Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP)
("Moneta") announces results from its ongoing
2011 exploration drill program in the 100% owned Golden Highway Project,
100km east of Timmins, Ontario.
Drill hole wedge MSW10-162G ("162G") is the third
significant intersection into the 273 Zone returning 3.45 g/t Au over
26.13 metres, with high grade zones displaying
strong gold continuity of 7.96 g/t Au over 5.60 metres
and 5.12 g/t Au over 12.45 metres. These 162G
results indicate a broad, previously untested, and well-mineralized corridor
in the Southwest Zone East Block and extend the east-westerly strike
to 130 metres and vertically to over 150 metres.
Ian C. Peres, President and CEO said, "These results provide
further evidence of a pervasive gold system in our Golden Highway Project
which has now seen three large newly discovered zones in close proximity to
the 624,500* oz @ 5.98 g/t historical resource in
under a year. Moneta is now well-funded, following our recent financing, with
plans to undertake up to 30,000 metres of drilling
in 2011."
Drill hole 162G has confirmed that the previously untested Southwest
Zone East Block contains significant grade over substantial width and
remains open in all directions for further resource expansion. The recent
results are particularly encouraging as the geology and mineralization style
of the Southwest Zone East Block is the same as the Southwest Zone Central
Block.
162G was drilled to test the area between the large and
well-mineralized 162 Zone and 267 Zones, which are separated by
150m along an east-westerly strike and by 200m north-southerly, in the
greater Southwest Zone. 162G also tested the down-dip continuity of
the 273 Zone (press release December 16, 2010) which also intersected
three large gold zones in sequence.
For a plan and cross section view
of MSW-10-162G, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2011-03-29_NRM1.pdf
For a map of Moneta's Golden
Highway Project, please click on the following link:
http://www.monetaporcupine.com/i/pdf/2011-03-29_NRM2.pdf
The 162G quartz vein alteration zone is found in the hanging wall of
the Southwest Zone East Block iron formation, and is believed to
correlate with previous intercepts from MSW10-162D (4.80 g/t over 8.61m) and
MSW10-273 (3.51 g/t over 38m including 5.66 g/t over 6.25m). MSW10-162D is
located 120 metres east and 30 metres
above MSW10-162G, while MSW10-273 is located 40m to the east and 150m up dip.
At the Southwest Zone Central Block iron formation contact, the vein
alteration zone returned 3.59 g/t over 6.10 metres
including 5.68 g/t over 3.46 metres, located 60 metres west of MSW10-162B and represents possible
continuity of the 162 Zone.
Drill hole wedge MSW10-273B intersected a well-mineralized vein
alteration zone grading 3.78 g/t over 11.50 metres,
including a high grade zone of 5.63 g/t over 6.30 metres.
R. Skeries, P.Geo., is the Qualified
Person for the purposes of NI 43-101 and has approved the technical content
of this release.
Drill hole
|
From
(m)
|
To
(m)
|
Vertical depth
(m)
|
Width (1)
(m)
|
Au (2)
(g/t)
|
Comments
|
|
MSW-10-162G (drill wedge)
incl.
|
1169.90
1172.54
|
1176.00
1176.00
|
940
|
6.10
3.46
|
3.59
5.68
|
Central Block iron formation contact
|
incl.
incl.
incl.
|
1283.12
1283.12
1283.12
|
1309.25
1288.72
1295.57
|
1010
|
26.13
5.60
12.45
|
3.45
7.96
5.12
|
East Block - NEW 26m wide zone: Strike of 273 Zone entended by 130m
|
|
1339.90
|
1341.30
|
|
1.40
|
5.74
|
East Block iron formation contact
|
|
MSW-10-273B (drill wedge)
incl.
|
963.00
964.25
|
974.50
970.55
|
730
|
11.50
6.30
|
3.78
5.63
|
Central Block
|
|
1129.00
|
1130.92
|
|
1.92
|
4.77
|
East Block
|
|
(1) Drilled widths are currently reported
(2) Metallic checks completed on all assays > 15.0 g/t
|
|
Previously reported (December 16, 2010 press release)
|
MSW-10-273
incl.
and
and
|
1021.13
1021.13
1032.64
1062.00
|
1066.20
1025.00
1040.00
1066.20
|
810
|
45.07
3.87
7.36
4.20
|
1.97
3.82
2.67
3.67
|
Central Block: NEW 45m wide zone
|
|
incl.
and
|
1088.50
1109.60
1112.50
|
1130.15
1125.10
1120.95
|
855
|
41.65
15.50
8.45
|
2.33
4.07
4.96
|
Eastern Block: NEW 42m wide zone
|
|
incl.
and
|
1172.00
1173.95
1183.15
|
1210.00
1180.20
1190.85
|
890
|
38.00
6.25
7.70
|
3.51
5.66
4.78
|
Eastern Block: NEW 38m wide zone
|
|
Previously reported (May 18, 2010 press release)
|
MSW-10-162D (drill wedge)
incl.
|
1152.48
1186.00
|
1198.80
1193.80
|
920
|
41.32
7.80
|
4.12
15.78
|
Central Block: 41m wide zone
|
|
|
1192.78
|
1193.47
|
980
|
8.61
|
4.80
|
East Block
|
|
About Moneta
Moneta holds a 100% interest in 5 core projects strategically located
on or along the Destor Porcupine Fault Zone, one of
the key structural features in the Abitibi Greenstone belt in Ontario, with
excellent infrastructure including access roads, water, electricity, and
mills. Moneta's land position is one of the best and is the fourth largest in
the world class Timmins Camp - after three gold producers - including a
commanding position in the emerging Golden Highway Camp with 1.1 Moz of gold resources (all categories) identified prior
to reactivation of aggressive exploration and the best reported grades and
widths in 2010.
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.
* Historical Resource Estimates: Moneta is not treating the historical
resource estimates as current mineral resources as defined by National
Instrument 43-101 ("NI 43-101") as a "qualified person"
has not done sufficient work to classify the historical resource estimate as
a current mineral resource. Accordingly, the historical resource estimates
should not be relied upon.
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.
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.
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