MONETA PORCUPINE MINES INC. : http://www.monetaporcupine.com/ : QwikReport

News Releases

#January 17, 2019
Moneta Defines New Resource At Its Golden Highway Project: 383,400 Oz Of Gold At 4.61 g/t Of Indicated And 873,200 Oz Of Gold At 4.21 g/t Inferred

 

Toronto, Ontario -- January 17, 2019 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (“Moneta” or the “Company”) is pleased to provide an updated mineral resource estimate for the gold deposits within its 100% owned Golden Highway Project, located 110 km east of Timmins, Ontario (see Table 1).

Highlights of Updated Mineral Resource Estimate:

  • A total of 383,400 ounces (oz) at a grade of 4.61 grams per tonne (g/t) Gold (Au) in the indicated category
  • A total of 873,200 oz at a grade of 4.21 g/t Au in the inferred category
  • Significant increase in the grade of the Golden Highway Project mineral resource estimate over previous estimates
  • All new mineral resources reported are estimated using a cut-off grade of 3.00 g/t Au, assuming underground extraction
  • The updated resource estimate is constrained within wireframes based on the new geological interpretation

The updated mineral resource was independently prepared by Micon International in accordance with National Instrument 43-101 (“NI43-101”) effective January 16, 2019. A compliant technical report will be filed within 45 days of the date of this release. The deposits have shown a significant improvement in grade over the previous resource estimate and remain open. Moneta has identified several adjacent targets at surface displaying the same style and tenor of mineralization within the Golden Highway Project which were not included in this mineral resource update.

Gary O’Connor, CEO & Chief Geologist commented, “We are encouraged by the significant increase in grade and the overall size of the updated mineral resource estimate based on the new geological interpretation for the Golden Highway Project. The program has been successful in defining higher value ounces in high-grade resources able to be extracted by underground methods. Previous resources were designed for large open pit extraction and not geologically constrained. The new initial resource will form an excellent basis to continue to expand and increase the quality of the resources. Most of the veins modelled remain open and are not fully drill defined. Internal high-grade plunging zones have been identified within veins that require drill testing. New near surface targets have been located with historical drilling which have intersected the same style of mineralization in numerous locations. We are confident of the ability to continue to increase the grade and size of the resource.”

Table 1: Mineral Resource Estimate by Deposit- Golden Highway Project

Notes:

  1. Mineral Resource Estimates are reported at a cut-off grade of 3.00 g/t Au for an underground mining scenario. The cut-off grade was calculated at a gold price of US$1,250 per ounce and an exchange rate of USD$/CDN$ of 0.75.
  2. The resource estimate is supported by statistical analysis with different high-grade capping applied to each of the deposits ranging from 13.0 g/t Au to 37.0 g/t Au on one (1) metre composites.
  3. The mineral resources presented here were estimated with a block size of 5mx5mx10m utilizing sub-blocks as required and constrained within geological wire-frames with a minimum width of 1.50m. The cells are estimated by Ordinary Kriging using the appropriate variogram model of each structure with individual search ellipsoids generally varying from 70x70x20m to 100x100x20m within each structure.
  4. The mineral resources presented here were estimated by Micon International using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards on Mineral Resources and Reserves definitions and guidelines.
  5. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues.
  6. Indicated Mineral resources were classified using a 50 m search ellipse and a minimum of three drill holes.
  7. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources.
  8. There are no historical underground voids from mining including shafts, ramps or drifts in any of the deposit areas.
  9. Tonnage estimates are based on bulk densities individually measured and calculated for each of the deposit areas, averaging 2.78 tonnes per cubic metre for the total resource. Resources are presented as undiluted and in situ.
  10. This mineral resource estimate is dated January 16, 2019. The effective date for the drill-hole database used to produce this updated mineral resource estimate is November 19, 2018. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred respectively. Numbers may not total due to rounding.
  11. West Block mineral resources were not included due to a lack of drilling.
  12. Additional details will be provided in the pending 43-101 technical report.

