Symbol: TSX: ME

TORONTO, July 19, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from seven additional diamond drill holes completed on the South West Deposit ("South West") located within the Company's Golden Highway Project (located 110 km east of Timmins, Ontario, see Figure 1).

Moneta Porcupine Mines Inc. (CNW Group/Moneta Porcupine Mines Inc.)

Highlights:

Step-out drilling at South West has identified a new mineralized shoot (SW-6) and the extensions of two (2) new veins to the West. Results continue to extend the strike and depth extent of the known vein structures and mineralized shoots.

Mineralized Shoots

•  

SW-6

Drill hole MGH18-091 intersected a new mineralized shoot (SW-6) assaying 47.00 metres ("m") @ 2.08 grams per tonne gold ("g/t Au") including 1.86 m @ 5.66 g/t Au and 1.00 m @ 6.49 g/t Au

 

Vein Structures

• 

Willow Vein

MGH18-090 intersected Willow vein extending the vein by 50 m to the north assaying 3.30 m @ 3.67 g/t Au including 1.00 m @ 7.06 g/t Au

Redwood Vein

Drill hole MGH18-088 intersected 4.70 m @ 2.16 g/t Au including 1.00 m @ 3.74 g/t Au extending Redwood by ~100 m to the south

   

West #1 Vein

Drill hole MGH18-093A intersected a new vein structure West Vein #1, assaying 10.00 m @ 2.11 g/t Au including 3.15 m @ 3.24 g/t Au and 1.00 m @ 4.09 g/t Au 300m south of the West veins

West #2 Vein

A second vein structure West Vein #2 was intersected in drill hole MGH18-093A assaying 3.00 m @ 3.28 g/t Au including 1.15 m @ 7.03 g/t Au extending the structures by 300 m to the south

 

Gary O'Connor, CEO & Chief Geologist commented, "We continue to be encouraged by the drill results which have continued to extend mineralization and intersected new mineralization. We have now identified seventeen (17) vein structures and along strike and nine (9) mineralized shoots, ultimately adding to the overall size potential at South West. These results continue to increase our confidence and understanding of the vein structures and stockwork zones. We plan to complete the logging and assaying of core from the expanded drill program on the Golden Highway project in order to define a larger gold system; increase the number of veins and shoots; and confirm the higher grade mineralization in preparation for a resource update."    

The latest assay results are from seven drill holes totalling 3,868.0 m of drilling at South West that continues to test the higher grade structural targets. The drill program at South West follows up on the previously announced exploration drill program undertaken by the Company in late 2017 and 2018 that was expanded to 41,100 m in 70 drill holes. Assays for the remaining drill holes are pending and will be released as they become available for the South West and "55" areas.

South West Deposit
Drilling to date at South West has been successful in confirming the existence of seventeen (17) vein structures and nine (9) mineralized shoots. The veins trend NW as stacked veins, steeply dipping to the SW at ~70°, and occur south of the Banded Iron Formation ("BIF") within clastic Timiskaming age sediments. Two new veins intersected in the current drilling are thought to be the southern extensions of veins west of the Main Fault. The first six modelled veins have an average width of approximately 2.90 m and are spaced 25 m to 30 m apart. The vein structures can now be traced for over 400 m in strike length and have been historically drilled to depths of up to 1,200 m.

The sheared contact with the BIF hosts mineralized stockwork zones ("shoots") which plunge ~65° to ~75° to the west and occur up to 50 m long, 25 m wide and have been confirmed to depths of over 1,000 m. A total of nine (9) shoots have now been identified.

The veins and stock-work style veining within the shoots occur as quartz-carbonate-pyrite veins within an ankerite alteration halo occasionally associated with sericite. A zone of pyrite-chlorite and quartz veinlets occurs within the vein corridors and also hosts gold mineralization. The veins can be brecciated and occur as quartz matrix supported breccia zones. The nine (9) mineralized shoots and seventeen (17) vein corridors have now been successfully traced over a width of 1,200 m.

South West Drill Results

Drill hole MGH18-088 was drilled to test the southern extensions of the Redwood, Maple and Oak Veins. The drill hole intersected the Redwood Vein (4.70 m @ 2.16 g/t Au, including 1.00 m @ 3.74 g/t Au at 510.00 m depth) extending this vein by ~100 m to the south.

Drill hole MGH18-089 was drilled to test the location of stockwork vein zones located within mineralized shoots north and south of the BIF unit adjacent to the four SW-3 shoots. The hole drilled between the SW-3c and SW-3d shoots. The hole also tested the northern extensions of the Willow, Arbutus and Yew structures which it intersected (Yew: 0.30 m @ 3.51 g/t Au).  

Drill hole MGH18-090 was also drilled to test the northern extensions of the SW-3 shoots, the up-dip extensions of the Willow and Arbutus veins and the northern contacts with the BIF. The drill hole extended the SW-3d shoot by 25 m to the north intersecting 7.00 m @ 1.26 g/t Au and intersected the northern extensions of the Willow Vein assaying 3.30 m @ 3.67 g/t Au including 1.00 m @ 7.06 g/t Au at 286.0 m depth extending the vein 50 m to the north and 100 m up-dip.

Drill hole MGH18-091 was drilled to test the northern and southern BIF contacts in the area between the SW-4 and SW-3 mineralized shoots. The drill hole intersected a new zone of stockwork veining (SW-6) on the southern contact of the BIF, south of the gabbro returning 47.00 m @ 2.08 g/t Au at 381.0 m depth including 23.87 m @ 2.48 g/t Au including 1.86 m @ 5.66 g/t Au and 1.00 m @ 6.49 g/t Au.    

