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MONETA EXPANDS WINDJAMMER SOUTH ZONE NEAR SURFACE WITH 1.76 G/T OVER 41.83 METRES INCLUDING 11.88 G/T OVER 3.7 METRES
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Companies:Moneta Porcupine Mines Inc.MONETA PORCUPINE MIN
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Press Release Source: Moneta Porcupine Mines Inc. On Thursday March 31, 2011, 12:17 pm
TIMMINS, ON, March 31 /CNW/ - Moneta Porcupine Mines Inc. (Toronto:ME.TO) (Other OTC:MPUCF.PK) (XETRA: MOP) ("Moneta") announces results from its ongoing 2011 exploration drill program in the 100% owned Golden Highway Project, 100km east of Timmins, Ontario.
The Windjammer South zone is located 1,000 metres east along strike from the Southwest Zone with similar styles of mineralization and in the same geological setting. The Windjammer South zone, contained in the upper 350 metres along a current strike of 500 metres, contains a NI 43-101 compliant resource of 517,000 oz (305,000 oz @ 1.22 g/t indicated plus 212,000 oz inferred @ 1.13 g/t inferred (cutoff grade: 0.7 g/t)). Similar to the Southwest Zone, drilling to date has primarily focused on a 150 metre wide envelope south of the east-westerly trending iron formation.
Ian C. Peres, President and CEO said, "These results demonstrate the potential for significant resource expansion in the Windjammer South NI 43-101 resource and the largely untested potential for mineralization well south of the historical drilling along the iron formation, similar to the discovery of the 267 Zone and 273 Zones in the Southwest Zone. Follow-up drilling will focus on near surface resource expansion, particularly south of the iron formation (hanging wall) and along its strike both to the southwest and into the gap area between Windjammer South and the Southwest Zone."
MWJ-10-32 returned 1.76 g/t over 41.83m, including 11.88 g/t over 3.70m, approximately 250 metres south of the iron formation and 100 metres south of the NI 43-101 resource. Additional high grade veins were intersected including 13.35 g/t over 0.50m and 8.66 g/t over 1.33m. MWJ-10-33 was stepped 125 metres north between the iron formation and MWJ-10-32 returning quartz veining and three quartz stockwork alteration zones of 0.76 g/t over 8.50m, 0.99 g/t over 10.75m, and 0.99 g/t over 9.50m.
For a plan map of the Windjammer South results, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2011-03-31_NRM1.pdf
The current drilling focused on resource expansion by testing outside the existing NI 43-101 resource envelope. Drilling was completed at a new northeast orientation (azimuth) 250 metres south of the iron formation contact where previously completed drill hole MWJ-09-31 intersected north-westerly trending (striking) structures and the largest, distinct quartz vein zones in Windjammer South, from surface to a depth of 150 metres.
The 2010 and ongoing drilling success in the Southwest Zone, located 1,000 metres to the west, has confirmed a series of north-westerly structures which continue well south of the iron formation (hanging wall), now believed to be of primary importance for higher grade gold mineralization.
Drill hole From To Vertical
depth Width (1) Au
(m) (m) (m) (m) (g/t)
MWJ10-32 92.00 92.50 0.50 13.35
229.47 271.30 161 41.83 1.76
incl. 256.80 260.50 3.70 11.88
388.12 389.45 1.33 8.66
MWJ10-33 308.00 316.50 8.50 0.76
334.65 345.40 10.75 0.99
390.70 400.20 9.50 0.99
(1) Drilled widths are currently reported
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
About Moneta
Moneta holds a 100% interest in 5 core projects strategically located on or along the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario, with excellent infrastructure including access roads, water, electricity, and mills. Moneta's land position is one of the best and is the fourth largest in the world class Timmins Camp - after three gold producers - including a commanding position in the emerging Golden Highway Camp with 1.1 Moz of gold resources (all categories) identified prior to reactivation of aggressive exploration and the best reported grades and widths in 2010.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
Assay Reporting: Diamond drill core logging and sampling follows general industry practices whereby logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Pulps and rejects are also stored. Blanks and a range of standards are inserted into the sample steam at regular intervals. Initial assays, metallics, and routine duplicates are completed by Expert Laboratories. Up to 15% of the pulps are submitted to a second laboratory as duplicates and checks. All laboratories used standard 30g fire assay techniques. Additional core sampling and assaying, including second cuts and metallics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise with assay values as simple averages of duplicates and gravimetric results.
