Moneta Intercepts 1.75 m @ 9.07 g/t Gold and 1.65 m @ 7.95 g/t Gold From Extensions at South West Deposit
Moneta Intercepts 1.75 m @ 9.07 g/t Gold and 1.65 m @ 7.95 g/t Gold From Extensions at South West Deposit |
[26-June-2019] |
Symbol: TSX: ME TORONTO, June 26, 2019 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta" or the "Company") is pleased to announce the results from two diamond drill holes on the 2019 winter drill program. The holes were completed on the South West Deposit ("South West") located within the Company's Golden Highway Project, 110 km east of Timmins, Ontario, (see Figure 1).
Highlights: Drill hole MGH19-113 intersected the extensions of the targeted Gap veins south of and at depth below the current resource at South West. MGH19-117 intersected the veins at depth below the updated resource. MGH19-113
MGH19-117
Gary O'Connor, CEO & Chief Geologist commented, "We are encouraged by the ongoing success of the 2019 winter drill program which has continued to intersect the strike and depth extensions of the Gap series of veins at South West beyond the current resource adding up to 200 m strike length to the south and over 300 m depth extent. We are also pleased to have again intersected the depth and southern strike extensions of the new Sycamore vein. The drill program has intercepted many of the veins included in the current resource at South West upgrading the grade and width of veins and confirming the location and continuity. These intercepts will upgrade the confidence of the resource and potentially increase overall grade. The ongoing drill program is designed to continue to test the extensions of the Gap veins and the West Block area veins which were not included in the recent resource estimate update. The drill program is continuing to be successful at drilling the extensions of the resource." The latest assay results are from the next two drill holes, MGH19-113 and MGH19-117, totalling 1,714.50 m of drilling completed at the South West deposit to test the southern and depth extensions of the Gap veins. The drill holes also infilled the eastern vein structures of the South West deposit upgrading and extending the resource and confirming vein locations, thicknesses and grade. The program has again confirmed the new vein Sycamore. Table 1: South West: Selected Significant Drill Results
The drill program at South West continues as part of the previously announced 2019 winter exploration drill program on the Golden Highway Project. The fully funded program consists of up to 10,000 metres of drilling designed to expand the updated 2019 resource. The drill program has now been completed and results will be released as they become available. South West Drill Results Hole MGH19-117 was drilled to extend the Gap veins by up to 175 m south of the current resource. The hole was drilled above hole MGH19-110. The hole also confirmed the Walnut, Willow, Arbutus, Yew, Larch and the new Sycamore vein. The Walnut intercept was wide with multiple significant intercepts. The drill hole also intercepted the depth extension of the Gap-3 vein by up to 100 m. The hole did not test the new Gap-6 vein. Selected highlights of the drill hole include 1.00 m @ 5.49 g/t Au and 4.00 m @ 2.17 g/t Au including 1.03 m @ 3.90 g/t Au from the Yew vein, 1.85 m @ 2.01 g/t Au from the Larch vein, 0.73 m @ 3.85 g/t Au from the new Sycamore vein, 1.60 m @ 2.03 g/t Au and 2.40 m @ 3.04 g/t Au including 0.70 m @ 8.04 g/t Au from the Gap-2 vein, and 1.90 m @ 2.35 g/t Au from the Gap-1 vein. South West Deposit The veins and associated stock-work style veining occur as quartz-pyrite veins within a distinct ankerite-sericite-silica-pyrite alteration halo. The veins can be brecciated and occur as quartz matrix supported quartz vein breccia zones. Table 2: Drill Hole Details
Please click here for Figure 1: South West Location Map- Golden Highway Project Please click here for Figure 2: South West: Geology and Drill Location Map Please click here for Figure 3: South West: Drill Hole MGH19-113 & 117: Schematic Cross Section QA/QC Procedures About Moneta 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-BB:MPUCF, Toronto:ME, Frankfurt:MOP, Stuttgart:MOP |
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