Table 2: Mineral Inventory Sensitivity by Cut-Off Grade- Golden Highway Project

Note: The mineral inventory used in the sensitivity analysis table at various cut-off grades have not been corrected to remove isolated blocks which do not have a reasonable chance of extraction. The removal of isolated blocks has been conducted for the mineral resource estimate reported at a 3.00 g/t Au cut-off (Table 1) resulting in a loss of 9.8% of tonnes and 7.6% of ounces from the mineral inventory at this cut-off grade.

A total of 71 geological wireframes were constructed to constrain the resource estimate based on detailed geological and structural interpretation with a minimum true thickness of 1.50 m. The estimate only considered mineralized zones potentially minable by underground methods at a cut-off grade of 3.0 g/t Au. The cut-off calculation is based on the parameters listed in Table 3 below:

Table 3: Golden Highway Project, Parameters Used for Underground Mineral Resource Estimate


Please click here for:
Figure 1: Golden Highway Project, Mineral Resource Location Map


Please click here for:
Figure 2: Golden Highway Project, Cross Section along BIF contact

Qualified Persons
The technical content of this press release has been reviewed and approved by B. Terrence Hennessey, P.Geo. of Micon International Limited and Gary O’Connor, FAusIMM of Moneta who are deemed qualified persons as defined by National Instrument 43-101. Mr. Hennessey, P.Geo. of Micon is responsible for the completion of the updated mineral resource estimation.

QA/QC Procedures
All core drilling conducted by Moneta is oriented. Half sawn drill core is sent to ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 m (200#). 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 with the samples, as well as completing third-party check assays at Activation Laboratories Ltd.

About Moneta
The Company holds a 100% interest in 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective banded iron formation in contact with Timiskaming clastic sediments within a transgressive basin located along the DPFZ.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO and Chief Geologist
416-357-3319

Ian C. Peres, President & CFO
416-579-3040


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 .

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.

File: http://www.monetaporcupine.com/i/pdf/2019-01-17_NR-ha986dj77q.pdf
 365 KB, approx. 1 minute, 9 seconds at 56.6Kbps
 
#December 24, 2018
Moneta Announces Closing Of Financing

 December 24, 2018, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (the "Company") announced the closing of a non-brokered private placement ("Placement").

The Company issued 3,333,334 common shares on a flow-through basis at a price of $0.15 per share for gross proceeds of $500,000 ("Gross Proceeds").

Ian C. Peres, President and CFO commented, "This flow-through financing was fully subscribed by a long term strategic investor. This, in tandem with our other strong shareholders, will be instrumental as we release what we believe could be a transformational updated NI 43-101 resource estimate on our Golden Highway Project in January 2019."

The Gross Proceeds of the Placement will be used to incur Canadian exploration expenditures that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's Golden Highway project, which will be renounced to the subscribers with an effective date no later than December 31, 2018.

There were no purchase warrants or finder's fees associated with this Placement and the subscriber agreed to a common share resale restriction that expires in one year, in December 2019. The Placement is subject to a standard four month hold period and final regulatory approval.

About Moneta

The Company holds a 100% interest in 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO and Chief Geologist
416-357-3319

Ian C. Peres, President and CFO
416-579-3040


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.
File: http://www.monetaporcupine.com/i/pdf/ME-PR-19-2018.pdf
 900 KB, approx. 2 minutes, 49 seconds at 56.6Kbps
 
#December 05, 2018
Moneta Identifies Multiple New Mineralized Zones On The Golden Highway Project

 Toronto, Ontario -- December 05, 2018 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce that it has identified multiple new high grade zones of gold mineralization on the Golden Highway Project, located 110 km east of Timmins, Ontario (see Figure 1). The new targets were identified during the 2018 geological re-interpretation and modelling of high-grade structures. The new zones occur outside the area of historical resources and the pending NI 43-101 resource estimate update due to be completed in early 2019.

