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Moneta Porcupine Mines Inc. (TSX: ME /
OTC: MPUCF / XETRA: MOP) ("Moneta") announces results from the
ongoing 2010 drill program on the Southwest Zone, within the 100% owned
Golden Highway Project ("GHP"), located along the prolific Destor-Porcupine Fault Zone, approximately 100km east of
Timmins, Ontario.
Drill hole wedge MSW10-267C
("267C") intersected the 267 Zone mineralized corridor, returning
5.61 g/t Au over 23.89 metres, including two large
and separate vein zones of 8.08 g/t Au over 7.75 metres
and 10.55 g/t Au over 5.70 metres. Three drill
holes have now intersected the 267 Zone completing a series of step-outs and
establishing a consistent vein zone orientation with a north-northwesterly
strike and steep southwesterly dip.
Ian C. Peres, President & CEO of
Moneta, said, "The results for this second wedge and third drill
intersection into the 267 Zone show a notable improvement in grade with
continued strength in continuity over the mineralized intervals and corridor.
We are particularly encouraged by the consistent 267 vein zone orientations
now being targeted as we step up-dip, with follow-up drill wedging underway.
After the first significant drill program in 13 years in 2010, these results
are especially important as the 267 Zone is the largest and best mineralized
quartz vein zone discovered so far in a very large untested area along the 12
km strike of the Golden Highway Project."
267C crossed the vein zone approximately
25 metres (82 feet) below drill hole
wedge MSW10-267B ("267B"). The 267 Zone is located in a previously
untested area 200 metres south, in the hanging
wall, of the Southwest Zone's east-westerly trending iron formation. The gold
mineralization is associated with a highly prospective iron carbonate (ankerite) alteration zone, typical of gold mineralization
in major Abitibi gold camps including Timmins, Kirkland Lake and Red Lake.
The summary results from drill hole
wedge 267C are as follows:
<<
____________________________________________________________________________
|Drill hole |From |To |Width (1) |Au (2) | Comments |
| |(m) |(m) |(m) |(g/t) | |
|_____________|_______|_______|___________|______________|________________|
| | | | | | |
|_____________|_______|_______|___________|______________|________________|
| | | | | | Third drill |
| | | | | | intersection |
| | | | | |into 267 Zone - |
| | | | | |consistent vein |
| | | | | |zone orientation|
| |1030.69|1054.58| | | now confirmed: |
| |1038.00|1054.58| | | W/NW- trending |
| MSW-10-267C|1038.00|1045.75|23.89 16.58|5.61 7.42 8.08| and steep |
|incl. and and|1048.88|1054.58| 7.75 5.70 | 10.55 | SW-dipping. |
|_____________|_______|_______|___________|______________|________________|
| |
|__________________________________________________________________________|
|(1) Drilled widths are currently reported (2) Metallic checks completed on |
|all assays > 15.0 g/t |
|____________________________________________________________________________|
| |
| Previously reported (see October 28, 2010 press release) |
|_________________________________________________________________________|
| | | | | | Initial drill |
| | | | | | wedge into 267 |
| | | | | | Zone: |
| |1058.00|1094.37| | | W/NW-trending |
| MSW-10-267B|1058.00|1078.00|36.37 20.00| | and steep |
| incl. incl.|1066.90|1076.65| 9.75 |3.93 5.85 9.05| SW-dipping. |
|_____________|_______|_______|___________|______________|________________|
| |
| Previously reported (see August 26, 2010 press release) |
|_________________________________________________________________________|
| | | | | | New 267 Zone: |
| | | | | | 50m thick |
| | | | | |quartz-carbonate|
| | | | | | vein zone: |
| |1064.85|1100.94| | |NW-trending and |
| MSW-10-267|1066.11|1081.70|36.09 15.59| | steep |
| incl. incl.|1087.92|1098.15| 10.23 |3.43 4.16 4.10| SW-dipping. |
|_____________|_______|_______|___________|______________|________________|
>>
For a plan and cross section view of 267 Zone, please click on the
following link: http://www.monetaporcupine.com/i/pdf/2010-11-17_NRM1.pdf
For a map of Moneta's Golden Highway Project, please click on the
following link: http://www.monetaporcupine.com/i/pdf/2010-11-17_NRM2.pdf
R. Skeries, P.Geo. is the Qualified Person for the purposes of NI 43-101
and has approved the technical content of this release.
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.
About Moneta
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% of the Destor Porcupine Fault Zone (from
Timmins, Ontario to the Quebec border), 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.
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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(at)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.
For further information
Ian C. Peres, President & CEO
416-579-3040 (Toronto) 705-264-2296 (Timmins) iperes@monetaporcupine.com
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