Moneta Porcupine Mines Inc

Published : December 01st, 2011

Moneta Reaches Critical Milestone on Golden Highway Project

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Diamond | Gold | Growth | Iron | Recovery | Water |
***

Dear Shareholders,

Appended below (with active links to our website), please find a press release disseminated today,
December 1, 2011, announcing a key milestone for Moneta Porcupine Mines Inc. ("Moneta").

Today's press release is one of the most significant in Moneta's recent past. This material NI 43-101 resource confirms the potential in our large 100 square km Golden Highway Project and will bring increased attention to the Golden Highway Camp. After many years of care and maintenance, the substantial ramp up since 2010 in systematic exploration of the property has yielded an exceptional result.

Significant potential for the expansion of gold resources remain inside, below and along strike of the current pit outlines which can be expanded with additional drilling. Of particular interest is the fact that this NI 43-101 includes only three of 10 known gold zones on the property, all of which remain open.

The resource is significantly enhanced by the proximity of our world class Timmins' infrastructure including water, power lines, access roads within a few km of Hwy 101, and available labor force.

Do not hesitate to contact me with any questions.

Ian C. Peres, CA
President & CEO
Tel. 416.579.3040 (Toronto)
Tel. 705.264.2296 (Timmins)
 

 

Thursday, December 01, 2011
Moneta Reaches Critical Milestone on Golden Highway Project

- 1,071,000 OUNCES INDICATED (33.5 M TONNES @ 1.00 G/T)
- 2,069,600 OUNCES INFERRED (47.8 M TONNES @ 1.35 G/T)


December 1, 2011, Timmins, Ontario - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta") has reached a critical milestone with the completion of its National Instrument ("NI") 43-101 resource estimate for the Windjammer South, Southwest Zone and 55 Zone, all located on its 100% owned Golden Highway Project located east of Timmins, Ontario (Canada).

Highlights include:

  • The Mineral Resource Estimate (Table 1) is as follows:
    • Indicated: 1,071,000 ounces (33.5 Mt at 1.00 g/t Au);
    • Inferred: 2,069,600 ounces (47.8 Mt at 1.35 g/t Au);
  • The In-Pit Mineral Resources (Table 1) are as follows (see Table 2 for sensitivity);
    • Indicated: 1,001,600 ounces (32.9 Mt at 0.95 g/t Au);
    • Inferred: 1,280,000 ounces (40.6 Mt at 0.98 g/t Au);
  • Strong potential for both in pit and out of pit resource growth;

Ian C. Peres, President and CEO of Moneta commented, "Moneta has achieved a very significant milestone. Our 100 square kilometer Golden Highway project, including 12 kilometers of strike length along the prolific Destor Porcupine Fault, is now a major component of the Timmins gold camp. The 55 Zone, Southwest Zone and Windjammer Zones remain open and appear to have a similar genesis and the recent NI 43-101 efforts reflect strong predictability of grade continuity and distribution and demonstrate excellent potential for further resource expansion along the large 12km sedimentary belt, the bulk of which remains to be explored. Moneta is well-funded to continue aggressive exploration in 2012."

The Golden Highway Project update includes initial NI 43-101 resource estimates on the 55 Zone and Southwest Zone, in addition to an updated NI 43-101 resource on the Windjammer South zone. An additional seven gold zones, including the newly-discovered Gap Zone, are not currently included in this NI 43-101 resource estimate.

The following tables summarize the NI 43-101 Mineral Resource Estimate in the Indicated and Inferred resource categories at various cut-off grades. For the purpose of this press release, Moneta is reporting the figures at the 0.35 g/t cut-off grade for in-pit resources and 2.00 cut-off grade for out of pit resources, as follows:

TABLE 1: 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
Windjammer South
In Pit
0.35
16,177,400
0.86
445,800
Southwest Zone
In Pit
0.35
10,708,300
0.97
333,300
55 Zone
In Pit
0.35
5,997,800
1.15
222,600
 
32,883,500
0.95
1,001,600
Windjammer South
Out of Pit
2.0
36,200
3.06
3,600
Southwest Zone
Out of Pit
2.0
556,200
3.41
61,100
55 Zone
Out of Pit
2.0
56,300
2.65
4,800
 
 
648,600
3.33
69,400
 
TOTAL INDICATED
33,532,100
1.00
1,071,100
 
 
Inferred
Windjammer South
In Pit
0.35
16,766,400
0.79
427,500
Southwest Zone
In Pit
0.35
20,455,300
1.17
766,300
55 Zone
In Pit
0.35
3,417,900
0.78
86,200
 
40,639,600
0.98
1,280,000
Windjammer South
Out of Pit
2.0
76,900
2.72
6,700
Southwest Zone
Out of Pit
2.0
6,980,800
3.43
770,400
55 Zone
Out of Pit
2.0
139,100
2.83
12,700
     
7,196,800
3.41
789,700
    TOTAL INFERRED
47,836,400
1.35
2,069,700
  1. 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.
  2. 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.
  3. 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.
  4. Assay composites were capped up to 35 g/t based on geo-statistical support for each zone.
  5. A modeling cut-off grade of 0.25 g/t Au was only used to create a three-dimensional wireframe for subsequent interpolation.
  6. 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.
  7. A bulk density of 2.80 t/m� was used for all tonnage calculations.
  8. 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.
  9. 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.
  10. Totals in the table may not sum due to rounding.

