Moneta drills 1.6 m of 14.98 g/t Au at West Block

2020-07-07 13:56 ET – News Release

Mr. Gary O’Connor reports

MONETA INTERSECTS 1.60 M @ 14.98 G/T GOLD FROM NEW MINERALIZED ZONE SOUTH OF WEST BLOCK

Moneta Porcupine Mines Inc. has released the results from three additional drill holes testing new gold-mineralized zones and vein extensions south of the West Block deposit beyond the updated November, 2019, National Instrument 43-101 mineral resource estimate. West Block is located one kilometre west of the company’s main gold deposit at South West, which is currently undergoing a preliminary economic assessment study with results to be released later in 2020. The drill holes are part of the 2019/2020 winter drill program on the company’s Golden Highway project, 110 km east of Timmins, Ont.

Highlights

Drilling intersected new gold mineralization to the south of and confirmed the extensions of mineralized veins at West Block:

  • Confirmed new areas of gold mineralization over 300 metres south of West Block;
  • Confirmed depth extensions of veins by 200 m in drilling west of and below the current resource;
  • MGH20-156: intersected 1.6 m at 14.98 grams per tonne gold including 0.9 m at 21.3 g/t Au, intersecting new gold mineralization over 300 m to the south of West Block;
  • MGH20-137: intersected three m at 4.03 g/t Au including two m at 5.49 g/t Au extending the strike length of veins to the south and 200 m to depth at West Block;
  • MGH20-152: intersected 3.27 m at 3.51 g/t Au including 1.49 m at 7.19 g/t Au intersecting new gold mineralization over 200 m to the south of West Block.

“Our latest drill program at West Block has intersected new gold mineralization and successfully extended gold-mineralized veins to the south in step-out holes over large distances,” commented chief executive officer Gary O’Connor. “We have intersected new gold mineralization south of the gabbro and BIF ‘C’ units, which has added significantly to the strike potential in an area not previously included in the resource model. The 2019/2020 winter drill program continues to be successful at intersecting new areas of gold mineralization as well as expanding our resources at Windjammer South and West Block including the extensions of the new discovery at Westaway.”

The latest assay results are from three drill holes, MGH20-137, MGH20-152 and MGH20-156, completed on the 2019/2020 winter drill program for a total of 1,674 m in the West Block area, located west of the main South West deposit. The drill holes were testing the southern and down-dip extensions of known mineralized veins and areas of new mineralization to the south at West Block. The 2019/2020 winter drill program consisting of 36 holes for 18,159 m was successfully completed with the processing and assaying of core continuing under COVID-19 work safety protocols. The drill results for additional step-out holes at Westaway and the 55 deposit are still pending and will be released once received.

   WEST BLOCK: SELECTED SIGNIFICANT DRILL RESULTS

Hole         From      To  Length     Au   Structure 
(No.)         (m)     (m)     (m)  (g/t)      (vein) 
   
MGH20-137   76.50   79.50    3.00   4.03       WB-13     
includes    76.50   78.50    2.00   5.49       WB-13     
MGH20-137  391.50  394.20    2.70   1.43        WB-7      
includes   392.40  393.30    0.90   2.84        WB-7      
MGH20-137  506.90  508.50    1.60   3.53        WB-4      
includes   507.70  508.50    0.80   5.88        WB-4      
MGH20-152   87.50   90.77    3.27   3.51         New       
includes    88.28   89.77    1.49   7.19         New       
includes    88.28   89.00    0.72   8.75         New       
MGH20-152  215.00  230.62   15.62   0.91         New       
includes   218.24  220.00    1.76   2.34         New       
and        230.00  230.62    0.62   2.19         New       
MGH20-156   69.30   95.20   25.90     NA  Kimberlite
MGH20-156  371.30  372.90    1.60  14.98         New       
includes   372.00  372.90    0.90  21.30         New       

Intercepts are calculated using a two g/t Au cut-off unless, a maximum of two m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 80 per cent to 95 per cent of true width.

West Block drill results

Drill hole MGH20-137 was located 300 m west of the November, 2019, resource update, and was drilled to test the western extensions and depth extensions of the West Block veins (see press release dated May 29, 2019). Drilling intersected and confirmed the WB-3 to WB-12 veins and confirmed one new vein, WB-13, extending veins to the west and by up to 200 m at depth. The drill intersected up to three m at 4.03 g/t Au, including two m at 5.49 g/t from the WB-13 vein extending the gold-mineralized system by 300 m to the west. MGH20-137 also intersected 1.6 m at 3.53 g/t Au including 0.8 m at 5.88 g/t Au from WB-4, extending the vein to depth by 200 m.

Drill hole MGH20-156 was drilled over 300 m south of MGH19-121 and tested for mineralization south of the gabbro and BIF (banded iron formation) C units where no mineralized veins had been previously modelled (see news release dated Aug. 1, 2019). The hole confirmed new zones of mineralized veining over 160 m to the south of the gabbro intersecting up to 1.6 m at 14.98 g/t Au, including 0.9 m at 21.3 g/t Au from WB-2. The drill hole also intersected a kimberlite body from 69.3 m to 95.2 m. Further test work will be required to determine any possible diamond potential of the body.

Drill hole MGH20-152 was drilled 100 m to the south of MGH20-156 confirming the southern extensions of the new mineralized structures south of West Block, intersecting up to 3.27 m at 3.51 g/t Au including 1.49 m at 7.19 g/t Au, including 0.72 m at 8.75 g/t Au, and 15.62 m at 0.91 g/t Au including 1.76 m at 2.34 g/t Au. The drill hole also confirmed the new veins are associated with intersections in historical holes of up to three m at 3.28 g/t Au including one m at 7.03 g/t Au in hole MGH18-093 and 10 m at 2.11 g/t Au including one m at 4.46 g/t Au and 2.68 m at 3.23 g/t Au, including 0.8 m at 5.56 g/t Au from hole MGH18-093A. The historical intercepts were previously not included in any resource estimate. The new and historical mineralized veins are currently being geologically modelled.

West Block deposit

The West Block deposit is located within a similar geological setting as the South West deposit. Gold mineralization is seen to occur as a series of mineralized vein structures, which occur adjacent to the regional Timiskaming-age banded iron formation A unit and dominantly hosted within an overlying coarse-grain sandstone. The mineralized quartz-pyrite veins occur as extensional vein structures associated with ankerite-sericite-silica-pyrite alteration halos and are open to the south. The gold mineralized zones occur as steeply west dipping west-northwest to east-southeast oriented mineralized structures as per the main mineralization at South West. Drilling to date has now confirmed the possible strike length of veins for over 600 m, widths averaging over three m and to depths of 600 m. A total of 13 mineralized veins have been confirmed at West Block to date with the current drill program intersecting new veins in significant step-outs to the south.

Quality assurance/quality control procedures

Drill core is cut with half sent to AGAT Laboratories Inc. for drying and crushing to minus two millimetres, with a one-kilogram split pulverized to minus 75 microm (200). AGAT is an ISO 17025 accredited laboratory. A 50-gram charge is fire assayed and analyzed using an atomic absorption spectroscopy finish for gold. Samples above 10 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 one 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 routine third party check assays at Activation Laboratories Ltd. Kevin Montgomery, PGeo, is a qualified person under NI 43-101, and has reviewed and approved the technical content of this press release.

About Moneta Porcupine Mines Inc.

The company holds a 100-per-cent interest in six 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.

We seek Safe Harbor.

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