| | Windjammer - South, Central and North
Windjammer is located in the eastern portion of the Golden Highway Project and contains three known gold zones directly associated with the Destor Porcupine Fault ("Destor") and hosted in distinct geological settings.
Windjammer South and Windjammer Central are hosted in Timiskaming sediments and Windjammer North is hosted in a sequence of altered mafic to ultramafic volcanics. All three zones are open on strike and to depth with significant untested potential.
Windjammer South
Moneta completed several drill programs from since acquisition of the property in 2007to evaluate and to expand the mineralization along a banded iron formation and its (south) hanging wall sediments.
An updated NI 43-101 resource has been calculated incorporating several gold-bearing zones within a mineralized system currently known to extend for 1000 metres along strike, 300m width into the iron formation hanging wall, and to a depth of 450 metres.
Windjammer South resembles the style of mineralization in the nearby Southwest Zone with gold mineralization typically hosted in fine quartz stringers and veining found within variably altered (ankerite, hematite, silica, and sericite) Timiskaming sediments. These sediments form the hanging wall to a thick sequence of banded iron formation. All are associated with the southern portion of the Destor Porcupine Fault Zone.
The Windjammer South zone has a moderate plunge to the southwest and remains open along strike and to depth. Gold mineralization is dominantly of the stockwork style associated with pyrite in and around fine quartz stringers and centimeter to locally metre scale veining in the altered Timiskaming sediments. Sulphidization of the iron formation is primarily associated with local brecciation of the iron formation.
Windjammer North
Windjammer North is located one kilometre north of Windjammer South along the northern branch of the Destor and that is largely untested over a 4.5 kilometre strike and includes Moneta's Last Chance, Twin Creek and Landing Zones.
Drilling has confirmed a 400 metre strike with significant gold intersections including 6.37 g/t over 5.9m. Gold mineralization occurs in both altered ultramafic to mafic volcanic, and in altered mafic volcanics. The first typically consists of quartz carbonate veining in high strain zones with carbonate, silica, fuchsite, and sericite alteration. The second is characterized by auriferous, strongly carbonatized, sericitized, and pyritized-mafic volcanic rocks. Both environments contain visible gold in quartz veins.
Windjammer Central
Additional gold mineralization is found in the sediments along the immediate south volcanic contact similar to that of Windjammer South and the Southwest Zone. Moneta drilling has also intersected similar gold mineralization 400m to the east which significantly adds to the potential of these sediments located between the Windjammer North volcanics (north) and the Windjammer South iron formation (south).
NI 43-101 Resource Estimate (December 2011)
The updated NI 43-101 resource estimate includes significant indicated and inferred resources for both in pit and out of pit. Windjammer North and Windjammer Central are not currently reported as NI 43-101 resources and are not included in the NI 43-101 resources below.
Significant potential exists in Windjammer South to expand both in pit and out of pit resources along the shallow southwest plunge of the zone and both along and immediately north of the iron formation.
| WINDJAMMER SOUTH MINERAL RESOURCE ESTIMATE (1), (2), (3), (4), (5), (6), (7), (8), (9), (10) |
| Category |
Location |
Cutoff Grade (g/t) |
Tonnes |
Au (g/t) |
Au (oz) |
| |
|
|
|
|
|
INDICATED |
| |
|
|
|
|
|
Indicated |
In Pit |
0.35 |
16,177,388 |
0.86 |
445,788 |
Indicated |
Out of Pit |
2.00 |
36,152 |
3.06 |
3,555 |
| |
|
TOTAL INDICATED |
16,213,540 |
0.86 |
449,343 |
| |
|
|
|
|
|
INFERRED |
| |
|
|
|
|
|
Inferred |
In Pit |
0.35 |
16,766,445 |
0.79 |
427,517 |
Inferred |
Out of Pit |
2.00 |
76,912 |
2.72 |
6,714 |
| |
|
TOTAL INFERRED |
16,843,357 |
0.80 |
434,232 |
| |
|
|
|
|
|
| |
883,575 |
- The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves.
- The Mineral Resources are based on 313 diamond drill holes over a 2km strike of the Golden Highway Project's 55 Zone, Southwest Zone and Windjammer South gold zones and includes drilling from historical operators Lac Minerals (a subsidiary of Barrick Gold) during the period 1994 - 1997, and Noranda Exploration during the period 1983 - 1989.
- Assay composites were capped up to 35 g/t based on geo-statistical support for each zone.
- A modeling cut-off grade of 0.25 g/t Au was only used to create a three-dimensional wireframe for subsequent interpolation.
- A block model was created with 10x10x10 metre blocks using inverse distance cubed grade interpolation. Indicated Mineral resources were classified with a 35 metre search radius.
- A bulk density of 2.80 t/m³ was used for all tonnage calculations.
- A gold price of US$1,200/oz and an exchange rate of US$1.00 = C$1.00 was utilized in the Au cut-off grade calculations of 0.35 g/t for open pit and 2.0 g/t for out of pit.
- Open pit mining costs were assumed at C$1.50/t for mineralized material, C$1.50/t for waste rock and C$1.00/t for overburden, while out of pit mining costs were assumed at C$62/t, with process costs of C$11/t, G&A of C$2.00/t, and a 95% metallurgical recovery.
- Totals in the table may not sum due to rounding.
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