Porcupine well, here is something everyone should be aware of;
"How much is an ounce in the ground actually trading at in the market for each resource catergory" -
- Empirical data breaks down each category as it is happening in the market objectively - undervalued as analysts use $150/oz in the ground for valuations on P&P but data suggests other is occurring now.
How much is an ounce of gold in the ground trading at?
Madison Avenue Research Group has replicated the findings of independent research and analysis aimed at objectively determining how much an ounce in the ground is worth.
There are a myriad of variables when determining value and each company has its own unique set of considerations (from infrastructure, political risk, economics of the deposits, recovery, engineering hurdles, perceived growth potential, finances, management, etc…), so our analysis was objectively global in nature by examining 115 companies listed on the TSX and TSX Venture (companies selected run the gambit from junior explorers, to advanced development and also producers) which had NI 43-101 categorized resources in three industry standard categories of 1) Inferred, 2) Measured & Indicated, and 3) Proven and Probable.
The results were tabulated in US funds according to closing valuations for the last full trading week in the month of January 2012.
Results (rounded to the closest dollar) are as follows:
1) Inferred US$47/oz
2) Measured & Indicated US$72/oz
3) Proven & Probable US$92/oz
Although it is good information to know what the average ounce in the ground is worth based on empirical data, this information should not applied to any specific company. The temptation for many is to apply the above results to a specific company’s resources in order to attempt to derive a valuation for that entity, when in fact it is best to look at all facets and variables of a company in determining inherent value. Only by looking at the whole mosaic can one can truly determine where a company stands valuation wise.
Valuation Insight on Jr. Miners The above results are from one set of data using (115 companies) at one point in time, the following uses a different set of inputs to yield a global average. The chart below compares 'the average value of gold in situ (all resource categories) for an index of junior/mid-tier gold miners' to 'the price of gold'.
The chart clearly shows the divergence that has existed for the last several months and signals bullish opportunity to junior mining equity investors as the equities are justified in upward price revaluation relative to the price of the commodity.
Who will help out to figure out fair valuation of ME's Gold Resource in the Hard Rock Mines Safety Vaults;
Moneta Porcupine Mines Inc (TSE:ME)
its very oversold and undervalued -
Moneta Porcupine Mines ME has a new start to combine the GOLD resources -
start to do infill drilling and combine the
Windjammer South with the North and Central zone - Winjammer South is already GOLD massive but has more Au potential -
it has potential to become a massive open pit mine
More infill drilling between Windjammer South and the Gap zone will be even the potential of more massive -
still plus the Gold Res. of 1.9 million in the Southwest zone
it looking more than good Au the GOLDEN HighWay paved with G O L D all along Best Golden High Way in the world - most GOLD been mined
Golden Highway Project which contains 3.1 million ounces gold (NI 43-101) -
Proven & Probable US$92/oz x 3.1 million ounces gold (NI 43-101) = US$285 million -
compare with Moneta Porcupine Mines total of the market cap valuation - Market Cap: CAN$56,630,555.-- only its very undervalued and oversold - what a Au bargain play
on the TSX and TSX Venture (companies selected run the gambit from junior explorers, to advanced development and also producers) which had NI 43-101 categorized resources in three industry standard categories of 1) Inferred, 2) Measured & Indicated, and 3) Proven and Probable.
The results were tabulated in US funds according to closing valuations for the last full trading week in the month of January 2012.
Results (rounded to the closest dollar) are as follows:
1) Inferred US$47/oz
2) Measured & Indicated US$72/oz
3) Proven & Probable US$92/oz
Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which contains 3.1 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.
Moneta expands near surface gold mineralization on Golden Highway Project TIMMINS, ON, Feb. 2, 2012 /CNW/ -
Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) ("Moneta") announces results from its ongoing exploration program on its 100% owned Golden Highway Project, located 100km east of Timmins, Ontario (Canada).
Ian C. Peres, President and CEO said, "Windjammer Central is one of the key target areas in 2012 and we are pleased with the results to date. This large mineralized envelope is important as it lies between Windjammer North and Windjammer South and has the potential to develop into a new gold resource which may incorporate Windjammer North, and have possible linkage to Windjammer South".
Drill highlights include:
MWJ-11-51: MWJ-11-53: MWJ-11-55: MWJ-11-57:
0.97 g/t over 22 metres or 0.72 g/t over 57 metres 1.02 g/t over 73 metres or 0.76 g/t over 140 metres 0.94 g/t over 54 metres including 1.42 g/t over 26 metres 1.06 g/t over 22 metres or 0.72 g/t over 55 metres
The Windjammer Central target area is one of five priority target areas to be drilled in 2012 immediately within and adjacent to the existing NI 43-101 gold resource open pit shells.
Windjammer Central is located in a similar geological setting as Windjammer South (0.9Moz NI 43-101 resource) and current drilling has now confirmed the same style of mineralization. A mineralization envelope 200m in width and 750m in strike length has been identified within the sediments along the volcanic- sedimentary contact, on one of two branches of the prolific Destor Porcupine Fault Zone that pass through Moneta's Golden Highway Project. The Windjammer North gold mineralization, not included in the current NI 43-101 resources, is found immediately north of this large mineralization envelope.
For a plan map of the New Mineralized Envelope between Windjammer North and Windjammer South, please click on the following link:
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 along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which contains 3.1 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at http://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, --- we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
Moneta Porcupine Mines Announces $5 Million Bought Deal Financing -
TIMMINS, ONTARIO--(Marketwire - Feb. 23, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. (figures in Canadian dollars)
Moneta Porcupine Mines Inc. (TSX:ME)(OTC:MPUCF)(XETRA:MOP) (the "Company") announces that it has entered into an agreement with a syndicate of underwriters (the "Underwriters"), led by Stonecap Securities Inc., whereby the Underwriters have agreed to purchase, on a bought deal basis, 14,300,000 common shares (the "Common Shares") from treasury of the Company at a purchase price of $0.35 per Common Share (the "Issue Price") for gross proceeds of $5,005,000 (the "Offering").
The net proceeds of the Offering will be used for exploration at the Company's Golden Highway project, working capital and general corporate purposes.
The Offering will be made by way of private placement to accredited investors in all provinces of Canada. The Offering is expected to close on or about March 20, 2012, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the relevant securities regulatory authorities. The Common Shares will be subject to a four-month hold period.
About Moneta
Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills.
The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which contains an Indicated resource of 1.07 million ounces gold (NI 43-101) and an Inferred resource of 2.07 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
- ME perf. may set indication for the rest of the year 2012 - - ME TA PERF. 6 x 90% = 540% gain 2012 Great - :-)
- ME Au-bullet>train>arrow-> to - Moneta Porcupine Mines Inc (TSE:ME :-) - - all hobo aboard @ comfy chair :-) - - ME Chart TA Alert New Breakout Bull Very STRONG :-)
Moneta Porcupine Mines Inc (TSE:ME) has a long way UP - it has been much higher than fiat$1.--/sh in the past - ME has a much larger Gold Resource discovered currently than in the past -
- ME NI 43-101 resources - of 3.14 million ounces in 3 of 10 known - gold zones, all open, - within a largely untested 100 square km along - the fertile Destor
ME Expanding gold resources - Golden Highway Project • NI 43-101 resources (Dec 2011): 3.14 million ounces • Strong potential for both in pit and out of pit resource growth • 7 additional gold zones outside NI 43-101
Moneta Porcupine Mines Inc. (TSX:ME)(OTC:MPUCF)(XETRA:MOP) (the "Company") announces that it has amended the terms of the previously announced bought deal financing (Press Release February 23, 2012).
Moneta has agreed to amend the February 23, 2012 agreement with the syndicate of underwriters (the "Underwriters"), led by Stonecap Securities Inc., whereby the Underwriters have now agreed to purchase, on a bought deal basis, 10,000,000 common shares (the "Common Shares") from treasury of the Company at a purchase price (the "Issue Price") of $0.30 per Common Share for gross proceeds of $3,000,000 (the "Offering"), previously $0.35 per Common Share for gross proceeds of $5,000,000. The Company also grants the Underwriters an option to purchase up to an additional 1,667,000 Common Shares at the Issue Price exercisable up to 48 hours prior to closing of the Offering for additional gross proceeds of up to $500,100.
The net proceeds of the Offering will be used for exploration at the Company's Golden Highway project, working capital and general corporate purposes.
The Offering will be made by way of private placement to accredited investors in all provinces of Canada.
The Offering is expected to close on or about March 27, 2012, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and the relevant securities regulatory authorities. The Common Shares will be subject to a four-month hold period.
About Moneta Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which contains an Indicated resource of 1.07 million ounces gold (NI 43-101) and an Inferred resource of 2.07 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.
Some of the statements contained in this release are forward- looking statements, ----in each case could differ materially from those currently anticipated in such statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. /
Our system posted a HOLD today. The previous BUY recommendation was issued on 03.27.2012 (1) day ago, when the stock price was 0.2650. Since then ME has fallen -5.66% .
Moneta's Golden Highway drilling extends potential open pit strike length to 2.5 kilometers
TIMMINS, ON, May 2, 2012 /CNW/ -
Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) ("Moneta") announces results from its ongoing exploration and resource expansion program on its 100% owned Golden Highway Project, located 100km east of Timmins, Ontario (Canada).
Drilling has been underway in 2012 in the Gap Zone area with a focus on near surface mineralization to increase drill hole density and support ongoing internal resource and open pit modeling (graphics available at www.monetaporcupine.com) between the Southwest Zone (NI 43-101: currently 1.9Moz Au) and Windjammer South (NI 43-101: currently 0.9Moz Au) gold zones and adjacent to the NI 43-101 modeled open pits.
The Gap Zone was not included in the December 2011 NI 43-101 resource estimate (press release December 1st 2011) and is one of several top priority target areas in Moneta's Golden Highway Project.
Ian C. Peres, President and CEO said, "These Gap Zone results continue to establish the near surface linkage between the Southwest Zone and Windjammer South NI 43-101 resource open pit outlines. Additional drilling and internal modeling is underway to confirm continuity and in-pit resource expansion potential. We are currently drilling the Windjammer Central priority target area, located north of Windjammer South, with results pending."
Mr. Peres continued, "It now appears that we have a 2.5 km long potential open pit configuration using conservative estimating parameters, with strong gold potential at depth and along large cross- structures. During 2012 we will work on further defining the economics of the large open pit project and continue exploring the deeper extensions as well as the associated cross-structures. We are very pleased with developments to date".
Near-surface 2012 Gap Zone drill highlights include: MSW12-295A: 1.04 g/t over 55.0 metres including 5.52 g/t over 4.0 metres MSW12-301: 1.14 g/t over 39.0 metres including 1.99 g/t over 6.0 metres; and 1.17 g/t over 46.0 metres including 2.61 g/t over 2.25 metres MSW12-303: 0.99 g/t over 14.25 metres MSW12-304:
0.89 g/t over 34.69 metres including 29.11 g/t over 0.42 metres; and 0.69 g/t over 18.12 metres including 1.11 g/t over 6.62 metres; and 0.82 g/t over 12.29 metres including 1.35 g/t over 5.28 metres Higher grade resource expansion potential exists in the Gap Zone, largely untested below a 350 metre vertical depth, with MSW11-283 returning 5.15 g/t over 14.3 metres.
Previously reported near surface drill intercepts in the Gap Zone include: MSW11-283: 1.06 g/t over 117 meters including 5.15 g/t over 14.3 metres MSW11-286: 0.84 g/t over 24.0 meters including 1.07 g/t over 17.0 metres MSW11-288: 0.77 g/t over 27.0 metres MSW11-290: 1.18 g/t over 23.0 metres including 3.43 g/t over 4.0 metres MSW11-290A: 0.86 g/t over 55.7 metres including 1.22 g/t over 29.0 metres MSW11-292: 1.01 g/t over 17.0 metres including 1.89 g/t over 6.9 metres The Gap Zone gold mineralization is the same as that found in the Southwest Zone and Windjammer South zones and continues along strike within a 150+ metre wide corridor in the hanging wall sediments of the banded iron formation along its southern contact. The current drill results demonstrate the strength of the near surface mineralization, now extending over a 500m strike length within the Gap Zone, and the convergence of the Gap Zone and Windjammer South gold resource domain. Additional gold mineralization occurs along a northwesterly structure and is characterized by increased brecciation and veining. This structure strikes NW with a SW dip cross-cutting the iron formation near the centre of the Gap Zone and has significant potential and will be explored in 2012.
Drill highlights are summarized in the following table:
Drill hole From To Width (1) Vertical Depth Au (m) (m) (m) (m) (g/t) MSW12-295A 183.00 238.00 55.00 150 1.04 Incl. 183.00 190.00 7.00 1.38 and 227.00 231.00 4.00 5.52 276.00 283.00 7.00 1.49 321.00 327.65 6.65 1.21 MSW12-301 169.00 169.66 0.66 130 20.64 193.00 232.00 39.00 1.14 incl. 212.00 218.00 6.00 1.99 240.00 286.00 46.00 1.17 MSW12-303 231.75 246.00 14.25 180 0.99 Incl. 231.75 238.00 6.25 1.57 MSW12-304 84.09 96.38 12.29 70 0.82 incl 91.10 96.38 5.28 1.35 173.65 188.80 15.15 0.70 incl 177.50 180.12 2.62 1.52 204.88 223.00 18.12 0.69 incl 204.88 211.50 6.62 1.11 234.00 268.69 34.69 0.89 incl 253.18 253.60 0.42 29.11 Drilled widths are currently reported For a 3D View of the Gap Zone Mineralized Domain, please click on the following link: http://www.monetaporcupine.com/i/pdf/2012-05-02_NRM1.pdf
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 gold projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which contains 3.1 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.
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 -- --assume no obligation to revise or update these forward- looking statements.
Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
MONETA ANNOUNCES RECORD VOTING SUPPORT AT ANNUAL GENERAL MEETING May 23, 2012, Toronto, Ontario -
Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) (“Moneta” or the “Company”) is pleased to announce the results from its annual general meeting held on May 22, 2012.
Over 80 million shares were voted in support, approving the standard resolutions for the election of directors and the appointment of financial auditors, as well as the special resolution to approve the Shareholder Rights Plan (the “Plan”) between Moneta and Computershare Investor Services dated as of January 24, 2012.
Ian C. Peres, President and CEO of Moneta commented, “This level of voting participation is particularly impressive and highly unusual.
We would like to thank shareholders for their overwhelming voting support and ongoing confidence as we continue to advance our corporate objectives including the advancement of our significant Golden Highway Project.”
The Plan was adopted by the Board of Directors (January 24, 2012 press release) following the announcement of a major NI 43-101 Mineral Resource Estimate on Moneta’s Golden Highway Project (December 1, 2011 press release).
The Plan in no way prohibits a change of control of the Company in a transaction that is procedurally fair to its shareholders.
Management is not aware of any proposed or pending unsolicited take-over bid for the Company.
About Moneta Moneta holds a 100% interest in 5 core gold projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills.
The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone and hosts a NI 43-101 indicated resource of 1.07 million ounces gold (33.5 Mt at 1.00 g/t) plus a NI 43-101 inferred resource of 2.07 million ounces gold (47.8 Mt at 1.35 g/t) clustered within 4 kilometres.
FOR FURTHER INFORMATION, PLEASE CONTACT: Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
3 Million times 1600/oz is 4.8 Billion - :-) 3 Million times 1000 is 3 Billion - 3000 times a Million is 4.8 Billion - the word BILLION...1 0 0 0 0 0 0 0 0 0 0. - a very large amount of fiat Money - is the reason we invest in Gold REAL MONEY - :-) It comes out of the Moneta ground - :-)
Moneta holds a 100% interest in 5 core gold projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective
Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone and hosts a
NI 43-101 indicated resource of 1.07 million ounces gold (33.5 Mt at 1.00 g/t) plus a
NI 43-101 inferred resource of 2.07 million ounces gold (47.8 Mt at 1.35 g/t) clustered within 4 kilometres.
Goldcorp Report At Porcupine in Ontario, gold production during the second quarter increased 20% over the second quarter of 2011 to 74,900 ounces at a total cash cost of $674 per ounce, driven by higher grades and recoveries.
The Hoyle Pond Deep project continued to advance to access both depth extensions of current ore bodies and newly-discovered zones and to enhance operational flexibility and efficiencies throughout the Hoyle Pond operation.
Full face shaft sinking is planned to commence during the third quarter of 2012.
Neighbor Moneta Gold Mine to Hollinger -
At the Hollinger open pit project, development has focused on construction of the haul road between the Hollinger site and the Dome mill.
The first of 2 shovels to operate in the open pit has been commissioned.
Pending receipt of final permits, the mine is expected to begin production in the fourth quarter of 2012, providing supplementary gold production and the remediation of historical subsidence areas.
Underground exploration at Hoyle Pond in the second quarter of 2012 continued to return strong results.
Three diamond drill rigs were also dedicated to the expansion and delineation of the TVZ Bulk Zone. Surface exploration continued to assess potential targets located within a few kilometres of the Hoyle Pond deposit, while one diamond drill rig continued to probe a historically under-explored area located near the Dome Mine.
Hollinger Gold project will maintain us at full complement of about 700 employees at PGM here in Timmins for the long term. So that's the big benefit," said Bucar.
Bucar added the Hollinger Project alone would account for roughly $50 million a year in operating costs.
Moneta Gold Mine - The Kayorum property covers several patents and leases including the past producing Moneta Mine (149,250 oz.@ 0.47 oz/t) for a total of 52 units, all within the south-western portion of the City of Timmins. Kayorum is directly south and southwest of the Hollinger Mine currently being evaluated by Porcupine Gold Mines (Goldcorp) for its open pit and bulk underground mining potential.
The founding fathers of mining are going up August 4th. The three seven-foot tall bronzed statues of Jack Wilson, Benny Hollinger and Sandy McIntyre are completed and being erected in front of the Timmins Museum: NEC. The sculptor, Tyler Fauvelle from Lively, Ontario is expected to be on hand for the official unveiling ceremony, alongside local dignitaries and the Porcupine Prospectors and Developers Association.
Hollinger Gold project will maintain us at full complement of about 700 employees at PGM here in Timmins for the long term. So that's the big benefit," said Bucar.
Bucar added the Hollinger Project alone would account for roughly $50 million a year in operating costs.
Moneta Gold Mine - The Kayorum property covers several patents and leases including the past producing Moneta Mine (149,250 oz.@ 0.47 oz/t) for a total of 52 units, all within the south-western portion of the City of Timmins. Kayorum is directly south and southwest of the Hollinger Mine currently being evaluated by Porcupine Gold Mines (Goldcorp) for its open pit and bulk underground mining potential.
Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") announces positive results from its metallurgical test program ("Program") on its 100% owned Golden Highway Project, located 100km east of Timmins, Ontario (Canada).
The Company also announces that it has commenced an updated NI 43-101 Mineral Resource Estimate on the Golden Highway Project, which will now include three new and previously excluded gold zones.
The previous Golden Highway Project NI 43-101 resource estimate totaled 3.1 Moz of gold (Press release December 1, 2011).
Highlights:
Recoveries of up to 96.4% Au for the 55 Zone, Gap Zone, Windjammer Central/South/North zones and Southwest Zone;
Recoveries are consistent across all zones and suggest that the mineralization can be processed by one standardized milling method;
The current metallurgical leach results are consistent with historical testing completed on the Southwest Zone by Barrick Gold and Windjammer North and South by Newmont Mining. Composite Feed Grind Size Au Extraction (%) K80, µm 48-hr 55 Zone 25 95.2 Gap Zone 25 95.3 Windjammer Central 22 94.1 Windjammer South 24 95.3 Windjammer North 18 88.0 Southwest Zone 24 96.4 55 Zone 32 96.2 Gap Zone 42 95.7 Windjammer Central 28 95.0 Windjammer South 36 93.2 Windjammer North 23 86.8 Southwest Zone 37 95.4 55 Zone 68 91.5 Gap Zone 75 91.9 Windjammer Central 64 92.7 Windjammer South 70 94.3 Windjammer North 61 78.3* Southwest Zone 79 94.4 * Denotes CIL test result
Mr. Peres, President and CEO of Moneta commented, "This is another important step in advancing our large flagship gold project. We are pleased that our Golden Highway mineralization responds well using standard, cost-effective milling options and generates very high metallurgical recoveries. The next step is to design the mill process flowsheet."
Six composite samples were prepared for each of the gold zones at the average resource grade of 1.0 g/t Au. Composites were tested using three different grind size bottle roll and cyanide leach tests to establish metallurgical recoveries and zone characteristics.
The Program was conducted by SGS Minerals Services under the supervision of Jake Lang, with oversight by EHA Engineering Ltd. for P&E Mining Consultants Inc., authors of the (December 2011) NI 43-101 Technical Report on the Golden Highway Project.
The contents of this press release have been approved by independent Qualified Persons Alfred Hayden, P.Eng of EHA Engineering Ltd. and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc..
About Moneta
Moneta holds a 100% interest in 5 core gold projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone and hosts a NI 43-101 indicated resource of 1.07 million ounces gold (33.5 Mt at 1.00 g/t) plus a NI 43-101 inferred resource of 2.07 million ounces gold (47.8 Mt at 1.35 g/t) clustered within 4 kilometres.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at http://www.monetaporcupine.com or email us at info@monetaporcupine.com.
This news release includes certain forward-looking statements ---- We assume no obligation to revise or update these forward-looking statements.
SOURCE: Moneta Porcupine Mines Inc.
Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
By Karen Bachmann, The Daily Press-freelance Saturday, September 7, 2013 10:53:41 EDT AM
This photo, reprinted in the CIMM’s satirical newspaper “Der Norden Miner,” in conjunction with their 1938 conference, had as a caption: “Well known Cobalt hostess as she appears every morning before and after breakfast.” This photo, reprinted in the CIMM’s satirical newspaper “Der Norden Miner,” in conjunction with their 1938 conference, had as a caption: “Well known Cobalt hostess as she appears every morning before and after breakfast.”
TIMMINS - I was at a total loss this week — not sure what to write about — quite convinced that I had nothing left to say (writer’s block is an ugly thing, confidence sapper, I believe is the term).
What to write, what to write? Food (not again!); early days (and what precisely would be of interest not only to readers, but to me); sports (I’ll pretend I did not hear that); politics (that’s giving me a migraine). No, nothing struck my fancy.
And yet, here we are — unbelievably, when all seemed lost, I stumbled upon a little gem hidden in our archives — a “newspaper” that lasted for only one issue and was available only for a few days in Toronto.
Published on March 14, 1938 under the auspicious name “Der Nordern Miner,” this satirical little rag was the solution to my problems.
Der Nordern miner (not to be confused with its parent paper, The Northern Miner) was printed in conjunction with the 39th annual meeting of the Canadian Institute of Mining and Metallurgy.
Mr. Lap Laprairie, a Porcupine man who had been transferred to Toronto with CIL, chaired the evening’s entertainment (where this little newspaper was made available) at the Concert Hall in the Royal York Hotel.
The men present enjoyed a Dutch Lunch, courtesy of the Dominion Stores Ltd, which included buttered pumpernickel bread, liverwurst, Brunswick sausage, gruyere aux cartwheel, crumbly stilton, Roquefort, dill pickles, pretzels and crackers, all washed down with a good Pilsner beer (coffee, ginger ale or soda water would be served on request only).
The beer garden special publication was presented tongue in cheek, but yielded a few really good reprints of the early news happening in the Porcupine Camp.
It also reprinted many of the old songs that were written when the Porcupine was still young (like I am fond of saying, the Klondike has nothing on us when it comes to romanticizing the Gold Rush).
Here are a few of these gems (Note: the Porcupine area was obviously held in great esteem by the mining community as the bulk of the stories had to do with the Porcupine Gold Rush).
The Moneta Song, sung to the tune Oh, My Darling Clementine:
In the sand plain next the golf course
Moneta ne’er could be a mine,
Through the ages all the sages
Turned it down in record time
(Chorus) Oh Moneta, Oh, Moneta
Newest star in Porcupine
Battling Walter didn’t falter
Now Moneta is a mine.
Many years ago they tried it
The old shafts they numbered nine
But that didn’t bother Walter
Now Moneta is a mine.
When they built it Walter drilled it
And he said the grade was fine
Was he right or was he cockeyed
Now Moneta is a mine
Then he sank a shaft upon it
It went down in record time
Then he built a mill to mill it
Now Moneta is a mine.
So today he pours a gold brick
And we toast him with this wine
May he pour a million others
And we’ll drink with him each time.
The Porcupine Miners’ Song, a popular piece by W.Stanley Johns of Timmins, is also sung to the Darling Clementine tune. It is one that has been reprinted in many books about the early Porcupine Gold Rush:
We are miners, Porcupiners,
Every morning we’re on time
In the shaft-house you will find us
With our tools, right on time.
When the whistle blows at seven
And the cage starts to descend
We get off right on our level
Up the stope, start to ascend.
With the drill steel on our shoulders
To the working face we go,
Scale and drill and muck and back also
For we have to make a show.
“How’s she going, boys”? says the captain
As he comes through on his beat.
Drill your holes with plenty on them
And make sure they’re all ten feet.
Cobalt, Lorrain, Gowganda,
Elk Lake, Kirkland Lake are in line.
But for real mines and miners
You got to come to Porcupine.
The newspaper also had items reprinted from the 1912 editions of the Porcupine Advance that celebrated the very public opening and “dropping of the stamps” at the Dome Mine, the ordering of new stamps for the McIntyre and the organization of a local banquet for the departing manager of the Vipond Mine.
This last little item appeared, courtesy of the Porcupine Advance, under the headline “White Rat Saloon and Boarding House burned to the ground early Monday morning and everything was lost” (December 13, 1912).
“The flames were well on their way before an alarm was given and firemen reached the scene. Blaze either started by faulty stove pipe through the floor or from lighted match thrown down by one of the boarders. Loss of about $5,000 with no insurance. Place was owned by Bert Dewar.”
So personally, I need the thank the esteemed men of the 1939 CIMM Conference for this week’s inspiration.
Writer’s block has evaporated (for now), so next week should be easy (jinx!).
— Karen Bachmann is the director/curator of the Timmins Museum and a local author.
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Moneta reports wide mineralized intervals at Golden Highway TORONTO, Oct. 29, 2013 /CNW/ -
Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") is pleased to report drill results from its ongoing 30,000 metre drilling program at its 100% owned Golden Highway property in Timmins, Ontario.
The Company is currently reporting assay results from 50 drill holes and 2 drill hole extensions totaling 21,500 metres. Two drill rigs have been in operation since the beginning of the year and assay results are pending for other drill holes.
The 2013 drill program is primarily focused on the renamed Windjammer Zone - south, central, north and west areas (previously Windjammer South, Windjammer Central, Windjammer North and Gap Zone, respectively) and included areas previously drilled on 100 metre drill spacing within the Preliminary Economic Analysis (Dec 2012) ("PEA") conceptual open pits.
2013 program objectives included an upgrade in the category of resource ounces to Measured and Indicated ("M&I") from previously reported Inferred ounces.
The successful 2013 in-fill drill program on 50m spacing within the Windjammer Zone has confirmed similar grade and widths to the previous drilling, with improved grade and broader widths in certain areas.
Strategic drilling has also successfully confirmed western extensions of the mineralization from the Windjammer Zone towards the Southwest Zone.
Management believes that the Windjammer Zone will see a notable upgrade to NI 43-101 M&I resource ounces from previously reported Inferred ounces with a possible increase in tonnage and total resource ounces.
Ian C. Peres, President and CEO said, "We are pleased to report that we are funded into 2014 with a healthy treasury position. With higher resource confidence established after in-fill drilling the large open pit gold resources, our focus now shifts to the higher grade below the Southwest Zone portion of the open pit. The combined open pit and underground mining approach confirmed in the December 2012 PEA establishes Golden Highway as a project of scale with higher grade than comparable deposits, and this, in one of the best mining jurisdictions in the world."
Roger Aubertin, Vice President Exploration said, "The gold distribution along the 2.8 km wide structural corridor of the Golden Highway is very impressive. Predictability of grade is critical and drilling continues to confirm remarkably homogenous mineralization with consistent grade up to 200 metres in width."
The high grade depth potential of the Golden Highway has generally not been tested except for the Southwest Zone - with 5.61 g/t over 20.0m and 7.42 g/t over 16.58m (MSW10-267) at the 800 metre depth, multiple high grade intercepts extending to 1,100+ metres, and still open to depth. Management is reinterpreting the potential for higher grade at depth below the Windjammer Zone conceptual open pit areas, a setting similar to that of the Southwest Zone.
Modeling of higher grade cores within the conceptual Windjammer Zone open pit areas is also underway as part of this reinterpretation.
Drilling is ongoing in the Windjammer Zone. Once completed, focus will shift to the Southwest Zone to upgrade inferred to M&I resource ounces and refine the understanding of the structural controls for both the upper open pit mineralization and the wide higher grade mineralization confirmed at depth.
The Company will also continue work to expand the 2.8km mineralized corridor which remains open in both directions on the Golden Highway along its 12km strike length.
Significant 2013 drill program gold intercepts include:
Windjammer Zone - south, central and north areas: 30 drill holes:
MGH13-024: 6.80 g/t over 3.0m and 2.24 g/t over 11.0m within 1.12 g/t over 60.0m; MGH13-027: 0.95 g/t over 37.0m; MGH13-028: 1.09 g/t over 61.0m incl. 1.39 g/t over 20.0m within 0.73 g/t over 144.0m; MGH13-030: 1.09 g/t over 10.0m within 0.69 g/t over 178.0m; MGH13-031: 1.75 g/t over 18.0m within 1.04 g/t over 61.0m within 0.64 g/t over 151.0m; MGH13-032: 0.99 g/t over 21.0m; MGH13-033: 2.38 g/t over 10.0m within 1.00 g/t over 44.0m; MGH13-034: 1.01 g/t over 32.0m within 0.71 g/t over 139.0m; MGH13-035: 1.09 g/t over 21.0m within 0.62 g/t over 63.0m; MGH13-036: 0.94 g/t over 18.0m within 0.67 g/t over 70.0m; MGH13-038: 1.07 g/t over 10.0m / 1.01 g/t over 10m / 0.99 g/t over 5.0m / 0.95 g/t over 16.0m, all within 0.75 g/t over 71.0m; MGH13-039: 1.05 g/t over 16.0m / 0.95 g/t over 10.0m within 0.65 g/t over 97.0m; MGH13-040: 0.97 g/t over 18.0m; MGH13-041: 1.17 g/t over 9.0m within 0.60 g/t over 149.0m ; MGH13-042: 1.01 g/t over 199.0m incl. 1.65 g/t over 17.0m / 1.24 g/t over 34.0m / 1.48 g/t over 53.0m within 1.10 g/t over 162.0m; MGH13-043: 2.19 g/t over 34.0m within 1.37 g/t over 77.0m and 0.96 g/t over 51.0m incl. 1.33 g/t over 24.0m, and 0.98 g/t over 16.0m incl. 1.18 g/t over 11.0m; MGH13-044: 1.47 g/t over 16.0m / 1.19 g/t over 13.0m, both within 1.02 g/t over 44.0m; MGH13-045: 1.16 g/t over 19.0m / 1.46 g/t over 6.0m / 0.94 g/t over 16.0m, all within 0.65 g/t over 116.0m; MGH13-046: 2.10 g/t over 14.0m, and 1.37 g/t over 27.0m / 1.01 g/t over 30.0m / 2.32 g/t over 8.0m / 1.40 g/t over 16.60m, all within 0.80 g/t over 148.6m; MGH13-047: 22.25 g/t over 5.0m incl. 152.65 g/t over 0.72m; MGH13-049: 3.21 g/t over 15.0m within 1.39 g/t over 67.0m; MGH13-050: 4.74 g/t over 4.0m and 0.85 g/t over 17.0m / 0.86 g/t over 22m, both within 0.60 g/t over 108.15m; Windjammer Zone - west area: 20 drill holes:
MGH13-004: 1.01 g/t over 53.0m incl. 3.44 g/t over 10.0m; MGH13-005: 1.33 g/t over 29.0m incl. 1.94 g/t over 18.4m and 1.89 g/t over 17.3m incl. 2.02 g/t over 15.6m; MGH13-006: 1.70 g/t over 4.0m and 1.05 g/t over 23.0m within 0.78 g/t over 61.0m and 1.13 g/t over 10.0m; MGH13-008: 1.06 over 14m and 1.89 g/t over 4.80m and 1.10 g/t over 14.85m; MGH13-009: 1.39 g/t over 20.0m and 2.52 g/t over 2.0m; MGH13-011: 1.88 g/t over 3.0m and 0.78 g/t over 32.0m incl.1.08 g/t over 13.0m; MGH13-012: 1.21 g/t over 6.0m and 0.98 g/t over 22.0m; MGH13-013: 1.16 g/t over 11.0m; MGH13-014: 1.06 g/t over 17.0m; MGH13-016: 0.92 g/t over 8.0m; MGH13-018: 0.88 g/t over 13.0m within 0.71 g/t over 34.30m; MGH13-019: 1.92 g/t over 18.4m and 0.92 over 9.0m; MGH13-020: 1.34 g/t over 11.0m and 1.08 g/t over 29.0m; MGH13-022: 1.43 g/t over 18.0m; Southwest Zone: 1 drill hole and 2 extensions:
MGH13-010: 7.10 g/t over 7.0m within 2.28 g/t over 38.0m; MM97-216X: 9.2 g/t over 5.0m; MM97-285X: 4.09 g/t over 6.05 m and 4.06 over 8.46m. Gold mineralization in the Golden Highway conceptual open pits is now confirmed for more than 2.8 km along strike from the Southwest Zone to Windjammer Zone. The mineralized corridor hosts average widths of 150 metres and up to 700 metres in the Windjammer Zone and occurs within a broad band of Temiskaming sediments in structural contact with the Kidd-Munroe volcanic assemblage. This contact zone is defined by the Destor Porcupine Deformation Zone. The gold mineralization is dependent on the intensity of quartz veining and silicification with moderate to strong ankerite alteration preferentially associated with 1-2cm quartz veining. Pyrite is commonly observed with quartz-carbonate veining while specularite is found within quartz-chlorite veining. The corridor hosts pervasive gold mineralization with grades varying between 0.5 and 1.5 g/t in addition to localized higher grade zones throughout the deposit. Higher grade mineralization is characterized by an increase in the silica/ankerite alteration and sulphide content.
PEA and NI 43-101 The December 2012 Preliminary Economic Analysis of the Golden Highway returned a strong $748M net present value at US$1,350 gold, still relevant at current gold spot prices.
Golden Highway hosts higher grade potential based on mineralization intersected in Southwest Zone (west area of pit) and Windjammer Zone (north and south areas) which provides latitude in terms of optimizing the conceptual open pit plans which will have a favorable impact on future project valuations.
The PEA consisted of a combined open pit and underground strategy which reported grade of 1.17 g/t, robust in comparison to some of the larger open pit gold production operations in Ontario and Quebec. The higher grade underground resource ounces are a critical component in the current PEA and overall project feasibility. The reader is cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Next Steps Shareholders approved a name change to Windjammer Gold at the Company's Annual Meeting held in May 2013. The Board of Directors has elected to not move forward with the name change at this time.
The Company is planning an updated NI 43-101 Mineral Resource Estimate in Q1 2014. An updated PEA is planned and will reflect optimization of the initial conceptual open pits and the updated Q1 2014 resource estimate.
Complete assay results, surface and cross-sections for the 2013 drill program on Golden Highway are available on the Company's website at www.monetaporcupine.com.
The Company's exploration program is being managed by Roger Aubertin, Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.
About Moneta Moneta holds a 100% interest in 5 core gold projects strategically located along the highly prospective Destor Porcupine Fault Zone in the world class Timmins Camp, one of the best mining jurisdictions in the world with over 75 million ounces of past gold production and unmatched infrastructure including paved highway access, water, electricity, skilled labor force, and nearby mills.
A Preliminary Economic Assessment (Dec 2012) for the flagship Golden Highway generated a Net Present Value of $748M using US$1,350 gold based on the NI 43-101 resource estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au) plus 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres of similar geology.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at
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.
SOURCE Moneta Porcupine Mines Inc.
PLEASE CONTACT: Ian C. Peres, President & CEO 416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
Mr. Tylee was most recently a Senior Exploration Geologist at Goldcorp Inc. where he spent 19 years responsible for surface exploration in northeastern Ontario and underground exploration at Hoyle Pond, currently the highest grade gold mine in the Timmins Camp.
Moneta reports wide mineralized intervals at Golden Highway TORONTO, Oct. 29, 2013 /CNW/ -
Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") is pleased to report drill results from its ongoing 30,000 metre drilling program at its 100% owned Golden Highway property in Timmins, Ontario.
The Company is currently reporting assay results from 50 drill holes and 2 drill hole extensions totaling 21,500 metres. Two drill rigs have been in operation since the beginning of the year and assay results are pending for other drill holes.
The 2013 drill program is primarily focused on the renamed Windjammer Zone - south, central, north and west areas (previously Windjammer South, Windjammer Central, Windjammer North and Gap Zone, respectively) and included areas previously drilled on 100 metre drill spacing within the Preliminary Economic Analysis (Dec 2012) ("PEA") conceptual open pits.
2013 program objectives included an upgrade in the category of resource ounces to Measured and Indicated ("M&I") from previously reported Inferred ounces.
The successful 2013 in-fill drill program on 50m spacing within the Windjammer Zone has confirmed similar grade and widths to the previous drilling, with improved grade and broader widths in certain areas.
Strategic drilling has also successfully confirmed western extensions of the mineralization from the Windjammer Zone towards the Southwest Zone.
Management believes that the Windjammer Zone will see a notable upgrade to NI 43-101 M&I resource ounces from previously reported Inferred ounces with a possible increase in tonnage and total resource ounces.
Ian C. Peres, President and CEO said, "We are pleased to report that we are funded into 2014 with a healthy treasury position. With higher resource confidence established after in-fill drilling the large open pit gold resources, our focus now shifts to the higher grade below the Southwest Zone portion of the open pit. The combined open pit and underground mining approach confirmed in the December 2012 PEA establishes Golden Highway as a project of scale with higher grade than comparable deposits, and this, in one of the best mining jurisdictions in the world."
Roger Aubertin, Vice President Exploration said, "The gold distribution along the 2.8 km wide structural corridor of the Golden Highway is very impressive. Predictability of grade is critical and drilling continues to confirm remarkably homogenous mineralization with consistent grade up to 200 metres in width."
The high grade depth potential of the Golden Highway has generally not been tested except for the Southwest Zone - with 5.61 g/t over 20.0m and 7.42 g/t over 16.58m (MSW10-267) at the 800 metre depth, multiple high grade intercepts extending to 1,100+ metres, and still open to depth. Management is reinterpreting the potential for higher grade at depth below the Windjammer Zone conceptual open pit areas, a setting similar to that of the Southwest Zone.
Modeling of higher grade cores within the conceptual Windjammer Zone open pit areas is also underway as part of this reinterpretation.
Drilling is ongoing in the Windjammer Zone. Once completed, focus will shift to the Southwest Zone to upgrade inferred to M&I resource ounces and refine the understanding of the structural controls for both the upper open pit mineralization and the wide higher grade mineralization confirmed at depth.
The Company will also continue work to expand the 2.8km mineralized corridor which remains open in both directions on the Golden Highway along its 12km strike length.
