TORONTO, April 11, 2014 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") is pleased to report ongoing drill results from its 100% owned Golden Highway property in Timmins, Ontario.
Results have been received for an additional five follow-up drill holes to MGH13-077 (February 28, 2014 press release) which intersected three closely-spaced and higher grade gold zones within a larger 114.5 metre mineralized envelope ("Discovery Zone") hosted in the Destor Porcupine Fault Zone ("Destor") volcanics. This mineralization is currently interpreted to be vertically oriented and striking at '070' degrees, consistent with the trend of the surrounding and broad Destor corridor as it crosses the Golden Highway. Additional drilling is ongoing with assays pending.
Subsequent drilling and the current drill results confirm that discovery hole MGH13-077 is hosted within a larger mineralized corridor. Follow-up drilling by the Company consisted of several aggressive step-outs on a minimum 100 metre spacing from MGH13-077 and successfully intercepted significant gold values along 375 metres of east/west strike along a new gold-bearing geological structure, identified as the "Discovery Zone structure".
Ian C. Peres, President and CEO said, "The follow-up drilling confirms that the discovery Hole 77 is hosted within a larger mineralized corridor. The intercepts in drill hole 88 are particularly noteworthy as it replicated the three higher grade zones reported from the discovery hole 77, and this, 100 metres to the west. We have yet to identify any limit to the Discovery Zone structure, one of several priority targets in the volcanics along a 12km strike across our Golden Highway.
This discovery, immediately adjacent to the conceptual NI 43-101 open pit gold resources, highlights the prospective nature of the Destor volcanics, and supports our view of the significant potential to host additional zones of higher grade gold mineralization."
MGH13-077 results now include a new (fourth) gold zone not previously received or reported of 1.2g/t over 22.9m in sediments at the sedimentary/volcanic contact area, south of the Discovery Zone. MGH13-081A, located 100 metres south of MGH13-077 and the Discovery Zone, also returned intercepts from this south sedimentary/volcanic contact area.
Drill hole MGH13-088 stepped out 100 metres westerly along strike and successfully replicated the MGH13-077 sequence of three consecutive higher grade gold zones, including 4.8g/t over 9.6m (Discovery Zone 3), 2.8g/t over 16.7m (Zone 2) and 1.5g/t over 13.4m (Zone 1).
Both MGH13-087 and MGH13-089 were drilled 100 metres east of MGH13-077, and successfully intersected the same Discovery Zone structure with gold values. MGH13-089 completed a deeper cut below MGH13-087.
Drill hole MGH13-083 tested the target volcanics a significant 200 metres below the MGH13-077 zones, and successfully established down dip continuity of the mineralized system with 1.4g/t over 30.7m. There is currently no drilling below or along strike at the elevation of this gold intersection.
This new Discovery Zone structure is characterized by intense brecciation of intercalated mafic and ultramafic volcanic flows intruded by syenite, with related hematite-chlorite-pyrite fracture filling. The style of gold mineralization in the Discovery Zone is a departure from the typical narrow high grade quartz veins, with limited strike, historically found in the volcanics of the Timmins Camp.
Highlights from the current results follow:
|Drill hole|| From
| Width (1)
|MGH13-077||449.40||472.33||22.9||1.24||28||315||Discovery||NEW - Discovery Zone 4 - sedimentary contact|
|| Up dip continuity of Hole 77 lower sedimentary contact
|MGH13-083||488.00||518.70||30.7||1.39||43||342||Discovery||200m below Discovery Hole 77|
|MGH13-087||213.00||222.00||9.0||1.72||15||149||Discovery||100m stepout east of Discovery Hole 77|
|assays below 222.0 metres pending|
|MGH13-088||150.50||163.90||13.4||1.45||19||105||Discovery||100m stepout west of Discovery Hole 77 - Zone 1|
100m stepout west of Discovery Hole 77 - Zone 2
100m stepout west of Discovery Hole 77 - Zone 3
Discovery Zone 3 - 100m stepout west - sedimentary contact
|MGH13-089||366.90||367.60||0.7||2.08||1||257||Discovery||100m stepout east of Discovery Hole 77|
A plan map of the current results are available on the company's website at www.monetaporcupine.com on the home page under "WHAT'S NEW".
The Company's exploration program is being managed by Ken D. Tylee, P. Geo., a Qualified Person within the meaning of National Instrument 43-101. Mr. Tylee 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 (December 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. The reader is cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
(1) Weighted averages were used to calculate all reported intervals; Internal dilution within reported intervals does not exceed core length of twelve metres.
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, gravimetrics, and routine duplicates are completed by AGAT 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 forward-looking statements.
SOURCE: Moneta Porcupine Mines Inc.
For further information:
Ian C. Peres, President & CEO