Moneta's Golden Highway at 1.09 moz Au indicated
2012-10-25 08:44 ET - News Release
Mr. Ian Peres reports
MONETA'S GOLDEN HIGHWAY GOLD RESOURCES INCREASES TO 1.1 MILLION OUNCES INDICATED PLUS 3.2 MILLION OUNCES INFERRED
Moneta Porcupine Mines Inc. has released an updated National Instrument 43-101 mineral resource estimate on its 100-per-cent-owned Golden Highway project located east of Timmins, Ont.
Ian C. Peres, president and chief executive officer of Moneta, commented: "The step-out drilling undertaken in 2012 on our Golden Highway project was a tremendous success with our exploration team adding 1.2 million indicated and inferred ounces at a discovery cost under $5 per ounce. We look forward to the next stage of development including the results from the upcoming preliminary economic assessment and ongoing drilling to expand the resource."
Highlights, using $1,200 (U.S.) per ounce gold
In-pit and out-of-pit mineral resource estimate
Indicated: 1,091,000 ounces (31.1 million tonnes at 1.09 grams per tonne (g/t) gold (Au)
Inferred: 3,204,000 ounces (83.3 million tonnes at 1.20 g/t Au)
The mineral resource estimate increased by 55 per cent to 3.2 million ounces inferred from the previous resource estimate of 2.1 million ounces (Dec. 1, 2011, press release).
The original Southwest zone pit dimensions have been optimized in this resource update.
The resource remains open in all directions for further expansion.
The company also announces that a preliminary economic assessment (PEA), based on this updated resource estimate, is expected to be completed in the fourth quarter of 2012.
The associated table summarizes the National Instrument 43-101 mineral resource estimate in the indicated and inferred resource categories.
MINERAL RESOURCE ESTIMATE Indicated Inferred Mining Cut-off grade (g/t) Tonnes Au (g/t) Au (oz) Tonnes Au (g/t) Au (oz) In pit 0.37 30,000,000 1.01 977,000 71,627,000 0.86 1,971,000 Out of pit 2.00 1,080,000 3.29 114,000 11,684,000 3.28 1,233,000 Combined 0.37/2.00 31,080,000 1.09 1,091,000 83,311,000 1.20 3,204,000
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards on mineral resources and reserves, definitions and guidelines.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated mineral resources will be converted into mineral reserves.
Assay composites were capped up to 35 g/t based on geostatistical support for each zone.
A modelling cut-off grade of 0.25 g/t Au was only used to create a three-dimensional wire frame for subsequent interpolation.
A block model was created with 10-by-10-by-10-metre blocks using inverse-distance-cubed-grade interpolation.
Indicated mineral resources were classified with a 35-metre search radius and a minimum of two drill holes.
A bulk density of 2.79 tonnes per cubic metre was used for all tonnage calculations.
A gold price of $1,200 (U.S.) per ounce and an exchange rate of $1 (U.S.) per $1 was utilized in the Au cut-off grade calculations of 0.37 g/t for open pit and two g/t for out of pit.
Open-pit mining costs were assumed at $1.60 per tonne for mineralized material, $1.60 per tonne for waste rock and $1.25 per tonne for overburden, while out-of-pit mining costs were assumed at $59 per tonne, with process costs of $11 per tonne, G&A (general and administrative expenses) of $2 per tonne, and a 93-per-cent metallurgical recovery.
Varying cut-off grade sensitivity for in-pit and out-of-pit gold resources is shown in the associated table.
IN-PIT RESOURCE CUT-OFF SENSITIVITY Cut-off grade (g/t) Indicated Inferred Tonnes Au (g/t) Au (oz) Tonnes Au (g/t) Au (oz) 0.80 12,708,000 1.65 673,000 26,853,000 1.37 1,185,000 0.60 18,518,000 1.35 802,000 41,724,000 1.13 1,516,000 0.50 22,672,000 1.20 875,000 52,702,000 1.01 1,708,000 0.40 28,144,000 1.05 954,000 66,689,000 0.89 1,910,000 0.37 30,000,000 1.01 977,000 71,627,000 0.86 1,971,000 0.35 31,160,000 0.99 990,000 74,954,000 0.83 2,010,000 0.30 34,853,000 0.92 1,029,000 84,038,000 0.78 2,105,000 OUT-OF-PIT RESOURCE CUT-OFF SENSITIVITY Cut-off grade (g/t) Indicated Inferred Tonnes Au (g/t) Au (oz) Tonnes Au (g/t) Au (oz) 2.50 670,000 3.94 85,000 7,401,000 3.89 925,000 2.20 880,000 3.56 101,000 9,805,000 3.51 1,106,000 2.00 1,080,000 3.29 114,000 11,684,000 3.28 1,233,000 1.80 1,277,000 3.07 126,000 13,889,000 3.06 1,367,000 1.50 1,789,000 2.67 153,000 18,801,000 2.69 1,626,000
In addition to the Southwest zone, Windjammer South and 55 zones, the current resource estimate now includes the Gap zone, Windjammer Central and Windjammer North.