Highlights:

Moneta has identified five (5) new structurally controlled zones of high-grade mineralization along the Banded Iron Formation contact (BIF), located outside of the pending resource update area


  • Halfway

Drill hole MWJ11-43 intersected 3.25 metres (m) @ 8.87 (grams per tonne) g/t Gold (Au), including 2.30 m @ 11.74 g/t Au;

  • Westaway

Drill hole MN-96-178 intersected 6.30 m @ 5.80 g/t Au, including 1.50 m @ 10.42 g/t Au;

  • Western

Drill hole MA03-14 intersected 5.50 m @ 4.26 g/t Au, including 2.00 m @ 9.90 g/t Au;

 

  • Windjammer South Deeps

Drill hole WJ88-40 intersected 2.00 m @ 3.29 g/t Au, including 1.00 m @ 5.80 g/t Au at depth below the pending resource;

  • Dyment 3

Drill hole MA06-33 intersected 1.50 m @ 3.07 g/t Au, including 0.50 m @ 7.20 g/t Au.



Gary O'Connor, CEO & Chief Geologist commented, "The new geological modeling and interpretation methodology has now been applied to five (5) new zones outside of the pending NI 43-101 resource estimate footprint. The new zones cover an eight (8) km strike length and have the same style of mineralization as seen in the gold zones to be included in the pending resource update. Re-logging and re-interpretation of the geological model at Golden Highway has focused on high grade gold mineralized structures located along a regional 12 km long Banded Iron Formation. These new zones will form part of a larger program to test drill targets expected to be identified in the pending resource estimate due in the New Year."

New Mineralized Targets:

The new Halfway, Windjammer South Deeps, Westaway, Dyment 3 and Western Zone targets are all located along over eight (8) kms of strike length on the southern margins of a 12 km long BIF unit hosted within clastic sediments of Timiskaming age. Mineralization and all targets occur as NW-SE trending steeply west dipping stockwork veining and associated vein structures located along or near the BIF contact. Historical drilling of targets has been limited, however the style and nature of mineralization is like the BIF related deposits currently the subject of a resource estimate update on the Golden Highway Project due to be completed in early 2019. The mineralized veins and stock-work veining within the new structures occur as quartz-pyrite veins within ankerite-sericite-silica-pyrite (+ albite) alteration halos.
  • Halfway: Is located over 500 m east of Windjammer South. Drill hole MWJ11-43 intersected 3.25 m @ 8.87 g/t Au including 2.30 m @ 11.74 g/t Au at 410.75 m down hole depth near the BIF contact. There are no other drill holes close to this intercept.
  • Westaway: Is located on over 1.50 kms of BIF contact between South West and "55". Drill hole MN-96-178 intersected 6.30 m @ 5.80 g/t Au including 1.50 m @ 10.42 g/t Au at a down hole depth of 146.70 m. Drill hole MN-96-178 intersected 2.90 m @ 5.64 g/t Au including 1.10 m @ 11.16 g/t Au at a down hole depth of 268.50 m. Drill hole MN-97-184 intersected 9.00 m @ 3.50 g/t Au including 3.20 m @ 6.14 g/t Au. The intercepts occur up to 200 m south of the BIF contact as sediment hosted quartz-pyrite veining.
  • Western: The Western area is located approximately 2.00 km west of the "55" deposit. Drill hole MA03-14 returned 5.50 m @ 4.26 g/t Au including 2.00 m @ 9.90 g/t Au at a down hole depth of 213.60 m. Hole MA03-15 intersected 1.50 m @ 8.42 g/t Au including 0.60 m @ 15.93 g/t Au at a depth of 147.60 m.
  • Windjammer South Deeps: Hole WJ88-40 was drilled to a depth of over 1,000 m, below the Windjammer South stockwork and vein system currently the subject of the pending resource update. The drill hole intersected a number of vein structures south and distal to the BIF contact intersecting 2.00 m @ 3.29 g/t Au including 1.00 m @ 5.80 g/t Au at 835.00 m and 11.00 m @ 1.24 g/t Au including 1.00 m @ 3.02 g/t Au at a depth of 945.60 m.
  • Dyment 3: The Dyment 3 area is located 1.0 km west of the "55" deposit. Drill hole MA06-33 intersected 1.50 m @ 3.07 g/t Au including 0.50 m @ 7.20 g/t Au at 242.45 m down hole depth.

