early 2018 that was expanded to 39,300 m in 66 drill holes. Assays for the remaining drill holes from the “55” area are pending and will be released as they become available.

 

 

South West Deposit

 

 

Drilling to date at South West has been successful in confirming the existence of seventeen (17) vein structures and nine mineralized shoots. Additional veins and stockwork zones have been intersected and are being modelled. The stacked veins trend NW and dip steeply to the SW at ~70° and occur south of a Banded Iron Formation (“BIF”) within Timiskaming age clastic sediments. 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 up to 500 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 been identified to date.

 

 

The mineralized veins and stock-work veining within the shoots occur as quartz-pyrite veins within an ankerite-sericite-silica-pyrite alteration halo. Late carbonate-chlorite veins also occur. The nine mineralized shoots and seventeen vein corridors have now been successfully traced along a width of 1,200 m.

 

 

South West Drill Results

 

 

Drill hole MGH18-094 confirmed the down-plunge extensions of the SW-1 mineralized shoot by 100 m.  The drill hole intersected a quartz-pyrite stock work on the BIF contact and returned 13.00 m @ 1.62 g/t Au at 715.00 m, including 7.00 m @ 2.05 g/t Au, including 1.00m @ 4.58 g/t Au. The hole intersected another zone within SW-1 containing 3.78 m @ 2.42 g/t Au at 740.00 m hole depth. The hole also intersected the previously released New West #1 vein in hole MGH18-093, assaying 3.50 m @ 2.11 g/t Au.

 

 

Diamond drill hole MGH18-095 was drilled to confirm the occurrence of the BIF and the northern extensions of the Maple Vein set. The drill hole intersected 1.30 m @ 4.92 g/t Au from the Maple Vein extending the vein by 50m to the north and a new vein at depth east of the Maple vein assaying 0.30 m @ 18.60 g/t Au. The continuity of the new vein is to be confirmed. 

 

 

Drill hole MGH18-096 was drilled to test the occurrence of stockwork zones along the folded BIF and the northern extensions of the Maple and Willow Vein sets. The drill hole confirmed the edge of the SW-3a stockwork zone assaying 3.00 m @ 2.03 g/t Au and the Walnut vein assaying 0.96 m @ 12.80 g/t Au.

 

 

Drill hole MGH18-097 was drilled to test the northern and southern BIF contacts adjacent to the SW-3 mineralized shoots as well as the northern and depth extensions of the Willow Vein set. The drill hole intersected the Willow vein at 614.30 m assaying 1.20 m @ 2.78 g/t Au and the Arbutus vein at 763.40 m returning 2.30 m @ 3.68 g/t Au extending the veins by 50 m to the north and 50 m to depth.    

 

 

Diamond drill hole MGH18-098 was also drilled to test the northern and southern BIF contacts including the SW-3d mineralized stockwork and the northern extensions of the Willow Vein set. The hole intersected SW-3d returning 25.00 m @ 2.48 g/t Au including 4.50 m @ 5.00 g/t Au, including 0.50 m @ 15.35 g/t Au and 9.00 m @ 2.42 g/t Au including 2.49 m @ 4.33 g/t Au at 453.00 m. The drill hole intersected the extensions of the Arbutus vein assaying 1.18 m @ 6.67 g/t Au including 0.78 m @ 9.12 g/t Au at 570.80 m and the Larch Vein at 720.00 m returning 4.40 m @ 2.59 g/t Au including 1.78 m @ 4.55 g/t Au. The hole extended the veins 50 m to the north and by 100 m to depth.  

 

 

Drill hole MGH18-099 was drilled to test the southern extensions of the SW-3a shoot and the down dip extensions of the Maple and Willow vein sets, intersecting the Walnut vein assaying 0.58 m @ 4.68 g/t Au and the Willow vein with 3.54 m @ 1.44 g/t Au.

 

 

Holes MGH18-100 and MGH17-069x were designed to test the extensions of the SW-5 mineralized shoot. MGH17-069x was drilled as an extension of hole MGH17-069, which assayed 2.61 m @ 6.35 g/t Au, including 1.00 m @ 12.15 g/t Au. MGH18-100 tested the up-dip extensions of MGH17-069 but deviated east of the BIF contact zone.

