TSX: ME
TORONTO, April 8, 2020 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the
"Company") is pleased to provide an update on it's 2020 drill
program and future plans for the expansion and advancement of the
Golden Highway Project, located 110 kilometres east of Timmins, Ontario.
Highlights:
- Moneta responds to the COVID-19 pandemic
- Commencement of a Preliminary Economic Assessment ("PEA")
study for the South West deposit
- Completion of 2019/2020 winter drill program
Gary O'Connor, CEO & Chief
Geologist commented, "We have responded to the COVID-19 pandemic by
ensuring a safe and healthy work environment for all of our
employees and contractors. We have completed the 2019/2020 winter
drill program and closed the Timmins office, requiring all work to be
conducted from home or in physical isolation. We will continue the
new resource expansion work however at a slightly slower pace due
to the physical distancing of employees. A PEA study has been
commenced by Micon on the South West deposit and will continue as
planned. Moneta is fully funded for its plans through 2020 and into
2021".
Response to the COVID-19 Epidemic
In response to the
novel COVID-19 coronavirus pandemic Moneta has followed all
guidance provided by the relevant authorities to ensure the safety
and health of our employees and contractors promoting physical
distancing. The Timmins office has
been closed and work is restricted to those working at home or in
physical isolation. The 2019/2020 winter drill program has been
completed and rigs are being demobilized. The new resource
expansion work including logging and assaying will continue,
however at a reduced level of activity due to physical isolation
practices that are in place. Moneta had previously implemented a
"behave like you are infected" policy.
Preliminary Economic Assessment on South West
Deposit
Micon International Ltd. of Toronto, Canada has been contracted to
complete a preliminary economic assessment ("PEA") on the South
West deposit located within the Golden Highway Project. The results
of the PEA are due to be delivered later in 2020. The study will
review several development scenarios for the South West deposit
which was the subject of a resource update in November 2019 (See ME PR 18-2019 dated
26 November 2019). The resource
update resulted in a 58% increase to 472,000 ounces (oz) within the
indicated category contained within 3.24 million tonnes (Mt) at a
grade of 4.53 grams per tonne (g/t) Gold (Au) and a 40% increase to
1,056,500 oz of Au in the inferred category contained within 7.30
Mt at a grade of 4.37 g/t Au, assuming underground extraction using
a 3.00 g/t Au cut-off grade.
2019/2020 Winter Drill Program
The 2019/2020 winter
drill program has been completed and drill rigs are being
demobilized. The drilling has been completed early to maintain a
healthy and safe work environment for our employees and contractors
in support of efforts to stop the spread of the COVID-19
coronavirus. A total of 36 holes will have been completed. The
program was scheduled to be completed by mid-April and has been
successful in testing the resource extensions of the Windjammer
South, West Block and 55 deposits as well as intersecting new
mineralization at the Westaway and Halfway targets. The core will
be processed in isolation and the results will be released as they
become available. The data and assays from this program will be
used for new resource updates for Windjammer South, South West and
55 deposits plus an initial mineral resource estimate at
Westaway.
Investor Relations
Moneta is pleased to announce the
appointment of Linda Armstrong of
Storyboard Communications to manage the Company Investor Relations
responsibilities and activities. Linda brings over 25 years of
successful investor relations, corporate communications, and
business development experience to the company. Moneta is pleased
to welcome Linda to our team in marketing the Moneta
story.
QA/QC Procedures
All core drilling conducted by Moneta
was oriented. Drill core is cut with half sent to AGAT Laboratories
Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split
pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited
laboratory. A 50 g charge is Fire Assayed and analyzed using an 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, as well as completing third-party check assays at
Activation Laboratories Ltd. Gary
O'Connor, FAusIMM 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 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 556,500 ounces gold contained within 3.82 Mt @ 4.53 g/t Au and a
total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t
Au in the inferred category at a 3.00 g/t Au cut-off.
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.
