Moneta Porcupine Mines Inc. ME TSX Exchange 1st mining comp. listed @ TSE & One of the Oldest Gold Mining Producer In Canada -
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Moneta Gold Mine The Highest average grade Gold Mine Producer in Timmins - still virgin because the mill destroyed early by fire - the mining were @ shallow level - the rich ore often start below 1000 meter deep -
The Moneta Gold Mine is located in the NW portion of Moneta’s Kayorum property and is immediately adjacent to the east to the Hollinger Gold Mine.
Total production between 1938-1943 was 149,250 oz gold from 314,829 tons at an average grade of 0.47 oz/t.
The Moneta Gold Mine underground infrastructure includes a shaft to 1,492 feet with 6 levels of development.
Moneta’s Gold Mine Kayorum property is of particular interest as the immediately adjacent Hollinger Gold Mine pit project has been approved with development underway in 2012. The project envisions a 200-250m deep multiple phase open pit based on a 2010 resource of 3.47Mozs and 782,000 oz in reserves.
Exploration drill programs have also identified several underground mining opportunities by ramp and existing underground infrastructure for both the Hollinger (Millerton) and McIntyre (Central Porphyry Zone) mines - Hollinger underground working butt right up the border of Moneta Gold Mine @ Moneta’s Kayorum property still very large gold mine property - https://en.wikipedia.org/wiki/Hollinger_Mines
Moneta Announces Closing of Strategic Investment by Eric Sprott -
Moneta holds a 100% interest in 5 core gold projects and a 50% JV with Kirkland Lake Gold strategically located on or along the Destor Porcupine Fault Zone corridor (“Destor”), one of the key mineralized structures in the Abitibi Greenstone belt in Ontario, with excellent infrastructure including access roads, water, electricity, and mills.
Most gold mineralization in the region is associated with the Destor, including significant resources and producing mines now operated by Porcupine Gold Mines (Goldcorp) and several others such as Tahoe Resources, McEwen Mining, and Kirkland Lake Gold.
The Golden Highway Camp has experienced rapid advancement of gold resources by Moneta and others including Osisko Mining reflecting the strong regional gold potential.
Moneta has interests in 1,046 claim units each approximately 16 hectares in area (total area approximately 16,800 hectares) in the form of mining patents, leases and staked claims. Most of the Company’s landholdings are not subject to any royalty or encumbrances other than minor royalties to third parties on a limited number of claims primarily outside the Golden Highway Project.
The Porcupine Camp and Golden Highway Camp (here collectively referred to as “Timmins Camp“) is one of the most prolific gold-producing areas in the world with over 75 million ounces of gold produced to date, including that from some 26 mines, each of which generated more than 100,000 ounces.
Moneta’s land position for gold exploration is one of the largest in the Timmins Camp including a commanding position in the emerging Golden Highway Camp as well as an established position in the Porcupine Camp. The Golden Highway Project is a largely contiguous land package of 689 claim units or approximately 11,000 hectares, and contains a significant gold NI 43-101 Resource Estimate (Jan 2019) containing 383,400 oz indicated (2.6Mt @ 4.61 g/t) plus 873,200 oz inferred (6.5Mt @ 4.21 g/t).
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Moneta’s recent primary gold exploration and resource development focus has been the Golden Highway Project centred in Michaud Township 100 km east of Timmins, Ontario along Highway 101, a major all-season route.
The Golden Highway Project captures 12 kms of the Destor Porcupine Fault Zone Corridor, one of the most prolific Archean gold-bearing structures in the world. The project currently hosts a NI 43-101 resource, spanning only 4 km of the corridor and found primarily within sedimentary host rocks along a southern splay of the Destor. Resource growth potential exists along the remaining 8 km of largely untested strike length along the Destor in contact with ultramafic units, where limited historical drilling has already confirmed gold mineralization.
The main unconformity which occurs as the mafic volcanic-sediment contact also remains largely untested. Moneta also has a 50% stake in the Garrison JV with Kirkland Lake Gold in the Golden Highway Camp.
Moneta continues to maintain a large land holding in Porcupine Gold Camp which includes the gold properties of North Tisdale, Nighthawk Lake, Kayorum, DeSantis and Denton. Additional properties with strategic value are historical base metal projects and include Loveland Nickel (Ni), Kamiskotia (Cu/Zn), and Fripp (Cu).
Moneta Discovers New Gold Mineralization at Halfway with 500 Metre Step-Out Drilling 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.
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.
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