TORONTO, Oct. 29, 2013 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP)
("Moneta" or the "Company") is pleased to report drill results from its ongoing 30,000 metre
drilling program at its 100% owned Golden Highway property in Timmins, Ontario.
The Company is currently reporting assay results from 50 drill holes and
2 drill hole extensions totaling 21,500 metres. Two drill rigs have
been in operation since the beginning of the year and assay results are
pending for other drill holes.
The 2013 drill program is primarily focused on the renamed Windjammer Zone - south, central, north and west areas (previously Windjammer South, Windjammer Central, Windjammer North and
Gap Zone, respectively) and included areas previously drilled on 100 metre drill spacing
within the Preliminary Economic Analysis (Dec 2012) ("PEA") conceptual open pits. 2013 program objectives included an upgrade in
the category of resource ounces to Measured and Indicated ("M&I") from previously reported Inferred ounces.
The successful 2013 in-fill drill program on 50m spacing within the Windjammer Zone has confirmed similar grade and widths to the previous drilling, with
improved grade and broader widths in certain areas. Strategic drilling
has also successfully confirmed western extensions of the
mineralization from the Windjammer Zone towards the Southwest Zone.
Management believes that the Windjammer Zone will see a notable upgrade to NI 43-101 M&I resource ounces from
previously reported Inferred ounces with a possible increase in tonnage
and total resource ounces.
Ian C. Peres, President and CEO said, "We are pleased to report that we
are funded into 2014 with a healthy treasury position. With higher
resource confidence established after in-fill drilling the large open
pit gold resources, our focus now shifts to the higher grade below the Southwest Zone portion of the open pit. The combined open pit and underground mining
approach confirmed in the December 2012 PEA establishes Golden Highway as a project of scale with higher grade than comparable deposits, and
this, in one of the best mining jurisdictions in the world."
Roger Aubertin, Vice President Exploration said, "The gold distribution
along the 2.8 km wide structural corridor of the Golden Highway is very impressive. Predictability of grade is critical and drilling
continues to confirm remarkably homogenous mineralization with
consistent grade up to 200 metres in width."
The high grade depth potential of the Golden Highway has generally not been tested except for the Southwest Zone - with 5.61 g/t over 20.0m and 7.42 g/t over 16.58m (MSW10-267) at the
800 metre depth, multiple high grade intercepts extending to 1,100+
metres, and still open to depth. Management is reinterpreting the
potential for higher grade at depth below the Windjammer Zone conceptual open pit areas, a setting similar to that of the Southwest Zone. Modeling of higher grade cores within the conceptual Windjammer Zone open pit areas is also underway as part of this reinterpretation.
Drilling is ongoing in the Windjammer Zone. Once completed, focus will shift to the Southwest Zone to upgrade inferred to M&I resource ounces and refine the understanding
of the structural controls for both the upper open pit mineralization
and the wide higher grade mineralization confirmed at depth. The
Company will also continue work to expand the 2.8km mineralized
corridor which remains open in both directions on the Golden Highway along its 12km strike length.