Moneta is reporting the figures at a 0.35 g/t cut-off grade for in pit resources, as follows:

TABLE 2: IN-PIT RESOURCE AT 0.35 G/T CUTOFF AND SENSITIVITY
  INDICATED INFERRED
Cutoff Grade (g/t) Tonnes Au (g/t) Au (oz) Tonnes Au (g/t) Au (oz)
0.50
23,116,500
1.17
869,500
28,312,500
1.22
1,114,900
0.45
26,078,200
1.09
914,800
31,579,500
1.15
1,164,600
0.40
29,157,800
1.02
956,800
35,809,000
1.06
1,222,300
0.35
32,883,500
0.95
1,001,600
40,639,600
0.98
1,279,900
0.30
37,359,800
0.87
1,048,200
46,487,600
0.90
1,341,600
0.25
43,209,500
0.79
1,099,900
53,850,000
0.81
1,406,400

Moneta is reporting the figures at a 2.00 cut-off grade for out of pit resources, as follows:

TABLE 3: OUT OF PIT RESOURCE AT 2.0 G/T CUTOFF AND SENSITIVITY
  INDICATED INFERRED
Cutoff Grade (g/t) Tonnes Au (g/t) Au (oz) Tonnes Au (g/t) Au (oz)
2.20
554,800
3.54
63,100
6,089,400
3.65
715,000
2.00
648,600
3.33
69,400
7,196,800
3.41
789,700
1.50
1,043,600
2.72
91,300
13,103,100
2.65
1,117,000
1.00
1,825,800
2.08
121,800
22,576,000
2.05
1,487,000

The Golden Highway Project includes Timiskaming sediments along banded iron formation with associated mafic to ultramafic volcanics that define 12 km of the Destor Porcupine Fault Zone in Michaud Township near Timmins, Ontario. Gold mineralization occurs in quartz and quartz-carbonate stockworks and discrete vein zones, all with variable ankerite, hematite and sericite alteration.

The mineral resource estimates were prepared by Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by National Instrument 43-101.

A NI 43-101 compliant technical report supporting this mineral resource estimate will be completed by P&E Mining Consultants and filed on SEDAR within 45 days of the date of this press release. Mr. Puritch and Mr. Yassa have reviewed and approved the contents of this news release.

Please click on the following link to see the Golden Highway Project optimized pit shell: http://www.monetaporcupine.com/i/pdf/2011-12-01_NRM1.pdf


About Moneta
Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt similar to that which has hosted the bulk of the 85 million ounces mined to date in the Timmins Camp.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
iperes@monetaporcupine.com

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 info@monetaporcupine.com.


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.

  |  
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Moneta Porcupine Mines Inc

EXPLORATION STAGE
CODE : ME.TO
ISIN : CA6092861096
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Moneta Porcupine Mines is a gold and copper development stage company based in Canada.

Moneta Porcupine Mines holds various exploration projects in Canada.

Its main exploration properties are GOLDEN HIGHWAY, MICHAUD, KAYORUM, KELLY LAKE and BARNET in Canada.

Moneta Porcupine Mines is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 197.9 millions as of today (US$ 158.2 millions, € 150.2 millions).

Its stock quote reached its lowest recent point on November 21, 2008 at CA$ 0.03, and its highest recent level on April 22, 2022 at CA$ 2.97.

