The K2 Principal Fund L.P. Acquires Shares of Moneta Porcupine Mines Inc. Canada Newswire , 9:07 AM EDT May 04, 2020
Canada NewsWire TORONTO, May 4, 2020
The K2 Principal Fund L.P. ("K2") announced that on May 1st, 2020 it purchased 98,500 common shares of Moneta Porcupine Mines Inc. (TSX: ME) of 65 3rd Ave, Timmins, ON, P4N 1C2. Each share was purchased through the TSX at an average price of at a price of $ 0.1187 for a total cost of $11,692.12.
Prior to the recent acquisition, K2 held 31,085,000 common shares. After the acquisition, the partnership holds 31,183,500 common shares representing approximately 10.01% of the issued and outstanding common shares of Moneta Porcupine Mines Inc.
K2 acquired the securities for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of Moneta Porcupine Mines Inc through market transactions, private agreements or otherwise.
Dan Gosselin, The K2 Principal Fund L.P., (416) 365-2155
Moneta Porcupine Mines Inc. ME TSX Exchange 1st mining comp. listed @ TSE & One of the Oldest Gold Mining Producer In Canada -
Moneta Gold Mine The Highest average grade Gold Mine of the Gold Mine Producers in Timmins Porcupine Gold Fields -
Moneta Gold Mine 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 Hollinger 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 workings butt right up the border of Moneta Gold Mine @ Moneta’s Kayorum property - is still very large gold mine property -
Moneta Porcupine Mines Inc 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 Pan American Silver Corp. (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 Porcupine Mines Inc. has interests in 1,046 claim units each approximately 16,800 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 Gold 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 Gold 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).
Click to enlarge
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 Continues to Expand Gold Mineralization at Westaway Intersecting 1.90 M @ 9.73 g/t Gold Including 0.90 M @ 18.90 g/t Gold Canada Newswire , 8:00 AM EDT May 05, 2020 TORONTO, May 5, 2020 /CNW/ -
Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from five (5) additional drill holes testing the extensions of gold mineralization at the new Westaway Target located outside of the updated November 2019 NI 43-101 mineral resource estimate. The drill holes are part of the expanded 2019/2020 winter drill program recently completed on the Company's Golden Highway Project, 110 km east of Timmins, Ontario (Figure 1).
Moneta Porcupine Mines Inc. (CNW Group/Moneta Porcupine Mines Inc.)
Highlights: Drilling has confirmed and extended the gold mineralized veins at the new Westaway Target:
Confirmed new gold mineralization 1.2 kilometres (Km) west of the current South West gold resource in thirteen (13) new veins Confirmed extensions of new veins 100 metres (m) to the north and south of the discovery drill holes Extended gold mineralized veins by up to 200 m to depth and 200 m to the west MGH20-143: Intersected 1.90 m @ 9.73 grams per tonne gold (g/t Au) including 0.90 m @ 18.90 g/t Au from the WA-13 vein, extending the vein 100 m to the south, 150 m to the west and 200 m to depth MGH20-143: Intersected 4.20 m @ 4.49 g/t Au including 1.00 m @ 7.25 g/t Au from the WA-9 vein and 3.00 m @ 3.72 g/t Au including 1.00 m @ 5.83 g/t Au from the WA-8 vein extending both veins by 100 m to depth and 150 m to the west MGH20-138: Intersected 8.23 m @ 1.59 g/t Au including 1.00 m @ 5.18 g/t Au from the WA-12 vein, and 1.58 m @ 2.44 g/t Au including 0.37 m @ 7.28 g/t Au from the WA-11 vein extending veins 200 m to depth and 120 m to the west MGH20-139: Intersected 2.75 m @ 3.42 g/t Au including 1.00 m @ 4.11 g/t Au from the WA-10 vein extending the vein 100 m to the south "We are pleased to have continued to extend the new Westaway veins at depth to the west, and to the south with our latest drilling", commented CEO & Chief Geologist Gary O'Connor "We have intersected the extensions of the thirteen (13) new gold mineralized veins at Westaway highlighting additional potential at Westaway. The drill program has now successfully extended the gold mineralization over 1.2 km west of the South West deposit towards the 55 deposit. The 2019/2020 winter drill program is continuing to expand the footprint of the new gold veins at Westaway and West Block, as well as test the underground and open pit resource expansion potential at the 55 and Windjammer South deposits. The drill program has been recently completed with the processing and assaying of core continuing following COVID-19 work safety protocols."
The latest assay results are from five (5) drill holes, MGH20-138, MGH20-139, MGH20-141, MGH20-143 and MGH20-144 completed on the 2019/2020 winter drill program for a total of 2,317 m at the Westaway target, located west of the South West Deposit (Table 2). The results from the deeper portions of hole MGH20-143 will be reported once received. The drill holes were testing the southern, northern and depth extensions of the new veins recently discovered at Westaway.
Westaway Drill Results Drill Hole MGH20-143 was drilled 100 m to the west and 100 m below MGH19-129 (see press release PR-03-2020 dated 16 January 2020: Drilling intersected up 7.95 m @ 3.48 g/t Au including 0.95 m @ 13.80 g/t Au from WA-9 and 0.70 m @ 13.50 g/t Au from WA-10). The drill hole has confirmed western and depth extensions of the WA-7 to WA-12 veins and the new WA-13 vein to date. The hole intercepted up to 1.90 m @ 9.73 g/t Au including 0.90 m @ 18.90 g/t Au from WA-13 and 1.60 m @ 2.76 g/t Au including 0.80 m @ 5.16 g/t Au from WA-12, 4.20 m @ 4.49 g/t Au including 1.00 m @ 7.25 g/t Au from the WA-9 vein and 3.00 m @ 3.72 g/t Au including 1.00 m @ 5.83 g/t Au from the WA-8 vein. The results for the remaining veins are still outstanding and will be released once received.