Significant 2013 drill program gold intercepts include:
Windjammer Zone - south, central and north areas: 30 drill holes:
MGH13-024: 6.80 g/t over 3.0m and 2.24 g/t over 11.0m within 1.12 g/t
MGH13-027: 0.95 g/t over 37.0m;
MGH13-028: 1.09 g/t over 61.0m incl. 1.39 g/t over 20.0m within 0.73 g/t
MGH13-030: 1.09 g/t over 10.0m within 0.69 g/t over 178.0m;
MGH13-031: 1.75 g/t over 18.0m within 1.04 g/t over 61.0m within 0.64
g/t over 151.0m;
MGH13-032: 0.99 g/t over 21.0m;
MGH13-033: 2.38 g/t over 10.0m within 1.00 g/t over 44.0m;
MGH13-034: 1.01 g/t over 32.0m within 0.71 g/t over 139.0m;
MGH13-035: 1.09 g/t over 21.0m within 0.62 g/t over 63.0m;
MGH13-036: 0.94 g/t over 18.0m within 0.67 g/t over 70.0m;
MGH13-038: 1.07 g/t over 10.0m / 1.01 g/t over 10m / 0.99 g/t over 5.0m
/ 0.95 g/t over 16.0m, all within 0.75 g/t over 71.0m;
MGH13-039: 1.05 g/t over 16.0m / 0.95 g/t over 10.0m within 0.65 g/t
MGH13-040: 0.97 g/t over 18.0m;
MGH13-041: 1.17 g/t over 9.0m within 0.60 g/t over 149.0m ;
MGH13-042: 1.01 g/t over 199.0m incl. 1.65 g/t over 17.0m / 1.24 g/t
over 34.0m / 1.48 g/t over 53.0m within 1.10 g/t over 162.0m;
MGH13-043: 2.19 g/t over 34.0m within 1.37 g/t over 77.0m and 0.96 g/t
over 51.0m incl. 1.33 g/t over 24.0m, and 0.98 g/t over 16.0m incl.
1.18 g/t over 11.0m;
MGH13-044: 1.47 g/t over 16.0m / 1.19 g/t over 13.0m, both within 1.02
g/t over 44.0m;
MGH13-045: 1.16 g/t over 19.0m / 1.46 g/t over 6.0m / 0.94 g/t over
16.0m, all within 0.65 g/t over 116.0m;
MGH13-046: 2.10 g/t over 14.0m, and 1.37 g/t over 27.0m / 1.01 g/t over
30.0m / 2.32 g/t over 8.0m / 1.40 g/t over 16.60m, all within 0.80 g/t
MGH13-047: 22.25 g/t over 5.0m incl. 152.65 g/t over 0.72m;
MGH13-049: 3.21 g/t over 15.0m within 1.39 g/t over 67.0m;
MGH13-050: 4.74 g/t over 4.0m and 0.85 g/t over 17.0m / 0.86 g/t over
22m, both within 0.60 g/t over 108.15m;
Windjammer Zone - west area: 20 drill holes:
MGH13-004: 1.01 g/t over 53.0m incl. 3.44 g/t over 10.0m;
MGH13-005: 1.33 g/t over 29.0m incl. 1.94 g/t over 18.4m and 1.89 g/t
over 17.3m incl. 2.02 g/t over 15.6m;
MGH13-006: 1.70 g/t over 4.0m and 1.05 g/t over 23.0m within 0.78 g/t
over 61.0m and 1.13 g/t over 10.0m;
MGH13-008: 1.06 over 14m and 1.89 g/t over 4.80m and 1.10 g/t over
MGH13-009: 1.39 g/t over 20.0m and 2.52 g/t over 2.0m;
MGH13-011: 1.88 g/t over 3.0m and 0.78 g/t over 32.0m incl.1.08 g/t over
MGH13-012: 1.21 g/t over 6.0m and 0.98 g/t over 22.0m;
MGH13-013: 1.16 g/t over 11.0m;
MGH13-014: 1.06 g/t over 17.0m;
MGH13-016: 0.92 g/t over 8.0m;
MGH13-018: 0.88 g/t over 13.0m within 0.71 g/t over 34.30m;
MGH13-019: 1.92 g/t over 18.4m and 0.92 over 9.0m;
MGH13-020: 1.34 g/t over 11.0m and 1.08 g/t over 29.0m;
MGH13-022: 1.43 g/t over 18.0m;
Southwest Zone: 1 drill hole and 2 extensions:
MGH13-010: 7.10 g/t over 7.0m within 2.28 g/t over 38.0m;
MM97-216X: 9.2 g/t over 5.0m;
MM97-285X: 4.09 g/t over 6.05 m and 4.06 over 8.46m.