 

    Table 1: South West: Selective Significant Drill Results    
Hole From To Length Au Vein      
(#) (m) (m) (m) (g/t) (#)      
MGH18-094 168.00 171.50 3.50 2.11 New West-2       
MGH18-094 449.80 450.60 0.80 4.12 New      
MGH18-094 715.00 728.00 13.00 1.62* SW-1      
includes 721.00 728.00 7.00 2.05 SW-1      
includes 721.00 722.00 1.00 4.58 SW-1      
MGH18-094 740.00 744.28 3.78 2.42 SW-1      
includes 742.50 743.50 1.00 4.03 SW-1      
MGH18-095 138.00 141.00 3.00 2.28 North Vein      
MGH18-095 551.70 553.00 1.30 4.92 Maple      
MGH18-095 726.80 727.10 0.30 18.60 New      
MGH18-096 647.00 649.00 2.00 3.06 New      
MGH18-096 701.41 702.37 0.96 12.80 Maple      
MGH18-096 778.00 781.00 3.00 2.03 SW-3d      
MGH18-097 490.10 492.00 1.90 2.24 New      
includes 490.10 490.60 0.50 3.41 New      
MGH18-097 613.60 617.00 3.40 1.91 Willow      
includes 614.30 615.50 1.20 2.78 Willow      
MGH18-097 763.40 765.70 2.30 3.68 Arbutus      
includes 763.85 765.25 1.40 4.85 Arbutus      
MGH18-097 793.00 804.75 11.75 0.96 New      
includes 803.50 804.75 1.25 2.49 New      
MGH18-098 418.00 443.00 25.00 2.48 SW-3d      
includes 418.00 422.50 4.50 5.00 SW-3d      
includes 418.00 420.50 2.50 6.83 SW-3d      
includes 420.00 420.50 0.50 15.35 SW-3d      
and 425.00 426.06 1.06 3.74 SW-3d      
and 430.15 434.00 3.85 2.92 SW-3d      
includes 432.00 433.03 1.03 4.39 SW-3d      
MGH18-098 453.00 462.00 9.00 2.42 SW-3d      
includes 454.51 459.00 4.49 3.64 SW-3d      
includes 454.51 458.00 2.49 4.33 SW-3d      
MGH18-098 539.00 547.30 8.30 2.66 New      
includes 540.00 544.00 4.00 4.07 New      
MGH18-098 570.80 571.98 1.18 6.67 Arbutus      
includes 571.20 571.98 0.78 9.12 Arbutus      
MGH18-098 608.00 615.00 7.00 2.20 New      
includes 608.00 609.00 1.00 8.32 New      
MGH18-098 679.86 681.00 1.14 3.02 New      
MGH18-098 720.00 724.40 4.40 2.59 Larch      
includes 722.00 723.78 1.78 4.55 Larch      
includes 722.00 723.00 1.00 5.73 Larch      
MGH18-099 353.12 353.70 0.58 4.69 Walnut      
MGH18-099 470.46 474.00 3.54 1.44 Willow      
includes 473.10 474.00 0.90 2.54 Willow      
MGH18-099 507.00 508.00 1.00 3.34 New      
MGH18-100 191.00 195.00 4.00 1.17* SW-5      

 

Intercepts are 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 65% to 100% of true width.

 

 

 

          Table 2: Drill Hole Details    
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH17-069x* 571572 5369896 329 90 -62 693.0
MGH18-094 570820 5368955 323 5 -74 825.0
MGH18-095 570820 5369481 322 88 -73 801.0
MGH18-096 570821 5369596 322 93 -70 839.4
MGH18-097 570851 5369700 323 90 -74 831.0
MGH18-098 570882 5369765 323 88 -67 768.0
MGH18-099 571057 5369637 324 92 -57 750.0
MGH18-100 571758 5369998 330 10 -55 474.3

 

*121 m extension of MGH17-069

 

 

Please click below for Figure 1 – South West Location Map: Golden Highway Project

http://www.monetaporcupine.com/i/maps/ME-PR-13-2018-2.jpg

 

Please click below for Figure 2 – South West: Geology and Drill Location Map

http://www.monetaporcupine.com/i/maps/ME-PR-13-2018-3.jpg

 

Please click below for Figure 3 – South West: Schematic Cross Section

http://www.monetaporcupine.com/i/maps/ME-PR-13-2018-4.jpg

 

 

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.

 

Posted September 13, 2018

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