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Moneta Intercepts 1.75 M @ 7.04 g/t Gold Including 0.85 M @ 12.15 g/t Gold and Intersects New Veins at the “55” Deposit

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Moneta Intercepts 1.75 M @ 7.04 g/t Gold Including 0.85 M @ 12.15 g/t Gold and Intersects New Veins at the “55” Deposit

 

 

 

 

 

Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) is pleased to announce the results from six diamond drill holes completed on the “55” Deposit 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 NNW trending vein structures and one 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.

 

Posted September 18, 2018

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