Symbol: TSX: ME
TORONTO, Oct. 31, 2019 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to announce the commencement of drilling
on the Golden Highway Project, located 110 km east of Timmins, Ontario (see Figure 1).
Highlights:
- Windjammer South Deposit: Drilling is targeting the resource
expansion potential
- 55 Deposit: Drilling is planned to test the newly identified
resource expansion potential
- Westaway: Drilling is to confirm the occurrence of
mineralization historically intersected
- West Block: Drilling to test the western extensions of
mineralization at West Block
- Halfway: Drilling is planned to confirm mineralization
intersected in historical drilling
- South West: Resource update pending for the +1 Moz South West deposit
Gary O'Connor, CEO & Chief
Geologist commented, "We are encouraged by our enhanced
understanding of the geology of the Windjammer South and 55
deposits where we have identified the potential to expand the
current resources. The new drill program will test the resource
expansion potential at 55 and Windjammer South which occur adjacent
to the South West, where we are currently updating the resource
based on our 2019 (9,600 m) drill
program. The current drill program will also test the Westaway and
Halfway targets where mineralization was intersected historically
and will target the area between West Block and Westaway which
remains open. We look forward to drilling the expansion potential
of our resources and to test new areas of mineralization. In
addition, we will be releasing the updated South West resource
estimate by the end of November"
The current planned drill program consists of an initial
10,000 m to test the new resource
potential and occurrence of mineralization at new targets, with
additional drilling planned as warranted.
Windjammer South Deposit: Currently hosts 0.35MMt @
4.19 g/t Au containing 34,500 oz in the indicated category and
0.17MMt @ 4.59 g/t Au containing 25,500 oz in the inferred
category. The current drill program is designed to test newly
identified potential both down-dip and up-dip of the current
resource.
"55" Deposit: Currently hosts 0.22MMt @ 5.11 g/t Au
containing 35,400 oz in the indicated category and 0.33MMt @ 4.31
g/t Au containing 45,300 oz in the inferred category. Drilling is
planned to test the depth and strike extensions of newly defined
potential.
West Block Extensions: Drilling conducted in the
2019 drill program at West Block intersected new veins which will
not be included in the new resource update due to insufficient
data. This includes the WB-10 vein drilled in hole MGH19-121 which
intersected 1.05 m @ 18.25 g/t Au
(see press release ME PR 12-209, dated August 01, 2019). Drilling will test the
continuity of the new veins and test for additional mineralization
located between West Block and Westaway.
Westaway Target: Drilling at Westaway is to test the
newly interpreted mineralization potential intersected in
historical drilling which returned up to 6.30 m @ 5.80 g/t Au, including 1.50 m @ 10.42 g/t Au in hole MN-96-178 (see
press release ME PR 18-2018, dated December
05, 2018).
Halfway Target: Drilling at Halfway is designed to
test the mineralization potential intersected in historical hole
MWJ11-43 which intersected 3.25 m @
8.87 g/t Au, including 2.30 m @ 11.74
g/t Au (see press release ME PR 18-2018, dated December 05, 2018).
Click here for Figure 1: Golden Highway Project:
Geology and Location of Deposits and Targets
https://www.monetaporcupine.com/uploads/2019-10-31-me-fig1.jpg
About Moneta
The Company holds a 100% interest in 6
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,
DeSantis East, Kayorum and Denton
projects. The Golden Highway Project covers 12 kilometres of
prospective ground along the DPFZ of which 4 km hosts the current
43-101 mineral resource estimate comprised of an indicated resource
of 383,400 ounces gold contained within 2.59 Mt @ 4.61 g/t Au and a
total of 873,200 ounces gold contained within 6.46 Mt @ 4.21 g/t Au
in the inferred category at a 3.00 g/t Au cut-off.
Gary O'Connor, FAusIMM is a
qualified person under NI 43-101 and has reviewed and approved the
contents of this press release.
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.