Gold mineralization in the Golden Highway conceptual open pits is now confirmed for more than 2.8 km along strike
from the Southwest Zone to Windjammer Zone. The mineralized corridor hosts average widths of 150 metres and up to
700 metres in the Windjammer Zone and occurs within a broad band of Temiskaming sediments in structural
contact with the Kidd-Munroe volcanic assemblage. This contact zone is
defined by the Destor Porcupine Deformation Zone. The gold
mineralization is dependent on the intensity of quartz veining and
silicification with moderate to strong ankerite alteration
preferentially associated with 1-2cm quartz veining. Pyrite is commonly
observed with quartz-carbonate veining while specularite is found
within quartz-chlorite veining. The corridor hosts pervasive gold
mineralization with grades varying between 0.5 and 1.5 g/t in addition
to localized higher grade zones throughout the deposit. Higher grade
mineralization is characterized by an increase in the silica/ankerite
alteration and sulphide content.
PEA and NI 43-101
The December 2012 Preliminary Economic Analysis of the Golden Highway returned a strong $748M net present value at US$1,350 gold, still
relevant at current gold spot prices.
Golden Highway hosts higher grade potential based on mineralization intersected in Southwest Zone (west area of pit) and Windjammer Zone (north and south areas) which provides latitude in terms of optimizing
the conceptual open pit plans which will have a favorable impact on
future project valuations.
The PEA consisted of a combined open pit and underground strategy which
reported grade of 1.17 g/t, robust in comparison to some of the larger
open pit gold production operations in Ontario and Quebec. The higher
grade underground resource ounces are a critical component in the
current PEA and overall project feasibility. The reader is cautioned
that Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
Shareholders approved a name change to Windjammer Gold at the Company's
Annual Meeting held in May 2013. The Board of Directors has elected to
not move forward with the name change at this time.
The Company is planning an updated NI 43-101 Mineral Resource Estimate
in Q1 2014. An updated PEA is planned and will reflect optimization of
the initial conceptual open pits and the updated Q1 2014 resource
Complete assay results, surface and cross-sections for the 2013 drill
program on Golden Highway are available on the Company's website at www.monetaporcupine.com.
The Company's exploration program is being managed by Roger Aubertin,
Eng., a Qualified Person within the meaning of National Instrument
43-101. Mr. Aubertin has verified and approved the data disclosed in
this release, including the sampling, analytical and test data
underlying the information.
Moneta holds a 100% interest in 5 core gold projects strategically
located along the highly prospective Destor Porcupine Fault Zone in the
world class Timmins Camp, one of the best mining jurisdictions in the
world with over 75 million ounces of past gold production and unmatched
infrastructure including paved highway access, water, electricity,
skilled labor force, and nearby mills.
A Preliminary Economic Assessment (Dec 2012) for the flagship Golden Highway generated a Net Present Value of $748M using US$1,350 gold based on the
NI 43-101 resource estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au) plus 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four
kilometres of similar geology.
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.
Assay Reporting: Diamond drill core logging and sampling follows general
industry practices whereby logged and sample marked core is sawn in
half with one half bagged and tagged for shipment to the assay
laboratory and the remaining half of the sawn core returned to the core
box for storage and future reference. Pulps and rejects are also
stored. Blanks and a range of standards are inserted into the sample
steam at regular intervals. Initial assays, metallics, and routine
duplicates are completed by Expert Laboratories. Up to 15% of the pulps
are submitted to a second laboratory as duplicates and checks. All
laboratories used standard 30g fire assay techniques. Additional core
sampling and assaying, including second cuts and metallics, may be
completed at later dates. Intersections are reported using drilled
widths unless specified otherwise with assay values as simple averages
of duplicates and gravimetric results.
This news release includes certain forward-looking statements concerning
the future performance of our business, 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
SOURCE: Moneta Porcupine Mines Inc.
For further information:
Ian C. Peres, President & CEO