There has been 21,000 metres of drilling completed since the previous
resource estimate and 19,375 metres of historic drilling on these
three new gold zones.
The Golden Highway project includes Timiskaming sediments along banded iron formation with associated mafic to ultramafic volcanics that define 12 kilometres of the Destor Porcupine fault zone in Michaud township near Timmins, Ont. Gold mineralization occurs in quartz and quartz-carbonate stockworks and discrete vein zones, all with variable ankerite, hematite and sericite alteration.
The mineral resource estimates were prepared by Eugene Puritch, PEng, Antoine Yassa, PGeo, and Yungang Wu, PGeo, of P&E Mining Consultants Inc. of Brampton, Ont., independent qualified persons (QP), as defined by National Instrument 43-101. Mr. Puritch has reviewed and approved the contents of this news release.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aME-2006562&symbol=ME®ion=C
- God Bless -
Read more at http://www.stockhouse.com/companies/bullboard?symbol=t.me&postid=25614983#xC8m0h0sgSDIGSao.99
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=127069938
Recent ME News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/18/2024 08:39:00 PM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 09/18/2024 12:10:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/18/2024 12:05:52 PM
- Meta Strengthens Child Privacy on Instagram; Google Overturns $1.7 Billion Antitrust Fine; Snap Updates Spectacles • IH Market News • 09/18/2024 10:13:07 AM
- Independent Directors of 23andMe Resign from Board • GlobeNewswire Inc. • 09/17/2024 08:26:04 PM
- 23andMe Therapeutics Announces Positive In Vivo Results for 23ME-01473, a Dual-Mechanism ULBP6-Targeting Antibody Currently in a Phase 1 Trial • GlobeNewswire Inc. • 09/15/2024 07:00:00 AM
- 23andMe Therapeutics Announces Phase 2 Results for Two Additional Cancer Cohorts and Correlative Biomarker Data from 23ME-00610 Study • GlobeNewswire Inc. • 09/15/2024 07:00:00 AM
- One of the Largest and Most Diverse Studies on Sickle Cell Trait and Blood Clots Reveals Findings That Impact All Populations • GlobeNewswire Inc. • 09/12/2024 08:05:00 PM
- Norfolk Southern CEO Fired, Ryanair Lowers Fare Forecast, 23andMe Considers Acquisition Proposals • IH Market News • 09/12/2024 10:02:29 AM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 09/11/2024 08:45:16 PM
- 23andMe to Present Updates on Clinical Immuno-oncology Programs 23ME-00610 and 23ME-01473 at ESMO Congress 2024 • GlobeNewswire Inc. • 09/03/2024 11:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 08:32:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 08:31:26 PM
- Lemonaid Health Now Offering GLP-1 Medication Through Weight Loss Membership Program • GlobeNewswire Inc. • 08/28/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/27/2024 08:08:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/21/2024 09:41:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/21/2024 09:29:39 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:11:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 08:06:48 PM
- 23andMe Reports First Quarter Fiscal 2025 Financial Results • GlobeNewswire Inc. • 08/08/2024 08:05:00 PM
- Nvidia AI Chip Delays, Mars Eyes Kellanova Acquisition, Berkshire Hathaway’s Cash Surge to $277 Billion • IH Market News • 08/05/2024 09:43:55 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/02/2024 12:19:52 PM
- 23andMe Special Committee responds to CEO’s take-private proposal • GlobeNewswire Inc. • 08/02/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 12:09:53 PM
- 23andMe Announces CEO’s Take-Private Proposal • GlobeNewswire Inc. • 08/01/2024 12:00:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM