2016 and Prior
|Aug 11, 2009 |
August 11, 2009, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / XETRA: MOP) ("Moneta") is pleased to announce that it has commenced a multiphase exploration and development drill program and completed an induced polarization ("IP") survey on the Golden Highway Project.
Moneta has commenced a drill program consisting of up to 10,000 metres of phased drilling. Primary objectives are to test for gold mineralization along a 1,000 metre strike between Windjammer South and the Southwest Zone, to test newly defined IP geophysical targets, to evaluate known gold mineralization such as Windjammer North, to expand and further upgrade the NI 43-101 resources on Windjammer South, and to upgrade the non-compliant historical resource of 625,000oz @ 5.98g/t on the Southwest Zone to NI 43-101 standards.
Moneta has now completed a two stage tuned gradient IP survey with several detailed sections, in the eastern area of the Golden Highway project. The IP survey generated a high data density for geophysical modeling and involved deep lithographic, structural and direct detection mapping of Windjammer North and Windjammer South gold mineralization. The IP survey results showed excellent correlation between gold mineralization in previous drilling with significant new geophysical targets defined immediately north of the iron formation, both to the east and west, and to the south primarily in the Windjammer South area.
Ian C. Peres, President & CEO said, "This IP survey has established signature responses of the known Windjammer gold zones and their possible extensions and generated new targets which increase the potential of the underexplored areas of the eastern Golden Highway Project. We look forward to a successful drill program and are pleased to have secured a top-tier drilling company in this increasingly active Northeastern Ontario gold mining camp to aggressively pursue these newly defined drill targets".
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest regional property portfolios over approximately 10% (from Timmins, Ontario to the Quebec border) of the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario. The properties are located in the Golden Highway and Porcupine Camps near Timmins, Ontario, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date. Moneta's current focus is on 10 identified gold zones along a 12 km strike in the Golden Highway Camp.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ian C. Peres, President & CEO and Director
Rod Whyte, Chairman
Tel: (44) 207-736-2212 (London, UK)
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 firstname.lastname@example.org.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements concerning the future performance of Moneta, 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.
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