Moneta Porcupine Mines has 238 450 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Moneta Porcupine Mines Inc
3/27/2012Moneta Announces Closing of Bought Deal Private Placement Fi...
3/16/2012Moneta Amends Bought Deal Financing
3/23/2011Moneta Completes $6.6 Million Financing
3/23/2011COMPLETES $6.6 MILLION FINANCING
Nominations of Moneta Porcupine Mines Inc
4/29/2014announces changes to the Board of Directors
11/21/2013announces appointment of Ken D. Tylee to management team
Project news of Moneta Porcupine Mines Inc
4/11/2014Moneta confirms discovery hole 77 hosted in larger mineraliz...
2/28/2014(Golden Highway)intersects 2.02 g/t gold over 114.5 metres in volcanics near...
10/29/2013(Golden Highway)reports wide mineralized intervals at Golden Highway
12/12/2012Moneta Files Technical Report on Updated Mineral Resource Es...
10/25/2012Moneta's Golden Highway Gold Resources Increases To 1.1 Mil...
5/2/2012Moneta's Golden Highway Drilling Extends Potential Open Pit ...
1/25/2012Moneta Adopts Shareholder Rights Plan Following Release Of ...
12/1/2011Moneta Reaches Critical Milestone on Golden Highway Project
4/1/2011Moneta Expands Windjammer South Zone Near Surface with 1.76 ...
3/29/2011(Golden Highway)EXPANDS 273 ZONE WITH NEW 26 METRE WIDE INTERSECTION INCLUDI...
4/1/2008(Jamieson (kamiskotia))Announces Sale of Base Metal Properties
4/1/2008(Loveland)Announces Sale of Base Metal Properties
Corporate news of Moneta Porcupine Mines Inc
6/7/2016Moneta Announces Election of Directors
9/11/2015Moneta Files Supplement to Information Circular
9/10/2015Moneta Files Supplement To Information Circular
7/9/2015MONETA ANNOUNCES ANNUAL MEETING RESULTS
3/5/2015Canada gold assets regaining lost luster, helped by soft C$
4/29/2014Moneta announces changes to the Board of Directors
1/15/2014Monetary Digest enhanced issueCc:
11/14/2013Monetary Digest enhanced issueCc:
10/29/2013Moneta Reports Wide Mineralized Intervals At Golden Highway
9/5/2013Monetary Digest e-Letter enhanced PDF
7/3/2013Bull & Bear's Monetary Digest E-Letter
5/23/2013Moneta Announces Results of Annual Meeting
5/23/2013announces results of annual meeting
5/21/2013Bull & Bear's Monetary Digest: Penny Stock Investing Lessons...
4/29/2013Endeavour Receives Regulatory Approval for Monetary Producti...
4/26/2013Moneta proposes name change to Windjammer Gold Inc.
4/26/2013(Windjammer)proposes name change to Windjammer Gold Inc.
4/3/2013Bull & Bear's Monetary Digest: Market Surging Higher, Metals...
12/11/2012Announces $7.0 Million Bought Deal Financing
11/1/2012Moneta Announces Positive Preliminary Economic Assessment on...
11/1/2012(Golden Highway)Announces Positive Preliminary Economic Assessment on Golden...
10/25/2012(Golden Highway)Golden Highway Gold Resources Increases to 1.1 Million Ounce...
10/19/2012Bull & Bear's Monetary Digest
9/27/2012(Golden Highway)Announces Positive Metallurgical Results on Golden Highway G...
9/13/2012Bull & Bear's Monetary Digest: Silver Sector Shrinking; The ...
7/10/2012Bull & Bear's Monetary Digest: Your Midyear Investing Strate...
5/23/2012Moneta Announces Record Voting Support at Annual General Mee...
4/16/2012Bull & Bear's Monetary Digest:Betting The Ranch on Hydrocarb...
2/23/2012Announces $5 Million Bought Deal Financing
2/3/2012Media Release: MONETA PORCUPINE MINES (TSX: ME)
2/2/2012Moneta Expands Near Surface Gold Mineralization On Golden H...
1/18/2012Moneta Files NI 43-101 Report Of 1.1 Million Ounces Indicate...
12/20/2011Monetary Digest E-Letter: How to Invest $10,000 in 2012, Gol...
12/2/2011(TSX:ME) - Research Note December 2, 2011
11/29/2011Monetary Digest E-Letter: Aurcana Corporation, Sphere Resour...
10/13/2011Moneta Commissions 43-101 Report on Golden Highway Project
10/11/2011Bull & Bear's Monetary Digest
8/31/2011Bull & Bear's Monetary Digest
6/16/2011DRILLS 1.06 G/T OVER 117.7 METRES INCLUDING 5.15 G/T OVER 14...
6/1/2011Bull & Bear's Monetary Digest Just Posted
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (ME.TO)FRANKFURT (MOP.F)
0.830-2.35%0.210+0.00%
TORONTO
CA$ 0.830
10/12 15:11 -0.020
-2.35%
Prev close Open
0.850 0.860
Low High
0.830 0.860
Year l/h YTD var.
1.09 -  1.54 -45.39%
52 week l/h 52 week var.
0.750 -  1.86 -3.49%
Volume 1 month var.
13,000 -39.42%
24hGold TrendPower© : -37
Produces
Develops
Explores for Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2024-44.67%1.561.02
20231.35%2.180.74
2022-28.85%2.971.36
2021454.67%2.300.27
2020200.00%0.390.06
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.