Diamond drill hole MGH18-092 was drilled to test the southern extensions of the Willow and Arbutus veins up to 600 m south of the BIF contact. The vein structures continue but narrow to the south.

Drill holes MGH18-093 and MGH18-093A were drilled to test the southern extensions of the vein structures located west of the Main Fault and the western and depth extensions of the SW-1 shoot. The drill holes confirmed the extensions of two vein structures up to 300 m to the south intersecting 10.00 m @ 2.11 g/t Au including 3.15 m @ 3.24 g/t Au at 164.0m depth and 3.00 m @ 3.28 g/t Au including 1.15 m @ 7.03 g/t Au at 251.00 m depth. MGH18-093 intersected the western extensions of SW-1 intersecting 1.00 m @ 2.33 g/t Au at 611.00 m extending the mineralized stockwork by 100 m to the west and 100 m to depth. Drill hole MGH18-093A was terminated short of the target.

Please click below for Figure 1 - South West Location Map: Golden Highway Project
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig1.jpg

Please click below for Figure 2 - South West: Geology and Drill Location Map
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig2.jpg

Please click below for Figure 3 - South West: Schematic Cross Section
http://www.monetaporcupine.com/i/maps/2018-07-19_NR-Fig3.jpg

Table 1: Drill Hole Details

Hole

Easting

Northing

Elevation

Azimuth

Inclination

Depth

#

mE

mN

masl

°

°

m

MGH17-088

571001

5369271

323

90

-55

714.0

MGH17-089

570951

5369697

324

90

-57

453.0

MGH17-090

570999

5369798

325

85

-66

624.0

MGH18-091

571103

5369904

325

90

-60

471.0

MGH18-092

571369

5369396

326

90

-55

540.0

MGH18-093

570820

5368955

323

3

-73

700.0

MGH18-093A

570782

5368994

323

5

-68

366.0

 

 Table 2: South West: Selective Significant Drill Results

Hole

From

To

Length

Au

Vein

#

(m)

(m)

(m)

(g/t)

#

MGH18-088

510.00

514.70

4.70

2.16

Redwood

includes

510.00

511.00

1.00

3.74

Redwood

MGH18-089

160.30

160.60

0.30

2.44

Willow

MGH18-089

256.70

257.00

0.30

3.51

Yew

MGH18-090

264.00

271.00

7.00

1.26*

SW-3d

includes

264.00

265.00

1.00

2.29

SW-3d

and

267.00

268.00

1.00

2.73

SW-3d

MGH18-090

275.00

277.00

2.00

2.00

SW-3d

MGH18-090

286.00

289.30

3.30

3.67

Willow

includes

287.30

288.30

1.00

7.06

Willow

MGH18-091

381.00

428.00

47.00

2.08*

SW-6

includes

381.00

385.98

4.98

1.96*

SW-6

and

389.00

391.00

2.00

3.81

SW-6

and

398.00

400.98

2.98

2.16

SW-6

and

403.13

427.00

23.87

2.48

SW-6

includes

409.00

427.00

18.00

2.74

SW-6

includes

409.00

416.00

7.00

3.01

SW-6

includes

413.14

415.00

1.86

5.66

SW-6

and

419.00

427.00

8.00

3.02

SW-6

includes

421.00

422.00

1.00

6.49

SW-6

MGH18-093A

151.75

177.00

25.25

1.33*

New West-1

includes

151.75

154.00

2.25

2.08

New West-1

and

164.00

174.00

10.00

2.11

New West-1

includes

164.00

165.00

1.00

4.09

New West-1

and

170.85

174.00

3.15

3.24

New West-1

MGH18-093A

193.32

194.06

0.74

3.92

New

MGH18-093A

195.20

196.00

0.80

5.56

New

MGH18-093A

254.00

255.00

1.00

2.63

New West-2

MGH18-093A

260.00

263.00

3.00

1.52*

New West-2

includes

260.00

261.00

1.00

2.51

New West-2

MGH18-093

168.00

169.50

1.50

2.20

New West-1

MGH18-093

172.04

173.00

0.96

4.08

New West-1

MGH18-093

251.00

254.00

3.00

3.28

New West-2

includes

251.00

252.12

1.15

7.03

New West-2

MGH18-093

484.00

486.00

2.00

2.15

New West-3

MGH18-093

493.00

494.00

1.00

2.20

Main Fault

MGH18-093

611.00

612.00

1.00

2.33

SW-1

 

Intercepts are calculated using a 2.0 g/t Au cut-off, maximum of 2m internal waste and no top cap, unless noted (*). All intercepts are reported as drill widths and estimated to be 65% to 100% of true widths.

 

QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). A 50 g charge is Fire Assayed and analyzed using a AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates with the samples, as well as completing third-party check assays at Activation Laboratories Ltd. Gary O'Connor, MAusIMM is a qualified person under NI 43-101 and has reviewed and approved the contents of this press release.  

About Moneta
The Company holds a 100% interest in 5 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.

This news release includes certain forward-looking information and forward-looking statements, collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation. 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 include, but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Company's drilling program and the timing and results thereof; and the ability of the Company to finance and carry out its anticipated goals and objectives.

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.

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