Drill hole MGH20-139 was drilled 100 m to the south of MGH19-129 (see press release PR-03-2020 dated 16 January 2020: MGH19-129 intersected up to 5.25 m @ 6.30 g/t Au including 0.80 m @ 13.40 g/t Au from WA-7, 7.95 m @ 3.48 g/t Au including 0.95 m @ 13.80 g/t Au from WA-9 and 0.70 m @ 13.50 g/t Au from WA-10). The hole confirmed the southern extensions (100 m) of the WA-5 to WA-10 veins including 1.00 m @ 3.03 g/t Au from a new vein, 4.80 m @ 1.82 g/t Au including 0.90 m @ 3.61 g/t Au from WA-6 and 4.92 m @ 1.77 g/t Au including 1.00 m @ 3.03 g/t Au from the WA-5 vein. The drill hole confirmed that the veins are hosted in the BIF C unit.
Drill holes MGH20-138, MGH20-141 and MGH20-144 were designed to test the extensions of the veins to the west and north along the BIF A contact. The drill holes tested west and at depth below MGH19-131 and MGH19-135 (see press release PR 05-2020 dated 25 February 2020: MGH19-135 intersected up to 2.40 m @ 4.94 g/t Au including 0.80 m @ 7.69 g/t Au from WA-2). MGH20-138 intersected the western extensions of the WA veins 100 m to the west and 100 m to depth from MGH20-131. The hole intersected the WA-8 to WA-12 veins and the new WA-13 vein. Intersections were returned of up to 8.23 m @ 1.59 g/t Au including 1.00 m @ 5.18 g/t Au from WA-12 and 1.58 m @ 2.44 g/t Au including 0.37 m @ 7.28 from WA-11. Au. MGH20-141 was drilled 100 m below and 100 m west of MGH19-135 and intersected the WA-8 to WA-12 veins intersecting up to 2.75 m @ 3.42 g/t Au including 1.00 m @ 4.11 g/t Au from the WA-10 vein. MGH20-144 was drilled 100 m west of and as a 100 m under-cut of MGH20-141. The mineralization along the northern BIF A contact is weaker to the west with veins increasing in width and gold tenor to the south.
Westaway Target The Westaway Target is located within a similar geological setting as the South West deposit located 1.2 km to the east (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 dominantly hosted within an overlying coarse grain sandstone. The mineralized quartz-pyrite veins occur as extensional vein structures associated with ankerite-sericite-silica-pyrite alteration haloes. The zones occur as steeply west dipping WNW-ESE oriented mineralized structures as per the main mineralization at South West (Figure 2). Drilling to date has confirmed the veins over a strike length of 350 m, widths averaging over 3.00 m and to depths of 600 m. A total of 13 mineralized veins have been confirmed at Westaway to date.
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 80% to 95% of true width.
Click here for Figure 1: Westaway Location Map- Golden Highway Project
Click here for Figure 2: Westaway Target: 3D View of Veins (looking north)
QA/QC Procedures All core drilling conducted by Moneta is 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 routine 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.
Gary V. O'Connor, CEO and Chief Geologist, 416-357-3319; Ian C. Peres, President and CFO, 416-579-3040; Linda Armstrong, Investor Relations, 647-456-9223Copyright CNW Group 2020
The K2 Principal Fund L.P. Acquires Shares of Moneta Porcupine Mines Inc. Canada Newswire , 9:07 AM EDT May 04, 2020
Canada NewsWire TORONTO, May 4, 2020
The K2 Principal Fund L.P. ("K2") announced that on May 1st, 2020 it purchased 98,500 common shares of Moneta Porcupine Mines Inc. (TSX: ME) of 65 3rd Ave, Timmins, ON, P4N 1C2. Each share was purchased through the TSX at an average price of at a price of $ 0.1187 for a total cost of $11,692.12.
Prior to the recent acquisition, K2 held 31,085,000 common shares. After the acquisition, the partnership holds 31,183,500 common shares representing approximately 10.01% of the issued and outstanding common shares of Moneta Porcupine Mines Inc.
K2 acquired the securities for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of Moneta Porcupine Mines Inc through market transactions, private agreements or otherwise.
Dan Gosselin, The K2 Principal Fund L.P., (416) 365-2155
Moneta Porcupine Mines Inc. ME TSX Exchange 1st mining comp. listed @ TSE & One of the Oldest Gold Mining Producer In Canada -
Moneta Gold Mine The Highest average grade Gold Mine of the Gold Mine Producers in Timmins Porcupine Gold Fields -
Moneta Gold Mine 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 Hollinger 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 workings butt right up the border of Moneta Gold Mine @ Moneta’s Kayorum property - is still very large gold mine property -
Moneta Porcupine Mines Inc 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 Pan American Silver Corp. (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 Porcupine Mines Inc. has interests in 1,046 claim units each approximately 16,800 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 Gold 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 Gold 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).
Click to enlarge
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).
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