Please click here for Figure 1: New Target Location Map - Golden Highway Project
http://www.monetaporcupine.com/i/maps/dec52018-fig1.jpg

Please click here for Figure 2: Golden Highway Project Regional Section: New Targets
http://www.monetaporcupine.com/i/maps/dec52018-fig2.jpg

Please click here for Figure 3: Golden Highway Project: New Target Areas (View to NW)
http://www.monetaporcupine.com/i/maps/dec52018-fig3.jpg


Table 1: Select Significant Intercepts: New Targets
Target Hole From To Length Au
Area # (m) (m) (m) g/t
Westaway MN-96-178 146.70 153.00 6.30 5.80
  Includes 151.50 153.00 1.50 10.42
Westaway MN-96-178 268.50 271.40 2.90 5.64
  Includes 268.50 269.60 1.10 11.16
Westaway MN-97-184 323.90 332.90 9.00 3.50
  Includes 323.90 327.10 3.20 6.14
Westaway MN-97-186 176.40 179.70 3.30 6.22
Halfway MWJ11-43 410.75 414.00 3.25 8.87

 

includes 411.70 413.17 2.30 11.74

 

includes 411.70 413.17 1.47 16.86
Dyment MA06-33 242.45 243.95 1.50 3.07
  includes 242.45 242.95 0.50 7.20
Dyment MA07-35X 123.12 123.52 0.40 5.49
Western MA03-13 213.60 218.00 4.40 2.47
  includes 213.00 213.60 0.60 10.63
Western MA03-14 261.20 266.70 5.50 4.26
  includes 263.70 265.70 2.00 9.90
  includes 263.70 264.30 0.60 28.28
Western MA03-15 147.60 149.10 1.50 8.42
  includes 148.00 148.60 0.60 15.93
Western MA03-16 191.00 191.40 0.40 23.52
Western MA04-22 207.00 208.00 1.00 7.34
  includes 207.40 208.00 0.60 10.47
Western MA04-22 239.00 241.00 2.00 6.26
  includes 239.50 240.50 1.00 10.05
WJS Deeps WJ88-40 239.70 243.90 4.20 3.91

 

includes 239.70 240.30 0.60 10.56

 

and 243.30 243.90 0.60 11.11
WJS Deeps WJ88-40 266.90 268.00 1.10 9.70
WJS Deeps WJ88-40 835.00 837.00 2.00 3.29
  includes 836.00 837.00 1.00 5.80
WJS Deeps WJ88-40 945.60 957.50 11.90 1.24*
  includes 951.50 952.50 1.00 3.02

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 65% to 100% of true width.

QA/QC Procedures

All core drilling conducted by Moneta is oriented. Half sawn drill core is sent to ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). A 50 g charge is Fire Assayed and analyzed using a 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 with the samples, as well as completing 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 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO and Chief Geologist
416-357-3319

Ian C. Peres, President & CFO
416-579-3040

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 .


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.
File: http://www.monetaporcupine.com/i/pdf/ME-PR-18-2018-with-maps.pdf
 1449 KB, approx. 4 minutes, 31 seconds at 56.6Kbps
 
#November 29, 2018
Moneta Completes Geological Modelling Of Deposits On The Golden Highway Project And Commences Resource Update

 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).

Highlights:
  • 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
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"

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.

