2016 and Prior
|Mar 25, 2010 |
March 25, 2010, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME / XETRA: MOP) ("Moneta") announces drill results from the ongoing 30,000 metre 2010 drill program for the 100% owned Southwest Zone located in the Golden Highway Project.
For a map of Moneta's 100% owned Golden Highway Project, please click on the following link:
"The initial results from the Southwest Zone drill program are extremely encouraging. The completed wedge drill holes have initially tested the eastern portion of the Southwest Zone central block at depth. Significant lateral, as well as up and down-dip potential for the known zone, is now to be tested together with a newly identified area open north and along the iron formation north contact. The very early stage of this drill program has intersected high grade gold values and among the best widths in the Southwest Zone. These high grade gold values are contained within well-mineralized zones in excess of 30 metres in width in both completed 2010 wedge drill holes located 65 metres apart on strike and, with only three holes drilled at this depth, increases confidence that we can expand the resource base," said Ian C. Peres, President and CEO.
Tabled below are highlights of assay results received to date on the Southwest Zone:
Click to Enlarge
To date, only 1,950 m have been drilled within the historically drilled central block and newly drilled eastern block of the Southwest Zone. The objective of the 2010 drill program on the Southwest Zone is to better understand and interpret the newly defined high grade mineralization and to test the lateral strike and up and down-dip potential of the zone, particularly the mineralization along the iron formation contact and discrete high grade quartz veins known to exist within the zone. The iron formation, when in contact with veining and sulphidized, is known to generate significantly elevated high grade gold values. Gold mineralization also occurs in local quartz vein stockworks with intense ankerite-pyrite alteration and elevated gold values. These distinct styles of mineralization are similar to the known mineralization contained in Moneta's Windjammer South zone (517,000oz gold - NI 43-101) located 1.5km east along strike and Moneta's 55 Zone located 1.5km west along strike, the latter of which has been the primary focus of the 2010 exploration program to date.
Barrick drill hole MN96-162 was the deepest hole in the Southwest Zone, drilled in 1996 when the gold price was significantly lower, establishing the depth potential of the zone (non-compliant NI 43-101 resource: 625,000oz @ 5.98 g/t gold) which is primarily contained in the upper 400 m of the known zone. Hole MN96-162 intersected a broadly mineralized alteration zone on the southern hanging wall contact of the Southwest Zone central block iron formation at a vertical depth of approximately 1,000 m. MN96-162 returned values of 17.6 g/t and 11.58 g/t both over 0.50 m experiencing poor core recovery in the central block south contact area of the iron formation.
The 2010 wedge hole MSW-10-162A was set close to the central block iron formation confirming the MN96-162 mineralization and successfully continuing northerly across the eastern fault (which has displaced the central block iron formation from the eastern block iron formation) to intersect the untested eastern block iron formation at depth. The gold mineralization south of the central block iron formation contact returned 5.72 g/t over 10.45 m, including 6.91 g/t over 5.33 m, 8.22 g/t over 1.75 m and 9.02 g/t over 0.84 m, all within a well-mineralized broader zone of 3.18 g/t over 30.65 m. The intersection at the eastern block iron formation contact returned a lower grade gold tenor with 2.47 g/t over 0.80 m, within pervasively silicified and pyritic conglomerate containing numerous fine quartz stringers.
The 2010 wedge hole MSW-10-162B established the continuity of high grade gold mineralization, over improved widths, 65 metres west along strike of hole MSW-10-162A. A zone of significant alteration with abundant quartz veining returned 5.60 g/t over 17.24 m within a well-mineralized broader zone of 3.13 g/t over 37.10 m. The wedge continued through the central block iron formation intersecting a quartz carbonate vein and breccia zone at the faulted north contact of the iron formation that returned 17.32 g/t over 2.57 m including 59.58 g/t over 0.66 m. This high grade mineralization at the north contact has not been previously drilled and may be part of a larger discrete vein system which will be tested in 2010.
Hole MSW-10-260, located above wedge drill holes MSW-10-162A and MSW-10-162B, targeted an empirical high grade westerly plunge along the iron formation in the upper 300 metres of the Southwest Zone central block. Despite the lack of significant veining with sulphidization at the iron formation contact, 3.91 g/t over 1.89 m was intersected. In addition, higher grade quartz veins were intersected in the sediments south of the iron formation contact including 3.05 g/t over 6.75 m and 22.29 g/t over 0.88 m.
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
Diamond drill core logging and sampling follows general industry practices. Logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory with the remaining half of the sawn core returned to the core box for storage and future reference. Blanks and a range of standards are inserted into the sample steam at regular intervals. Up to 15% of the pulps are submitted to a second laboratory as checks. Initial assays and routine duplicates were completed by Expert Laboratories, while check assays and their duplicates were completed by Swastika Laboratory. Both laboratories used standard 30g fire assay techniques. Additional sampling and assaying, including second cuts and metallics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise. Assay values are simple averages of duplicates and gravimetric results when available.
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest 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:
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 email@example.com.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements, which are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected. Moneta undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
View News Release in PDF Format:
You can view the Next News Releases item: Wed May 12, 2010, Moneta Announces Appointment Of Richard Boulay To The Board Of Directors
You can view the Previous News Releases item: Fri Mar 5, 2010, Moneta Intersects Near Surface High Grade On 55 Zone
You can return to the main News Releases page, or press the Back button on your browser.