2016 and Prior
|Nov 29, 2018 |
Toronto, Ontario -- November 29, 2018 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce that it has now completed the new geological interpretation model of high grade structures on the Golden Highway Project, expanding the number and size of mineralized structures identified. The new geological model will form the basis of the new updated resource estimate due to be completed in early 2019 on the Company's Golden Highway Project, located 110 km east of Timmins, Ontario (see Figure 1).
Gary O'Connor, CEO & Chief Geologist commented, "The Moneta geological team has completed a thorough and detailed re-interpretation of the high-grade controlling structures on six (6) deposit areas within the Golden Highway Project. Detailed alteration and mineralization logging, as well as structural interpretation has confirmed the continuity of the structures which form the basis of the wireframes currently being used in the pending resource estimate update. A total of 58 mineralized structures have now been modelled, significantly expanding the scope of the resource which is due to be completed in early 2019. Interpretation have also identified additional mineralized zones on the project outside the current resource update highlighting additional exploration upside"
- Moneta has increased the number of modelled vein structures to fifty-eight (58) on six (6) deposit areas to be used for the resource update
- The new resource estimate update on the Golden Highway Project has commenced and is due to be completed in early 2019
- Four (4) of the deposit areas containing 44 mineralized structures are associated with the regional Banded Iron Formation and hosted in Timiskaming sediments
- Two (2) of the deposit areas containing 14 structures are hosted in mafic/ultramafic units located along the Destor Porcupine Fault Zone
- Sampling of previously unsampled historical core has been completed
The new resource estimate will be based on 1,108 holes for 352,055.50 m of drilling including 74 new drill holes for 42,880.50 m completed between September 2017 and August 2018. The updated resource will also include the results of 25 drill holes for 11,781.22m drilled in early 2017, 11 drill holes completed in 2016 for 6,052.0 m and 112 drill holes completed during 2013-2014 for 49,719.0 m not previously included in a resource. A total of 1,300 mineralized intercepts were identified, relogged and assayed if not historically sampled, with structures confirmed and used in the development of the new resource model. On average each sediment hosted mineralized structure has been defined by over 59 drill intercepts.
Figure 1: Deposit Location Map- Golden Highway Project
Banded Iron Formation Related Deposits
The South West, Gap, Windjammer South and "55" deposits are located along over 4 km of strike length on the southern margins of a regional Banded Iron Formation (BIF) hosted within clastic sediments of Timiskaming age. Mineralization occurs as NW-SE trending steeply west dipping stockwork veining and associated vein structures. The structures occur up to 30 m wide, narrow with distance from the BIF contact, and have been traced up to 400 m of strike length and drilled to 1,200 m depth. The mineralized structures are spaced 30 m to 75 m. The absence of mineralized structures between South West and "55" over 2 km to the west is due to the lack of drilling. A similar absence of modelled structures occurs over 0.5 km between Windjammer South and Gap due to a lack of drilling. The BIF contact east of Windjammer South and west of "55" remains untested.
The mineralized veins and stockwork veining within the structures occur as quartz-pyrite veins within an ankerite-sericite-silica-pyrite (+ albite) alteration halo. The mineralized veins and associated stockwork zones making up the vein corridors have now been successfully traced for a distance of over 4.5 km between "55" and Windjammer South.
You can view the Next News Releases item: Wed Dec 5, 2018, Moneta Identifies Multiple New Mineralized Zones On The Golden Highway Project
You can view the Previous News Releases item: Wed Oct 24, 2018, MONETA INTERCEPTS 7.90 m @ 8.09 g/t GOLD INCLUDING 0.95 m @ 34.40 g/t GOLD AT WINDJAMMER SOUTH AND 54.00 m @ 1.04 g/t GOLD INCLUDING 2.00 m @ 6.23 g/t GOLD AT SOUTH WEST
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