  • South West: A total of 17 mineralized structures have been modelled at South West with drilling to depths of 1,200 m. The vein structures have been developed to include the SW- 1, SW-2, SW-3 (a, b, c, d) and SW-4 stockwork zones. The veins strike ~NW-SE and dip ~70 to the west and have been intersected in drilling up to 400 m from the BIF contact. Four (4) new structures have been modelled in the West Block area of South West to depths of 200 m. Two smaller structures not included in the total have also been identified and modelled adjacent to the Main Fault.
  • Gap: Mineralization at Gap has been confirmed to be a continuation of the South West vein sets. Two new mineralized veins with associated stockwork zones have been developed at Gap bringing the total number of vein structures to four (4). The Gap veins have been drilled to 700 m depth and up to 300 m distance from the BIF. The mineralized zones at Gap include the SW-5, SW-6 and SW-7 stockwork zones and trend ~NNW-SSE and dip ~70 to the west
  • Windjammer South: A total of ten (10) mineralized vein structures have been modelled at Windjammer South and include the SW-8 stockwork zone. The zones strike ~NNW-SSE and dip ~60 to the west and have been drilled to distances of up to 300 m from the BIF and to depths of 300 m. Several smaller splays of veins also occur
  • "55": At "55" a total of thirteen (13) vein structures and associated stockwork zones have been modelled to depths of 250 m and distances of up to 250 m from the BIF. The veins strike NNE-SSE and dip steeply (~80) to the west Figure 2: Golden Highway Deposits: Mineralized Zones (View to NW)

    Mafic/Ultramafic Hosted Deposits

    Discovery: Mineralization at Discovery is associated with steeply dipping, east plunging quartz-pyrite veining associated with quartz feldspar to syenite porphyry dykes hosted within altered komatiitic ultramafic rocks of the Tisdale assemblage and in sheared fault contact with conglomerate and greywacke units of the Timiskaming age sedimentary rocks to the south. A total of eight (8) distinct zones of mineralization have been modelled and have widths of up to 25 m, can be traced vertically for over 150 m and along strike up to 250 m. The mineralization at Discovery occurs outside of the current NI 43-101 resource.

    Windjammer North: Mineralization occurs south of, and parallel to the regional DPFZ, trending ENE (070°) and is hosted primarily within altered komatiitic ultramafic rocks of the Tisdale assemblage in contact with basaltic flows. The target consisted of four (2) west plunging (~25°W) zones up to 40 m wide and up to 25 m thick, that can be traced for over 300 m in strike length. The zones show an aggregate thickness of close to 80 m. Mineralization is hosted by massive to brecciated ultramafic metavolcanics that have been altered to green fuchsite-carbonate assemblage in the western and central portion of the zone with more mafic metavolcanics to the east displaying albite bleaching and sericite alteration. Fracture-filling chlorite and specular hematite are common. Gold mineralization is associated with pyrite-rich white to light grey quartz veining.

    Figure 3: Golden Highway deposits: Mineralized Structures (View to SE)



    Historical Core Sampling

    The development of the new geological wire frame model involved the re-logging of over 1,300 intercepts identified as making up the 44 sediment hosted vein structures. Sampling of previously un-assayed historical core which intersected veins was conducted during the 2018 re-logging program and returned the following significant results.

    Table 1: Select Significant Intercepts: 2018 Historical Core Sampling
    Target Hole From To Length Au Vein
    Name # (m) (m) (m) (g/t) Name
    Gap MSW11-291A 685.00 687.00 2.00 2.54  Gap 1
    South West M-87-37 54.70 56.00 1.30 1.72* Cedar 
    South West MM97-191 231.00 232.50 1.50 1.59*  
    South West M-87-52 58.00 59.10 1.10 4.50 Cedar
    “55” MA05-30 384.50 385.30 0.80 4.00 55-C splay 
    “55” MA08-44 295.00 295.42 0.42 3.05 55-B splay 
    South West MU-89-99 173.00 176.85 3.85 1.54 Cedar Splay
      includes 173.00 175.00 2.00 2.32 Cedar Splay
    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 65% to 100% of true width.