Significant 2013 drill program gold intercepts include:
Windjammer Zone - south, central and north areas: 30 drill holes:
MGH13-024: 6.80 g/t over 3.0m and 2.24 g/t over 11.0m within 1.12 g/t over 60.0m; MGH13-027: 0.95 g/t over 37.0m; MGH13-028: 1.09 g/t over 61.0m incl. 1.39 g/t over 20.0m within 0.73 g/t over 144.0m; MGH13-030: 1.09 g/t over 10.0m within 0.69 g/t over 178.0m; MGH13-031: 1.75 g/t over 18.0m within 1.04 g/t over 61.0m within 0.64 g/t over 151.0m; MGH13-032: 0.99 g/t over 21.0m; MGH13-033: 2.38 g/t over 10.0m within 1.00 g/t over 44.0m; MGH13-034: 1.01 g/t over 32.0m within 0.71 g/t over 139.0m; MGH13-035: 1.09 g/t over 21.0m within 0.62 g/t over 63.0m; MGH13-036: 0.94 g/t over 18.0m within 0.67 g/t over 70.0m; MGH13-038: 1.07 g/t over 10.0m / 1.01 g/t over 10m / 0.99 g/t over 5.0m / 0.95 g/t over 16.0m, all within 0.75 g/t over 71.0m; MGH13-039: 1.05 g/t over 16.0m / 0.95 g/t over 10.0m within 0.65 g/t over 97.0m; MGH13-040: 0.97 g/t over 18.0m; MGH13-041: 1.17 g/t over 9.0m within 0.60 g/t over 149.0m ; MGH13-042: 1.01 g/t over 199.0m incl. 1.65 g/t over 17.0m / 1.24 g/t over 34.0m / 1.48 g/t over 53.0m within 1.10 g/t over 162.0m; MGH13-043: 2.19 g/t over 34.0m within 1.37 g/t over 77.0m and 0.96 g/t over 51.0m incl. 1.33 g/t over 24.0m, and 0.98 g/t over 16.0m incl. 1.18 g/t over 11.0m; MGH13-044: 1.47 g/t over 16.0m / 1.19 g/t over 13.0m, both within 1.02 g/t over 44.0m; MGH13-045: 1.16 g/t over 19.0m / 1.46 g/t over 6.0m / 0.94 g/t over 16.0m, all within 0.65 g/t over 116.0m; MGH13-046: 2.10 g/t over 14.0m, and 1.37 g/t over 27.0m / 1.01 g/t over 30.0m / 2.32 g/t over 8.0m / 1.40 g/t over 16.60m, all within 0.80 g/t over 148.6m; MGH13-047: 22.25 g/t over 5.0m incl. 152.65 g/t over 0.72m; MGH13-049: 3.21 g/t over 15.0m within 1.39 g/t over 67.0m; MGH13-050: 4.74 g/t over 4.0m and 0.85 g/t over 17.0m / 0.86 g/t over 22m, both within 0.60 g/t over 108.15m; Windjammer Zone - west area: 20 drill holes:
MGH13-004: 1.01 g/t over 53.0m incl. 3.44 g/t over 10.0m; MGH13-005: 1.33 g/t over 29.0m incl. 1.94 g/t over 18.4m and 1.89 g/t over 17.3m incl. 2.02 g/t over 15.6m; MGH13-006: 1.70 g/t over 4.0m and 1.05 g/t over 23.0m within 0.78 g/t over 61.0m and 1.13 g/t over 10.0m; MGH13-008: 1.06 over 14m and 1.89 g/t over 4.80m and 1.10 g/t over 14.85m; MGH13-009: 1.39 g/t over 20.0m and 2.52 g/t over 2.0m; MGH13-011: 1.88 g/t over 3.0m and 0.78 g/t over 32.0m incl.1.08 g/t over 13.0m; MGH13-012: 1.21 g/t over 6.0m and 0.98 g/t over 22.0m; MGH13-013: 1.16 g/t over 11.0m; MGH13-014: 1.06 g/t over 17.0m; MGH13-016: 0.92 g/t over 8.0m; MGH13-018: 0.88 g/t over 13.0m within 0.71 g/t over 34.30m; MGH13-019: 1.92 g/t over 18.4m and 0.92 over 9.0m; MGH13-020: 1.34 g/t over 11.0m and 1.08 g/t over 29.0m; MGH13-022: 1.43 g/t over 18.0m; Southwest Zone: 1 drill hole and 2 extensions:
MGH13-010: 7.10 g/t over 7.0m within 2.28 g/t over 38.0m; MM97-216X: 9.2 g/t over 5.0m; MM97-285X: 4.09 g/t over 6.05 m and 4.06 over 8.46m. Gold mineralization in the Golden Highway conceptual open pits is now confirmed for more than 2.8 km along strike from the Southwest Zone to Windjammer Zone. The mineralized corridor hosts average widths of 150 metres and up to 700 metres in the Windjammer Zone and occurs within a broad band of Temiskaming sediments in structural contact with the Kidd-Munroe volcanic assemblage. This contact zone is defined by the Destor Porcupine Deformation Zone. The gold mineralization is dependent on the intensity of quartz veining and silicification with moderate to strong ankerite alteration preferentially associated with 1-2cm quartz veining. Pyrite is commonly observed with quartz-carbonate veining while specularite is found within quartz-chlorite veining. The corridor hosts pervasive gold mineralization with grades varying between 0.5 and 1.5 g/t in addition to localized higher grade zones throughout the deposit. Higher grade mineralization is characterized by an increase in the silica/ankerite alteration and sulphide content.
PEA and NI 43-101 The December 2012 Preliminary Economic Analysis of the Golden Highway returned a strong $748M net present value at US$1,350 gold, still relevant at current gold spot prices.
Golden Highway hosts higher grade potential based on mineralization intersected in Southwest Zone (west area of pit) and Windjammer Zone (north and south areas) which provides latitude in terms of optimizing the conceptual open pit plans which will have a favorable impact on future project valuations.
The PEA consisted of a combined open pit and underground strategy which reported grade of 1.17 g/t, robust in comparison to some of the larger open pit gold production operations in Ontario and Quebec. The higher grade underground resource ounces are a critical component in the current PEA and overall project feasibility. The reader is cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Next Steps Shareholders approved a name change to Windjammer Gold at the Company's Annual Meeting held in May 2013. The Board of Directors has elected to not move forward with the name change at this time.
The Company is planning an updated NI 43-101 Mineral Resource Estimate in Q1 2014. An updated PEA is planned and will reflect optimization of the initial conceptual open pits and the updated Q1 2014 resource estimate.
Complete assay results, surface and cross-sections for the 2013 drill program on Golden Highway are available on the Company's website at www.monetaporcupine.com.
The Company's exploration program is being managed by Roger Aubertin, Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.
About Moneta Moneta holds a 100% interest in 5 core gold projects strategically located along the highly prospective Destor Porcupine Fault Zone in the world class Timmins Camp, one of the best mining jurisdictions in the world with over 75 million ounces of past gold production and unmatched infrastructure including paved highway access, water, electricity, skilled labor force, and nearby mills.
A Preliminary Economic Assessment (Dec 2012) for the flagship Golden Highway generated a Net Present Value of $748M using US$1,350 gold based on the NI 43-101 resource estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au) plus 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres of similar geology.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at
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 -- --and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
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