TORONTO , April 11, 2014 /CNW/ - Moneta Porcupine Mines Inc. (ME.TO) (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:
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Drill hole
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From (m)
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To (m)
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Width (1) (m)
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Au
(g/t)
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Gram
metres
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Vertical Depth
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Zone
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Notes
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MGH13-077
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449.40
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472.33
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22.9
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1.24
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28
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315
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Discovery
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NEW - Discovery Zone 4 - sedimentary contact
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MGH13-081A
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235.40
253.00
265.70
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239.70
260.00
270.10
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4.3
7.0
4.4
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1.63
0.94
1.75
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7
7
8
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165
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Discovery
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Up dip continuity of Hole 77 lower sedimentary contact
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MGH13-083
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488.00
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518.70
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30.7
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1.39
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43
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342
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Discovery
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200m below Discovery Hole 77
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MGH13-087
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213.00
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222.00
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9.0
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1.72
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15
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149
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Discovery
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100m stepout east of Discovery Hole 77
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assays below 222.0 metres pending
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MGH13-088
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150.50
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163.90
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13.4
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1.45
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19
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105
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Discovery
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100m stepout west of Discovery Hole 77 - Zone 1
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incl.
and
incl.
incl.
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159.50
211.74 251.00 254.00 305.70 308.00
502.50
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162.50
213.20 267.70 266.50 315.30 315.30
507.00
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3.0
1.5 16.7 12.5 9.6 7.3
4.5
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5.13
1.83 2.78 3.32 4.77 5.18
1.21
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15
3
46
42
46
38
5
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176
214
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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
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MGH13-089
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366.90
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367.60
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0.7
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2.08
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1
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257
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Discovery
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100m stepout east of Discovery Hole 77
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incl.
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379.70
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381.00
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1.3
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3.02
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4
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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.
About Moneta
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.
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.
(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.