TORONTO, March 6, 2017 /CNW/ - Moneta Porcupine
Mines Inc. (TSX:ME) ("Moneta") provided an update on its
previously announced 40,000 metre drill program on its 100% owned
Golden Highway Project, east of Timmins, Ontario.
Ian C. Peres, President and CEO
stated, "Our Golden Highway project captures 12kms of the Destor
Porcupine Fault Zone Corridor, one of the most prolific Archean
gold-bearing structures in the world. The recently drilled positive
results extend known gold mineralization several kilometres along
strike from the existing NI 43-101 resource and provide a solid
foundation for follow-up. Drilling in 2017 will continue at full
capacity to systematically test these and other exploration targets
with significant gold potential."
Considerable gold production from the Timmins Camp area has been
from quartz vein systems associated with ultramafic and mafic
volcanics both north and south of the Destor Porcupine Fault Zone,
particularly when in proximity to porphyry intrusives. Prior
drilling has confirmed similar settings across the Golden Highway
project, several of which are to be systematically drill tested in
2017. This includes areas such as Destor West, LC Zone, North
Central Pipestone, and Southwest Zone North.
We have three drills contracted to end of 2017 after delays in
the start of the program due to lack of drill availability in Q4
2016. A total of 15 drill holes have now been completed for a total
of 8,008 metres within the Destor West and LC Zone target areas,
including 2 holes lost in blocky ground.
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Drill
hole
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From
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To
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Vertical
depth
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Width(1)
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Au
(2)
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Comments
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(m)
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(m)
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(m)
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(m)
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(g/t)
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Location
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MGH16-001
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105.50
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118.65
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79
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13.15
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0.76
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Destor
West
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Syenite
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114.25
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118.65
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4.40
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1.34
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MGH16-002
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238.83
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256.33
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183
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17.50
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1.24
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Destor
West
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Felsic
Intrusive/Syenite
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incl.
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238.83
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247.00
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8.17
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1.44
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and
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250.00
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256.33
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6.33
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1.33
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MGH16-003
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249.20
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256.61
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195
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7.41
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1.08
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Destor
West
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Syenite
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263.25
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275.70
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12.45
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1.02
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Feldspar
Porphyry
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incl.
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268.20
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272.70
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4.50
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1.62
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MGH16-005A
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182.27
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183.63
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135
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1.36
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1.55
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Destor
West
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Quartz
Vein
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MGH16-007
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Destor
West
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NSV
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MGH16-008
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320.85
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322.47
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228
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1.62
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0.77
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Destor
West
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Feldspar
Porphyry
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MGH16-011
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286.00
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290.50
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250
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4.50
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1.38
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LC Zone
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Feldspar
Porphyry
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317.50
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323.50
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6.00
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3.37
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incl.
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319.00
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320.50
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1.50
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8.48
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MGH16-013
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135.00
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138.00
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100
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3.00
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2.39
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LC Zone
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Felsic
intrusive
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incl.
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136.50
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138.00
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1.50
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3.95
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174.50
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196.50
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22.00
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1.30
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Quartz Feldspar
Porphyry
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incl.
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181.50
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192.00
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10.50
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1.85
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or
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190.50
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192.00
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1.50
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4.04
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327.50
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331.51
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4.01
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1.43
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Mixed altered UM and
felsic instrusive
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MGH16-015
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166.24
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194.50
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130
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28.26
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1.38
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LC Zone
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Mixed Feldspar
Porphyry/Altered Ultramafic
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incl.
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166.24
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170.50
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4.26
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7.18
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(1)Drilled
widths are currently reported
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(2)Metallic checks completed on all assays
> 20.0 g/t
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Destor West target area
The Destor West target area, covering the large (approx. 13
square km) southwest portion of the Golden Highway project, is
interpreted to contain multiple splays and structures cross-cutting
the Destor Corridor as it turns from a southwesterly to a west
orientation, followed by a northwesterly trend west of the property
boundary. The potential for gold mineralization associated with
these splays and structures is considered high and these features
are being drill-tested in 2017.
Drilling has tested one Destor West target with drill holes
MGH16-004, 006 and 010. Hole MGH16-004 intersected mildly altered
and locally brecciated ultramafic metavolcanics with feldspar
porphyries and syenite, both hosting scattered quartz carbonated
stringers and veinlets with locally elevated pyrite content and
anomalous gold values such as 2.84g/t over 1.50m. Hole MGH16-006
intersected a similar sequence that locally contained up to 20%
quartz stringer veining and elevated pyrite levels. Results
included 5.83g/t over 1.15m within 2.06g/t over 6.00m. MGH16-010
intersected stronger alteration returning 1.43g/t over 1.62m.
Further modeling and interpretation is underway to consider follow
up drilling in this prospective geological setting.
LC Zone target area
The LC Zone is located within the greater Destor West area where
past drilling intersected significant grade over width from quartz
stringers and veining in altered syenite.
MGH16-001 to 008, including 2 lost holes due to blocky ground
(001 and 005), stepped out 700 to 1,400 metres southwesterly along
the Destor from the LC Zone
setting, intersecting similar syenite, feldspar and quartz feldspar
porphyry, often locally with 5-10% disseminated pyrite. MGH16-011,
13, and 15 were completed easterly along strike and to depth within
the LC Zone to expand the gold zone and advance resource modelling
efforts. All holes intersected mineralization, including wide
auriferous alteration and quartz stringer intercepts, as
highlighted in the above table.
Moneta follows industry standard sampling (half sawn core
samples with long term storage) and assaying procedures using
accredited assay laboratories (SGS, Activation) with standards and
duplicates for QA/QC purposes. Unless otherwise noted all gold
assay results are in g/t over drilled widths. Rainer Skeries, P.Geo, a qualified person for
the purposes of NI 43-101, has reviewed the technical information
contained herein.
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.