TORONTO, May 30, 2017 /CNW/ - Moneta
Porcupine Mines Inc. (TSX:ME) ("Moneta") provides an update on
its 40,000 metre drill program on its 100% owned Golden Highway
Project, east of Timmins, Ontario.
Summary results include:
LC
Zone
|
MGH17-030:
|
2.80g/t over 25.5m
incl. 6.22g/t over 7.50m
|
|
MGH17-027:
|
1.04g/t over
15.00m
|
|
MGH17-015:
|
5.54g/t over
5.76m
|
|
MGH17-016:
|
1.39g/t over
8.49m
|
|
MGH17-013:
|
1.30g/t over 22.00m
incl. 1.85g/t over 10.85m
|
|
MGH17-011:
|
3.37g/t over
4.50m
|
|
|
|
Twin
Creeks
|
MGH17-031:
|
2.15g/t over
16.13m
|
Ian C. Peres,
President and Co-CEO stated, "The most
recent stage of the drill program began the process of
systematically testing exploration targets within and adjacent to
existing gold zones of the Golden Highway Project. Early drilling
success in the LC Zone and Twin Creeks, both outside the current NI
43-101 resource, has returned strong gold values and mineralization
widths. Equally important, new strike and dip information on the
mineralization, not previously available, will support revised
modeling and interpretation and planned follow up drilling. With
these positive results and 23,000 metres remaining in the announced
drill program, we look forward to the contribution of our new Chief
Geologist, Gary O'Connor moving
forward."
Twin Creeks target area
(outside NI 43-101
resource)
Drilling was undertaken with
oriented core drilling in Twin Creeks to support modelling,
establish mineralization continuity and high grade trends, as well
as step-out along the Destor
strike. Drilling intersected similar lithologies (rock types) and
alteration as Discovery Zone and Windjammer North gold zones,
located along the Destor to the
east.
Holes MGH17-025 and 028 were
drilled west of the Twin Creeks zone. MGH17-026 was drilled from
the same collar as MGH17-025 to test an interpreted NW trending
vein system. MGH17-031, drilled across the zone with oriented core
drilling, returned 2.15g/t over 16.13m.
LC Zone target area
(outside NI 43-101
resource)
Several drill holes were
completed in the LC Zone and immediate strike extension along the
Destor. Oriented core drilling has
provided new information for modeling of the LC Zone and support
for two distinct high grade mineralization
lenses now interpreted to strike N/NW and W/SW. The zone
remains open and contains additional high grade intercepts outside
these mineralization lenses and follow up drilling is
planned.
MGH17-030 was drilled southwesterly, a previously
untested drill orientation, as a scissor hole to MGH17-015 and
intersected 2.80g/t over 25.5m including 6.22g/t over
7.50m with several occurrences of visible gold, the most ever
reported in the LC Zone, in a quartz stringer and veinlet zone
within silicified porphyry. Drill hole MGH16-011, drilled from the
east side of the zone, returned 3.37g/t over 4.50m with
MGH17-015, drilled from the west side of the zone, returning
5.54g/t over 5.76m.
MGH17-013/016/027 were step-outs to the east along
strike with all drill holes intersecting gold. Drill hole MGH17-013
returned 1.30g/t over 22.00m including 1.85g/t over
10.85m. Similarly MGH17-016 returned 1.39g/t over 8.39m,
firming up the easterly continuity of the LC Zone mineralization.
MGH17-027 was drilled to define interpreted structures immediately
west of MGH17-16 and returned 1.04g/t over
15.0m.
|
|
|
|
|
|
|
|
|
Drill
hole
|
From
|
To
|
Vertical
depth
|
Width(1)
|
Au
(2)
|
Location
|
Azimuth
|
Comments
|
|
(m)
|
(m)
|
(m)
|
(m)
|
(g/t)
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-016
|
147.01
|
155.50
|
105
|
8.49
|
1.39
|
LC Zone
|
340
|
Syenite
|
incl.
|
149.00
|
149.75
|
|
0.75
|
6.32
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-020
|
212.84
|
222.80
|
158
|
9.96
|
1.01
|
Destor
West
|
40
|
Brecciated Grey
Carbonate
|
incl.
|
219.11
|
222.80
|
|
3.69
|
2.07
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-025
|
46.50
|
47.50
|
35
|
1.00
|
3.36
|
Twin
Creeks
|
340
|
Ankerite Altered
Ultramafic
|
|
|
|
|
|
|
|
|
|
MGH17-026
|
356.50
|
361.00
|
285
|
4.50
|
0.73
|
Twin
Creeks
|
40
|
Grey Green Carbonate
Breccia
|
|
|
|
|
|
|
|
|
|
MGH17-027
|
135.32
|
136.89
|
105
|
1.57
|
4.55
|
LC Zone
|
40
|
Feldspar
Porphyry
|
|
147.00
|
162.00
|
|
15.00
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-028
|
49.00
|
50.00
|
38
|
1.00
|
4.67
|
Twin
Creeks
|
340
|
Altered
Syenite
|
|
196.50
|
201.00
|
|
4.50
|
1.96
|
|
|
Green Carbonate
Breccia
|
incl.