    QA/QC Procedures
    All core drilling conducted by Moneta is oriented. Half sawn drill core is sent to ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). 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 with the samples, as well as completing 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 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

    FOR FURTHER INFORMATION, PLEASE CONTACT:
    Gary V. O'Connor, CEO
    416-357-3319

    Ian C. Peres, President & CFO
    416-579-3040

    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 .


    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.
File: http://www.monetaporcupine.com/i/pdf/ME-PR-17-2018-with-maps.pdf
 634 KB, approx. 1 minute, 59 seconds at 56.6Kbps
 
#October 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

 

Toronto, Ontario -- October 24, 2018 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (“Moneta” or the “Company”) is pleased to announce the results from three drill holes completed on the South West (“South West”) and Windjammer South Deposits (“Windjammer South”) as part of the recently completed summer 2018 drill program, which will be incorporated into the 43-101 resource estimate update anticipated later this year. South West and Windjammer South are located within the Company’s Golden Highway Project located 110 km east of Timmins, Ontario (see Figure 1).

Highlights:
Drilling results have confirmed the setting of gold mineralization at Windjammer South with the discovery of a new mineralized shoot at SW-8 and 4 new vein structures. At South West the drilling intersected the targeted SW-6 and new SW-7 mineralized stockwork shoots.
Mineralized Shoots

  • SW-6

 

Drill hole MGH18-106 intersected the SW-6 mineralized shoot returning 54.00 metres (“m”) @ 1.04 grams per tonne gold (“g/t Au”) including 2.00 m @ 6.23 g/t Au at South West

  • SW-7

 

At South West drill hole MGH18-107 intersected the new SW-7 shoot returning 22.50 m @ 1.52 g/t Au

  • SW-8

 

Vein Structures

Drill hole MGH18-108 intersected the new SW-8 mineralized shoot at Windjammer South returning 44.30 m @ 1.55 g/t Au including 3.85 m @ 4.81 g/t Au

  • WJS vein #2

Drill hole MGH18-108 intersected the new WJS vein #2 at Windjammer South returning 7.90 m @ 8.09 g/t Au including 0.95 m @ 34.40 g/t Au

  • WJS vein #2 splay

Drill hole MGH18-108 intersected the new WJS vein #2 vein splay at Windjammer South returning 4.70 m @ 4.39 g/t Au including 1.10 m @ 11.10 g/t Au

  • WJS vein #3

Drill hole MGH18-108 intersected the new WJS vein #4 at Windjammer South returning 4.25 m @ 5.70 g/t Au including 2.45 m @ 8.40 g/t Au including 0.65 m @ 23.10 g/t Au

Gary O’Connor, CEO & Chief Geologist commented, “We are encouraged that the latest drill results confirmed the setting of high gold mineralization at Windjammer South is similar to that at the South West, Gap and “55” deposit areas. The new drilling at Windjammer South and South West was part of the 2018 summer drill program and has confirmed the new SW-8 stockwork zone and 4 new vein structures at Windjammer South. The positive results at Windjammer South will enable the stock-work zones and mineralized vein structures at Windjammer South to be included in the pending resource update. The new drill holes also confirmed the SW-6 and the new SW-7 mineralized shoots at South West. The latest holes at South West were drilled to enable the SW-6 and SW-7 mineralized stock-work zones and associated vein structures to be included in the resource estimate update scheduled for later this year.”

The latest assay results are from three (3) drill holes totalling 1,238.60 m from a total of 3,550.70 m drilled in eight (8) drill holes this past summer. The new results form part of the drill program undertaken by the company at South West and Windjammer South during the summer of 2018. The drill program was conducted to define the new mineralized stock-work zones (“shoots”) identified during the 2017/2018 drill program in preparation for the new resource update.

