TIMMINS, ON, Jan. 21 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME / XETRA: MOP) ("Moneta") is pleased to announce the commencement of its 2010 exploration program, a year in which Moneta celebrates its 100th year anniversary.
The 2010 exploration program is budgeted at $5.5M with a minimum 30,000 metre drill program on Moneta's 100% owned and largely untested gold projects, to:
- advance the Golden Highway Project gold zones with focus on newly
modeled high grade targets in the Southwest and 55 Zones;
- advance the Southwest Zone historic resource (625,000oz @ 6g/t -
3g/t cutoff) to NI 43-101 standards;
- advance the Timmins Camp properties: North Tisdale, Nighthawk Lake,
and West Timmins (Denton).
In December 2009, Moneta engaged SRK Consulting ("SRK") to conduct a review of the structural geology for the Southwest, 55, and Windjammer South zones of the Golden Highway Project. The initial objectives are to enhance Moneta's understanding of the high grade zones, provide guidance on the identification and prioritization of 2010 exploration targets, and to advance the historical resource on the Southwest Zone to NI 43-101 compliance.
New 3D modeling of the central block of the Southwest Zone (previously drilled by Barrick Gold) has identified a newly interpreted westerly plunge of high grade mineralization (using a 10 g/t cutoff) along the iron formation hanging wall contact. A detailed review of structural and mineralization parameters of significant historic drill holes from all three zones (December 2009) was supplemented by selective borehole optical televiewing (January 2010). This process has identified and prioritized quality high grade exploration targets which include discrete vein systems and potential areas of sulphidized iron formation.
NEW OPERATIONAL CAPABILITY
Moneta has built up a team with the technical capability to advance its highly prospective property package in preparation for the most significant drill program in Moneta's 99 year history. Moneta is now able to access the resources and expertise of SRK but has also recently hired additional geologists with significant experience in the Abitibi Greenstone Belt (in Ontario). Also the technical expertise and oversight of the Board of Directors was enhanced with Dr. K. Sethu Raman (Director, Lakeshore Gold) and Warren Bates (SVP Exploration, Pelangio Exploration) joining the Board of Directors. Moneta's core storage and logging facility has also been expanded and upgraded in preparation for the 2010 drill program.
3 DRILLS CONTRACTED FOR 2010
Moneta has contracted three drills for the 2010 exploration program and all three are now operational. The initial phase, the winter 2010 drill program, is primarily focused on newly defined high grade targets in the Southwest and 55 zones. The objectives include evaluation of the 55 Zone mineralization with new and varied drill hole orientations, firming up an interpreted westerly plunge of the higher grade (10 g/t +) Southwest Zone mineralization, and completion of drill hole wedges to test the significance of the mineralization intersected at depth in historical Hole 162 of the Southwest Zone that included high grade mineralization (17.59 g/t and 11.49 g/t both over 0.5m) associated with the iron formation contact area.
Ian C. Peres, President & CEO of Moneta commented, "We have committed $5.5M to the 2010 exploration budget and assembled a strong technical team with delivery capability. We can now address one of the best 100% owned land packages between Timmins and the Quebec border with known high grade targets. An aggressive and well managed 30,000m drill program should advance our key projects, increase our gold resources and generate substantial shareholder value in 2010".
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
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. Moneta owns 100% of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum and Denton Thorneloe (West Timmins) core projects located in the Porcupine and Golden Highway Camps, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date.
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.
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 forward-looking statements.
SOURCE Moneta Porcupine Mines Inc.
For further information: For further information: Ian C. Peres, President & CEO, (416) 579-3040, email@example.com; Rod Whyte, Chairman, Tel: (44) 207-736-2212 (London, UK), firstname.lastname@example.org