This news release includes certain forward-looking statements concerning the 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.
smells like dilution... but is it for the good case?
Wednesday, March 23, 2011
Moneta Completes $6.6 Million Financing
View this News Release in PDF Format
March 23, 2011, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) (the "Company" or "Moneta") announces the completion of a $6,600,000 non-brokered private placement ("Placement").
The Company issued 11,428,571 common shares on a structured flow-through basis at $0.49 per share for aggregate gross proceeds of $5,600,000 and 2,857,143 common shares at $0.35 for aggregate gross proceeds of $1,000,000. The financing has been completed on a 'structured' flow-through basis whereby two hard dollar institutional investors hold the full 14,285,714 common shares for $6.6 million upon closing of the financing.
Ian C. Peres, President and CEO, said, "We are pleased to expand Moneta's shareholder base with two top-tier hard dollar institutional investors who were the only participants in the current $6.6M financing. The Company is now well funded to undertake robust exploration programs over the next 18-24 months, excluding other expected cash inflows. The Golden Highway Project remains the top priority exploration and development target, however Moneta's four other highly prospective and underexplored core projects will also be advanced."
The Company has contracted three drills and plans to complete up to 30,000 metres in the 2011 drill program. The objective of the 2011 drill program is to expand the newly identified gold zones, namely the 267 Zone, 162 Zone and 273 Zones, all part of the greater Southwest Zone, and located within the Company's 100% owned Golden Highway Project which covers 12km of highly prospective geology. In addition, several highly prospective and newly identified 2011 targets, all located in close proximity to the Southwest Zone, will be tested. The three drills have been in operation since late January 2011 with drill results to follow in short order.
Proceeds of the Placement will be used for exploration and development programs in the Porcupine and Golden Highway Camps and general working capital purposes. Finders' fees paid in cash were $199,000, equivalent to 3.0% of the gross proceeds. The Placement is subject to the standard TSX four month hold period and to final regulatory approval.
About Moneta
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest property portfolios over approximately 10% of the Destor Porcupine Fault Zone (from Timmins, Ontario to the Quebec border), one of the key structural features in the Abitibi Greenstone belt in Ontario. Moneta owns 100% of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum and Denton Thorneloe (West Timmins) core projects located in the Porcupine and Golden Highway Camps, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
iperes@monetaporcupine.com
From the Yahoo Board. Excellent summary:
The mill has been processing 12000 tonnes so far (average 196t/d, and is expected to process 20,000 tonnes before April 1st (around 280t/d).
That means 280t/d in March which will keep on being increased to create a MINIMUM of 2,800,0000 ounces for 2011. (my estimation is that we'll see more than 3,100,000)
Alexco again conservative promising and incredible results, it's pretty obvious that they will keep going at 300t/d rather than 250t/d.
that mean closer to 3,400,000 ounces of silver (and a hell of a lot Pb/Zn)
Concerning the resource estimation - we will get an estimation of Onek and Lucky Queen estimated somewhere in may-June - after an additional 3,000 meters of advanced definition drilling which begins now in early march at the two mines. They also mentioned that they will "underground rehabilitation and development work at the historical Lucky Queen mine, in advance of approximately 2,500 meters of underground definition drilling; and a review of underground ore definition and mining options at the historical Silver King mine" A decision will be taken later in the second half of the year where they will set up mine 3 (Onek is already mine 2, adding resources to the Bellekeno production.)