South West and Windjammer South Deposits

The summer 2018 drill program was designed to define the SW-6 and the new SW-7 mineralized shoots at South West and the new SW-8 and four (4) new vein structures at Windjammer South identified during the 2017/2018 drill program in preparation for the pending resource estimate update. The drill programs have now been successful in confirming the existence of eleven (11) mineralized shoots and twenty-one (21) vein structures on the project. Additional veins and stock-work zones have been intersected and are also currently being modelled.

The mineralized shoots occur within Timiskaming age clastic sediments located along the sheared contact with a Banded Iron Formation (“BIF”) unit to the north. The shoots occur up to 50 m long, 25 m wide and plunge ~65 to ~75 to the south-west and have been confirmed to depths of 1,200 m.

The associated vein structures trend NW and dip steeply to the SW at ~70 and occur south of the BIF also within the clastic sediments. The first six modelled veins have an average width of approximately 2.90 m and are spaced 25 m to 30 m apart. The vein structures can now be traced for up to 400 m in strike length and have been historically drilled to vertical depths of up to 1,200 m.

The mineralized veins and stock-work veining within the shoots occur as quartz-pyrite veins within an ankerite-sericite-silica-pyrite alteration halo. The eleven (11) mineralized shoots and twenty-one (21) vein corridors have now been successfully traced along a width of over 2,200 m between South West and Windjammer South.

South West and Windjammer South Drill Results

Drill hole MGH18-106 confirmed the new SW-7 mineralized stock work zone at South West located to the immediate east of SW-6 returning 54.00 m @ 1.04 g/t Au including 2.00 m @ 6.23 g/t Au including 1.00 m @ 9.43 g/t Au. The hole also intersected the up-dip extensions of the Yew vein assaying 2.00 m @ 3.90 g/t Au at a down hole depth of 128.00 m.

Table 1: South West and Windjammer South: Selective Significant Drill Results

Target Hole From To Length Au Vein
Name # (m) (m) (m) (g/t) Name
South West MGH18-106 128.00 130.00 2.00 3.90 Yew
  includes 128.00 129.00 1.00 5.42 Yew
South West MGH18-106 272.00 326.00 54.00 1.04* SW-7
  includes 301.00 305.00 4.00 3.59 SW-7
  includes 301.00 303.00 2.00 6.23 SW-7
  Includes 301.00 302.00 1.00 9.43 SW-7
  and 308.00 326.00 18.00 1.45* SW-7
  includes 315.00 321.00 6.00 1.99 SW-7
  and 324.00 325.00 1.00 2.19 SW-7
South West MGH18-107 134.00 146.00 12.00 1.05* SW-6
  includes 141.13 142.25 1.12 2.62 SW-6
South West MGH18-107 174.00 196.50 22.50 1.52* SW-6
  includes 174.00 175.00 1.00 2.03 SW-6
  and 180.00 181.00 1.00 3.40 SW-6
  and 184.00 185.00 1.00 2.97 SW-6
South West MGH18-107 230.40 232.40 2.00 2.29 SW-7
WJS MGH18-108 113.20 118.30 5.10 2.08 WJS vein #1
  includes 113.20 113.75 0.55 12.65 WJS vein #1
WJS MGH18-108 213.00 220.90 7.90 8.09 WJS vein #2
  includes 218.50 220.90 2.40 15.93 WJS vein #2
  includes 219.95 220.90 0.95 34.40 WJS vein #2
WJS MGH18-108 267.00 273.35 6.35 3.94 WJS #2 splay
  includes 268.00 272.70 4.70 4.39 WJS #2 splay
  includes 268.00 269.10 1.10 11.10 WJS #2 splay
  and 270.70 273.35 2.00 3.26 WJS #2 splay
WJS MGH18-108 425.00 435.30 10.30 2.69 WJS vein #3
  includes 429.00 434.80 4.25 5.70 WJS vein #3
  includes 430.55 433.00 2.45 8.40 WJS vein #3
  includes 430.55 431.20 0.65 23.10 WJS vein #3
WJS MGH18-108 449.00 456.00 8.00 1.12* WJS vein #4
  includes 449.00 449.50 0.50 3.71 WJS vein #4
  and 453.00 454.00 1.00 2.17 WJS vein #4
WJS MGH18-108 462.70 507.00 44.30 1.55* SW-8
  includes 478.50 494.75 16.25 1.91 SW-8
  includes 478.50 483.35 4.85 2.32 SW-8
  includes 483.00 483.35 0.35 5.34 SW-8
  and 502.60 506.45 3.85 4.81 SW-8
  includes 502.60 504.50 1.90 5.93 SW-8

