TORONTO, Sept. 29, 2016 /CNW/ - Moneta Porcupine Mines
Inc. (TSX:ME) ("Moneta" or the "Company")
announces the start of its fully-funded exploration and drilling
program on its 100% owned Golden Highway Project, east of Timmins,
Ontario.
The 2016/2017 exploration program at Golden Highway primarily
consists of drilling several priority target areas along 8km of
Destor Porcupine Fault Zone corridor ("Destor") adjacent to the Golden Highway NI
43-101 gold resource estimate. The target areas are located
primarily along splays within the volcanics and associated syenitic
intrusives of the Destor corridor
and were generated by modelling and correlation of key data
including airborne and ground magnetics, induced polarization,
assay results from past drilling, and review of historical drill
core and known geology.
Limited historical drilling along the 8km Destor corridor yielded notable results such
as 14.19g/t over 4.3m in Landing Zone, 2.63g/t over 27.8m in Twin
Creeks, and 9.19g/t over 8.5m in LC Zone. More recently the
Discovery Zone (2014) returned 2.02g/t over 114.5m in the first
drilling data gaps that was tested, prior to suspension of drilling
given market conditions. A re-logging and sampling program of
unsampled historical core, available at the Company's core farm, is
now underway.
Two drills are currently being mobilized at Golden Highway with
a third to follow on or around January
2017. Drilling will focus on targets in close proximity to
the existing NI 43-101 gold resource. The Company expects that the
discovery and delineation of additional gold mineralization outside
of the NI 43-101 conceptual pit, could have a favourable impact on
the overall project economics and initial capital expenditure
requirements.
About Moneta
Moneta holds a 100% interest in 5 core
gold projects strategically located along the Destor Porcupine
Fault Zone in the world class Timmins
Camp with over 85 million ounces of past gold production.
The Golden Highway Project covers 12 kilometres of a highly
prospective volcanic/sedimentary belt along the Destor Porcupine
Fault Zone and currently hosts a 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.
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 statements
concerning the closing of the Offering, the use of proceeds of the
Offering, 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.