Be prepared for some sick numbers from Lucky queen, concerning the resource estimation. this is just one drill result back from 2007: Most notably, within the 1.12 meter galena and silver sulfosalt mineralized zone, of native silver dominated mineralization returned 35.6 kilograms per tonne silver (1,039.0 ounces per ton Ag), 6.95% Pb, and 0.58% Zn or 1,048.0 ounces per ton silver equivalent.
Concerning onek a 11 meter 40,6 ounce vein has been found, along with many other interesting intercepts. What do I expect from Lucky queen and Onek somewhere between 18 -30 million ounces in probable resources.
It's going to be an interesting quarter 2 and as the CEO said they are targeting 5,100,000 ounces for 2012 and 7,100,000 ounces for 2012 - talk about explosive growth for Canada's only primary silver miner.
Even though we have a treasury of almost 50 million CAD I don't expect it to drop since we will still be profitable even though management is aggressively expanding the drilling this year with a drill plan of 15-20 million USD.
Have you noticed the volume?
More then 6x average.
With close at the high.
Looking good for tomorrow.
I wonder what the reason behind this surge is?
I guess we'll find out soon.
but thats "old news" (2/11/2011)
I believe we will hear excellent drill results in the near future...
Why would the volume increase so drastically.
If they drilled something exciting, its hard to keep that info silent, till a pr.
Are we like the only people on the planet with interest in Moneta???
feels like it:)
wow, up 18% this morning
what is brewing?
and this is on triple the average volume.
and we are only trading for 1.5 hours...
I think we are going to see great news anytime soon.
we are rich!!!!!!!!!!!!!!!
http://www.goldresourcecorp.com/releases/GRC-2011-02-15-1.pdf
It's quiet around Moneta. I hope the next PR is a biggy that gets this stock moving.
I'm not so good with patience.
Good news and end of pm correction will make us all happy again.
Wait till the CFTC sets position limits on Futures contracts. ( read: limits silver manipulation by JPM)
I'm locked and loaded.
Happy Hollidays
They are ringing the openingsbell 1-13. There might be some news around that time.
Can somebody explain me the business plan for Moneta?
Are they planning on producing gold or do they drill to define how many ounces are in their property and hoping on a buyout?
What's the short and long term plan?
Thanks
With this difference: in Asia, the people buy the physical metal, in the US most people buy paper.
it is getting better and better...
The Giant might indeed be wakening up.
High volume with hardly any share price gain on good news... I believe that some are using Moneta as their cash maker by flipping the stock over and over again.
They sell on news and buy back a few weeks later when it's calm.
That's why I could purchase more shares yesterday beneath the ask. ( bought at 0.36, got filled at 0.338)
One day this goes up without looking back.
I didn't say anything about news. Just said it's gonna be a fun day.
Btw: have you looked into Moneta porcupine?
I think tomorrow will be a fun day.
This Au has to come from somewhere? Drilling around the hole in all directions might yield higher grades.
one day they come out with spectacular grades and we will be happy beings.
I'm slowly adding as funds come available.
At the bottom they mention 'metallic checks completed on all assays >15g/t Any idea what this means?
Are there other metals besides Au? What metals?
THURSDAY, DECEMBER 16, 2010
MONETA DISCOVERS THREE NEW GOLD ZONES IN SOUTHWEST ZONE INCLUDING 3.51 G/T OVER 38 METRES
View News Release in PDF Format
December 16, 2010, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) ("Moneta") announces results from the ongoing 2010 drill program on the Southwest Zone, within the 100% owned Golden Highway Project ("GHP"), located along the prolific Destor-Porcupine Fault Zone, approximately 100km east of Timmins, Ontario.
Drill hole MSW-10-273 successfully intersected 3 new gold zones with substantial widths ranging from 38m to 45m, all hosted within variably intense ankerite alteration over 215 metres. MSW-10-273 was drilled to test the up-dip potential for significant mineralization intersected in the hanging wall (south) side of the Central Block iron formation in MSW-10-162A, 162B and 162D (see results below).