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 65% to 100% of true width.

Diamond drill hole MGH18-107 was drilled to confirm the up-plunge extensions of the SW-6 mineralized shoot and intercepted 22.50 m @ 1.52 g/t Au at a down hole depth of 174.00 m. The drill hole confirmed new extensions of the SW-7 mineralized stock-work zone located to the immediate east of SW-6 assaying 2.00 m @ 2.29 g/t Au.

Drill hole MGH18-108 was drilled to confirm mineralized veins and stock-work zones intersected in previous drill campaigns at Windjammer South. This hole intersected four (4) vein structures and one (1) stockwork zone;

  • SW-8 mineralized shoot: 44.30 m @ 1.55 g/t Au, including 4.85 m @ 2.32 g/t Au and 3.85 m @ 4.81 g/t Au
  • WJS vein #1: 5.10 m @ 2.08 g/t Au, including 0.55 m @ 12.65 g/t Au
  • WJS vein #2: 7.90 m @ 8.09 g/t Au, including 2.40 m @ 15.93 g/t Au, including 0.95 m @ 34.40 g/t Au
  • WJS vein #2 splay: 4.70 m @ 4.39 g/t Au including 1.10 m @ 11.10 g/t Au
  • WJS vein #3: 10.30 m @ 2.69 g/t Au, including 4.25 m @ 5.70 g/t Au, including 0.65 m @ 23.10 g/t Au
  • WJS vein #4: 8.00 m @ 1.12 g/t Au including 0.50 m @ 3.71 g/t Au

Drilling at Windjammer South will enable the newly interpreted mineralized zones to be included in the pending resource update.

Please click below for Figure 1: South West and Windjammer South Location Map --
Golden Highway Project
http://www.monetaporcupine.com/i/maps/2018-10-24_NR-Fig1.jpg

Please click below for Figure 2: South West and Windjammer South: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/2018-10-24_NR-Fig2.jpg

Please click below for Figure 3: South West and Windjammer South: Schematic Cross Section
http://www.monetaporcupine.com/i/maps/2018-10-24_NR-Fig3.jpg

Table 2: Drill Hole Details

Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) () () (m)
MGH18-106 571663 5370203 327 268 -55 351.0
MGH18-107 571812 5370127 327 8 -55 239.6
MGH18-108 572368 5370243 331 281 -60 648.0

QA/QC Procedures
All core drilling conducted by Moneta is oriented. Half sawn drill core is sent to ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 m (200#). A 50 g charge is Fire Assayed and analyzed using a 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 with the samples, as well as completing 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 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO and Chief Geologist
416-357-3319

Ian C. Peres, President & CFO
416-579-3040

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 .

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.

File: http://www.monetaporcupine.com/i/pdf/2018-10-24_NR.pdf
 181 KB, approx. 35 seconds at 56.6Kbps
 

Copyright © 2019 by Moneta Porcupine Mines Inc.   All rights reserved worldwide.
For more information, send questions and comments to
This page was created on Sat Feb 16, 2019 at 3:48:18 AM Pacific Time.