|
198.00
|
199.50
|
|
1.50
|
4.98
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-030
|
201.00
|
226.50
|
140
|
25.50
|
2.80
|
LC Zone
|
192
|
Altered Feldspar
Porphyry
|
incl.
|
207.00
|
214.50
|
|
7.50
|
6.22
|
|
|
|
or
|
213.00
|
214.50
|
|
1.50
|
18.30
|
|
|
|
and
|
223.50
|
225.00
|
|
1.50
|
6.14
|
|
|
|
|
366.00
|
372.00
|
|
6.00
|
1.13
|
|
|
|
|
397.68
|
398.79
|
|
1.11
|
2.80
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-031
|
275.09
|
276.26
|
210
|
1.17
|
6.41
|
Twin
Creeks
|
40
|
Green Carbonate
Breccia
|
|
316.49
|
332.62
|
|
16.13
|
2.15
|
|
|
As above with Quartz
veining
|
incl.
|
323.25
|
324.26
|
|
1.01
|
4.48
|
|
|
|
and
|
328.56
|
329.41
|
|
0.85
|
4.53
|
|
|
|
|
346.00
|
352.00
|
|
6.00
|
2.68
|
|
|
Sericite Altered
Ultramafic Volcanic
|
incl.
|
349.92
|
350.97
|
|
1.05
|
5.53
|
|
|
|
|
372.42
|
374.21
|
|
1.79
|
1.97
|
|
|
Altered Mafic
Volcanic
|
|
|
|
|
|
|
|
|
|
MGH17-032
|
233.00
|
235.00
|
180
|
2.00
|
1.83
|
Twin
Creeks
|
340
|
Green
Carbonate
|
|
|
|
|
|
|
|
|
|
MGH17-033
|
126.98
|
132.00
|
92
|
5.02
|
1.46
|
LC Zone
|
192
|
Altered Feldspar
Porphyry
|
incl.
|
128.70
|
129.30
|
|
0.60
|
8.36
|
|
|
|
|
|
|
|
|
|
|
|
|
MGH17-034
|
194.63
|
194.99
|
145
|
0.36
|
6.63
|
LC Zone
|
192
|
Altered Feldspar
Porphyry
|
|
289.00
|
293.00
|
|
4.00
|
1.21
|
|
|
|
|
302.00
|
311.45
|
|
9.45
|
1.14
|
|
|
|
|
341.00
|
352.00
|
|
11.00
|
1.03
|
|
|
|
incl.
|
347.62
|
352.00
|
|
4.38
|
1.67
|
|
|
|
|
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(1)
Drilled widths are currently reported (true widths are not known at
this time)
|
(2)
Metallic checks completed on all assays > 20.0 g/t
|
MGH17-017/018/020/021/022/024 all stepped
southwesterly along strike of the LC Zone to test for interpreted
parallel and cross-cutting structures, with all holes intersecting
anomalous gold values. MGH17-024 intersected a
series of quartz stringers with associated alteration and a visible
gold occurrence in altered porphyry, while
MGH17-21 intersected a 14 metre wide drilled
width quartz vein. All drill holes intersected
similar variably altered and brecciated syenite, feldspar
and quartz feldspar porphyry and
mafic to ultramafic volcanics.
For a Plan View of
the LC Zone and Twin Creeks gold zones reported in this press
release, please click on the following
link:
http://www.monetaporcupine.com/i/pdf/2017-05-30_NRM1.pdf
Drilling with three contracted
drill rigs is expected to continue at full capacity for the
balance of the year once our new Chief Geologist,
Gary O'Connor, has completed his
review and possible modification of the drill program at Golden
Highway. Drilling has been temporarily delayed since
mid-April 2017 due to a longer
than anticipated spring breakup (snow melt).
Moneta follows industry standard sampling (half sawn core
samples with long term storage) and assaying procedures using
accredited assay laboratories (SGS, Activation) with standards and
duplicates for QA/QC purposes. Unless otherwise noted all gold
assay results are in g/t over drilled widths. Rainer Skeries, P.Geo, a qualified person for
the purposes of NI 43-101, has reviewed the technical information
contained herein.
About Moneta
Moneta holds a 100%
interest in 5 core gold projects strategically located along the
Destor Porcupine Fault Zone in the world class Timmins Camp with over 85 million ounces of past
gold production. The Golden Highway Project covers 12 kilometres of
a highly prospective volcanic/sedimentary belt along the Destor
Porcupine Fault Zone and currently hosts a NI 43-101 resource
estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au)
plus 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.