Ian C. Peres, President & CEO of Moneta, commented, "These three new gold zones are further examples of broad mineralization envelopes with excellent gold continuity which exist in the Southwest Zone. We are particularly encouraged with the robust gram / metre intervals reported from this one drill hole given that these new broad mineralization envelopes continue to expand potential gold resource tonnage and have demonstrated the ability to generate significantly higher grade over substantial width, as seen in the drill wedging into the 267 Zone in 2010."
MSW-10-273 intersected a gold zone in the area previously interpreted to contain the Central Block iron formation. This first gold zone returned 3.82 g/t Au over 3.87m and 3.67 g/t Au over 4.20m within a substantial larger zone of 1.97 g/t Au over 45.07m.
MSW-10-273 intersected a second gold zone in the hanging wall (south) side of the Eastern Block iron formation similar to the mineralization intersected in MSW-10-162D (4.80g/t over 8.61m). This second gold zone returned 2.33 g/t Au over 41.65m including 4.07 g/t Au over 15.5m and 4.96 g/t Au over 8.45m.
MSW-10-273 discovered a large third gold zone, similar in grade and width to the 267 Zone discovery, and established a previously unknown 130 metre westerly strike and 100 metre up-dip extension along the hanging wall (south) side of the Eastern Block iron formation. This third zone returned 3.51 g/t Au over 38.00 metres, including 5.66 g/t Au over 6.25m and 4.78 g/t Au over 7.7m. The style of the gold mineralization, including reported grade and width, is similar to the Central Block which contains the bulk of the historical resource of 625,000oz Au at 5.98 g/t. The Eastern Block remains open in all directions and has become a priority exploration target to be tested up-dip.
For a plan and cross section view of MSW-10-273, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2010-12-16_NRM1.pdf
For a map of Moneta's Golden Highway Project, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2010-12-16_NRM2.pdf
The summary results from MSW-10-273 are as follows:
Drill hole From
(m) To
(m) Vertical depth
(m) Width(1)
(m) Au(2)
(g/t) g X m Comments
MSW-10-273 1021.13 1066.20 810 45.07 1.97 89 Central Block: NEW 45m wide zone
incl. 1021.13 1025.00 3.87 3.82
and 1032.64 1040.00 7.36 2.67
and 1062.00 1066.20 4.20 3.67
1088.50 1130.15 855 41.65 2.33 97 Eastern Block: NEW 42m wide zone
incl. 1109.60 1125.10 15.50 4.07
and 1112.50 1120.95 8.45 4.96
1172.00 1210.00 890 38.00 3.51 133 Eastern Block: NEW 38m wide zone
incl. 1173.95 1180.20 6.25 5.66
and 1183.15 1190.85 7.70 4.78
(1) Drilled widths are currently reported
(2) Metallic checks completed on all assays > 15.0 g/t
Previously reported (see May 18, 2010 press release)
MSW-10-162D 1152.48 1198.80 920 41.32 4.12 170 Central Block: 41m wide zone
incl. 1186.00 1193.80 7.80 15.78
1192.78 1193.47 980 8.61 4.80 41 Eastern Block zone
Previously released (March 25, 2010 press release)
MSW-10-162B 1179.57 1216.67 980 37.10 3.13 116 Central Block: 37m wide zone
1199.43 1216.67 17.24 5.60
1303.43 1306.00 1050 2.57 17.32 Central Block breccia zone
MSW-10-162A 1207.80 1238.45 1010 30.65 3.18 97 Central Block: 31m wide zone
1228.00 1238.45 10.45 5.72
R. Skeries, P.Geo. is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
Assay Reporting
Diamond drill core logging and sampling follows general industry practices whereby logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Pulps and rejects are also stored. Blanks and a range of standards are inserted into the sample steam at regular intervals. Initial assays, metallics, and routine duplicates are completed by Expert Laboratories. Up to 15% of the pulps are submitted to a second laboratory as duplicates and checks. All laboratories used standard 30g fire assay techniques. Additional core sampling and assaying, including second cuts and metallics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise with assay values as simple averages of duplicates and gravimetric results.
