December 11, 2019 from Canada NewsWire
Canada NewsWire
TORONTO, Dec. 11, 2019
Symbol: TSX: ME
TORONTO, Dec. 11, 2019 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from the first drill hole testing gold mineralization on the new Halfway target located 500 m east of the updated November 2019 NI 43-101 mineral resource estimate. The drilling is part of the 2019/2020 winter drill program currently underway on the Company's Golden Highway Project, 110 km east of Timmins, Ontario, (see Figure 1).
Moneta Porcupine Mines Inc. (CNW Group/Moneta Porcupine Mines Inc.)
Highlights:
New Halfway Target Drill Discovery
Drill discovery of new gold mineralized zones at Halfway target
Located 500 m east of Windjammer South and NI 43-101 resource estimate
MGH19-123: New vein zone intersected 1.80 metres ("m") @ 7.48 grams per tonne Gold ("g/t Au") including 0.77 m @ 15.50 g/t Au at 210.20 m
MGH19-123: Second new vein intersected 1.50 m @ 3.13 g/t Au including 0.75 m @ 4.17 g/t Au at 232.00 m
MGH19-123: Third vein zone intersected 1.28 m @ 7.79 g/t Au at 288.00 m
Gary O'Connor, CEO & Chief Geologist commented, "We are pleased to have intersected multiple zones of gold mineralization at the new Halfway target returning results of up to 0.77 m @ 15.50 g/t Au from our first drill hole. The Halfway target is located 500m east of the updated November 2019 Resource Estimate and is hosted within the same geological setting. Our recently announced drill program to test the new Halfway and Westaway targets as well as drill test the resource expansion potential at West Block (South West), 55 and Windjammer South deposits is ongoing and will continue over the winter".
The latest assay results are from the first drill hole, MGH19-123 from the 2019/2020 winter drill program drilled to a depth of 501.00 m at the Halfway Target to test the potential of historical high-grade gold intercepts. The first drill hole was drilled to test the up-dip and southern extensions of the previously intersected mineralized vein zones.
Halfway Target Drill Results
Drill Hole MGH19-123 was drilled to follow-up on historical drill hole MJ11-43 which intersected 3.25 m @ 8.87 g/t Au at 410.75 m drill depth, including 2.30 m @ 11.74 g/t Au and including 1.47 m @ 16.86 g/t Au (see press release ME-PR-18-2018 dated December 05, 2018). The hole was designed to test and confirm the occurrence of a mineralized vein system 500 m east of Windjammer South. The drill hole intersected a number of structural zones with varying vein density and intensity. Three (3) main structural zones intercepted zones of 7.70 m @ 2.02 g/t Au including 1.80 m @ 7.48 g/t Au, including 0.77 m @ 15.50 g/t Au at 210.20 m drill depth, 6.50 m @ 1.46 g/t Au including 1.50 m @ 3.13 g/t Au including 0.75 m @ 4.17 g/t Au at 232.00 m drill depth and 1.28 m @ 7.79 g/t Au at 288.00 m drill depth.
Table 1: "55" and Windjammer South: Selected Significant Drill Results
Hole
From
To
Length
Au
Vein
(#)
(m)
(m)
(m)
(g/t)
(Name)
MGH19-123
210.20
217.90
7.70
2.02
New
includes
210.20
212.00
1.80
7.48
New
includes
211.23
212.00
0.77
15.50
New
MGH19-123
232.00
238.50
6.50
1.46*
New
includes
235.00
236.50
1.50
3.13
New
includes
235.00
235.75
0.75
4.17
New
MGH19-123
288.00
289.28
1.28
7.79
New
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 70% to 85% of true width.
Halfway Target
The Halfway target is located within a similar geological setting as the South West, 55 and Windjammer South deposits (See Figure 1). Gold mineralization is seen to occur as a series of mineralized vein structures which occur adjacent to the regional Timiskaming age banded iron formation "A" unit ("BIF-A") and hosted within an overlying brittle coarse grain sandstone. The mineralized quartz-pyrite veins occur as extensional vein structures associated with ankerite-sericite-silica-pyrite alteration haloes. The veins appear to be oriented ENE-SSW and dip steeply to the west.
Click here for Figure 1: Halfway Target Location Map- Golden Highway Project
https://www.monetaporcupine.com/uploads/GWH_PlanMap_20191209.jpg
Click here for Figure 2: Halfway: Schematic Geology Cross-Section
https://www.monetaporcupine.com/uploads/MGH19-123Schematic-X-Section.jpg
Table 2: Drill Hole Details
Hole
Easting
Northing
Elevation
Azimuth
Inclination
Depth
(#)
(mE)
(mN)
(masl)
(°)
(°)
(m)
MGH19-123
572570
5370532
356
70
-55
501.00
QA/QC Procedures
All core drilling conducted by Moneta was oriented. Drill core is cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an 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, 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 6 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, DeSantis East, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource estimate comprised of an indicated resource of 556,500 ounces gold contained within 3.82 Mt @ 4.53 g/t Au and a total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t Au in the inferred category at a 3.00 g/t Au cut-off.
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 information and forward-looking statements, collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation. 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 include, but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Company's drilling program and the timing and results thereof; and the ability of the Company to finance and carry out its anticipated goals and objectives.
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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2019/11/c5443.html
Gary V. O'Connor, CEO and Chief Geologist, 416-357-3319; Ian C. Peres, President and CFO, 416-579-3040Copyright CNW Group 2019
Canada Newswire
December 11, 2019 - 5:41 AM PST
Metals & Mining | Industrial Metals & Minerals | Moneta Porcupine Mines Inc.
0
Share0 Tweet0 Share0 Share0
In GOD We Trust -
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Happy New Year2020
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