Symbol: TSX: ME

TORONTO , Feb. 27, 2018 /CNW/ - Moneta Porcupine Mines Inc. (ME.TO) (MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from two additional diamond drill holes completed on the Discovery Deposit ("Discovery") and four diamond drill holes completed on the LC Deposit ("LC") located within the Company's Golden Highway Project located approximately 110 km east of Timmins, Ontario .

View photos

More

Highlights:

• Discovery-Contact Zone: Drill hole MGH17-045 intersected 3.00 metres ('m") @ 4.16 grams per tonne gold ("g/t Au") including 1.00 m @ 10.30 g/t Au, at a depth of 595.00 m extending the zone 50 m to depth;
• Discovery-Contact Zone: Drill hole MGH17-048 extended the Contact Zone another 75 m east intersecting 1.00 m @ 3.16 g/t Au;
• LC: Drilling extended mineralization 300 m to the east of historical intercepts of 6.71m @ 10.82g/t Au and 6.57m @ 9.53g/t Au with intercepts of up to 1.00 m @ 3.38 g/t Au in hole MGH17-044, 1.00 m @ 2.97 g/t Au in hole MGH17-047, and 0.50 m @ 5.18 g/t Au in hole MGH17-039

Gary O'Connor , Co-CEO & Chief Geologist commented, "The two latest drill holes at Discovery have been successful in extending the Contact Zone by over 50 m to depth and 75 m to the east. At depth, mineralized quartz veins hosting visible gold grains returned 3.00 m @ 4.16 g/t Au including 1.00 m @ 10.30 g/t Au. Similar quartz veining was intercepted in hole MGH17-048 in a 75m step-out to the east. The new drilling extended the mineralization intersected in MGH17-038 of 3.00 m @ 5.24g/t Au, including 1.00 m @ 10.75 g/t Au in the Contact Zone. The drill holes have increased the size potential of the Contact Zone. Previous results released on January 16, 2018 from the 2017 drill program confirmed the size potential of the Upper Zone with mineralization reported over 15 m widths which was not targeted in these drill holes. Future drilling will focus on expanding the Upper Zone which has now been traced for over 500 m . The four holes completed at LC extended mineralization by 300 m to the east at LC, intercepting 1.00 m@ 3.38 g/t Au. We continue to be encouraged by the good results returned from our drill program to test higher grade targets on our Golden Highway Project."

The latest results are from two drill holes totalling 1,270.00 m of drilling at Discovery and four holes totalling 1,509.00 m at LC. The Discovery holes were designed to test the extensions of high grade gold mineralization along the Contact Zone at depth by 50 m and to the east by 75m with step-out holes. The LC holes were designed to test for gold mineralization on the contact of the LC mineralized syenite intrusion over a 300 m strike length, east of previous drilling. The drilling was part of the drilling program conducted by Moneta in late 2017 on the Golden Highway Project. The program consisted of over 20,000 m and 50 drill holes and the encouraging results have driven the Company to expand the drill program. Assays for additional drill holes are pending and will be released as they become available.

Please click here for Figure 1: Discovery and LC Location Map- Golden Highway Project:
http://www.monetaporcupine.com/i/misc/2018-02-27_NR-Fig1.jpg

Discovery Deposit
The Discovery Area (see Figure 1) includes the mineralized Upper Zone and Contact Zone and is located on a southern splay of the Destor Porcupine Fault Zone (DPFZ) and hosted within altered komatiitic ultramafic rocks of the Kidd-Munro assemblage to the north and the sheared fault contact with conglomerate and greywacke units of the Timiskaming age sedimentary rocks to the south. The depth and eastern strike extensions of the Contact Zone, which were the target of the MGH17-045 and MGH17-048 drill holes, occur as a faulted contact and dip steeply to the north (~80°). The host rocks have been intruded by a series of roughly ENE (070 ° ) trending steeply south dipping Timiskaming age quartz feldspar-syenite porphyry (QFP) to lamprophyre porphyry dykes spatially associated with quartz vein hosted gold mineralization. The mineralization at Discovery occurs outside of the current NI 43-101 resource.