About Moneta
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest property portfolios over approximately 10% of the Destor Porcupine Fault Zone (from Timmins, Ontario to the Quebec border), one of the key structural features in the Abitibi Greenstone belt in Ontario. Moneta owns 100% of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum and Denton Thorneloe (West Timmins) core projects located in the Porcupine and Golden Highway Camps, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
iperes@monetaporcupine.com
What is happening?
People playing the dividends?
If you had the shares in your account by the 14th you get the dividend.
So you can sell today and stillget the dividends.
I have noticed this phenomenon the other months also.
Releave, I mean
I agree. This share price has lots of future realization in it.
Some news to justify would be a release.
What is a lot?
Hopefully nothing to worry about.
Maybe a dumb question, but if Bill Reid sell some shares, is this for his personal account or is this money that Goro can use for let's say an acquisition?
Looks hard to break the 28 wall
You might be right. Last time there was insider selling, shortly there after they released some good news.
Shows also the class of the Reids.
I'm surprised nobody bet on that.
If at the time of the bet gold was less then $800, you could have bought for 1 mil gold.
If gold doesnt reach 1650 you cash in 1 mil, if gold does reach 1650 you sell your gold for more than a double, pay your debt and still walk away with a gain.
Hockmir, welcome at the board.
Didn't Sinclair bet $1000000 for gold at $1600 by years end?
I thought I should share this from Rival at the yahoo board:
Anybody curious about what the hole John Doody was publishing data for is really worth at today's metal prices? I was and it's really amazing. The best assay was from just a 1.2m intercept although the hole produced several other intercepts that were outstanding.
Gold..... 2.67 oz/tonne
Silver.. 75.24 oz/tonne
Copper.. 98.96 lbs/tonne
Lead.... 197.42 lbs/tonne
Zinc.... 153.62 lbs/tonne
Gold = 2.67 X $1,386 = $3,700.62
Silver = 75.24 X $28.66 = $2,156.30
Copper = 98.96 X $4.10 = $405.74
Lead = 197.42 X $1.07 = $211.24
Zinc = 153.62 x $1.02 = $156.69
Base metal total = $773.67 / tonne
Precious metal total = $5,857.00 / tonne
Total, BM + PM = $6,630.67 / tonne
One cubic meter value = ~$16,576.68
Wouldn't it be fantastic if it turns out they have a lot of ore like that? We'd all be rich... What are the odds that GRC has found the very best ore after having drilled ~1% of their concessions? Slim to none in my opinion....
Rival
I'm sure we all run our calculators from time to time steaming hot. ( I know I do)
With unbelievable price predictions of Au and Ag, ranging from $2500-10000 and $50-500, combined with the possible find of a skarn etc..., you get numbers for the share price and dividends that make your jaw drop so hard that all your teeth fall out.
I'm not going to post those numbers, since I don't won't the 'investors hub fool' title but it sure is fun to dream.
What's Wrong with the weather?
I'm chilling with the baby in front of the fire place.
Sounds like a nice hobby; counting your Goro dollars over the weekend.
More than half the volume traded in last hour.
News on the way?
Ps: Gene, you're a funny guy!!!
Let's find out through the share price how valued Doodys opinion is to his followers.
3 times avg volume.
Is something brewing?
I wonder if Santa will bring us a nice present from Mexico, in the shape of a skarn, for example.
Actually, it's Christmas all year round with GRC's monthly dividends
Au, Ag on the rise.
5th dividend declared.
Goro down?
Haven't bought yet. Waiting on results of drilling.
I do am invested in Moneta Porcupine. (mpucf)
(high risk, but lets hope, worth the waiting)
5th dividend, 0.03 declared.
Nvsgf
I believe so(hope) the field on the website has been blanked out already.