south west

Moneta Extends Gold Mineralization at the South West & Windjammer South Deposits at Golden Highway

 Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) ("Moneta") is pleased to announce the results from four (4) holes drilled to test the Gap Zone between the current NI 43-101 South West underground and Windjammer South open pit deposits. The drill holes were drilled as part of the expanded 20202021 winter drill program on the Golden Highway Project, 100 kilometres ("km") east of Timmins, Ontario (Figure 1).

Highlights:

Drilling has intersected significant gold mineralization in an area, covering 700 metres ('m") strike length and 200 m width, not currently included in any NI 43-101 resource estimate:

  • MGH21-174, located outside the current Windjammer open pit and 150 m south of the current South West resource:
    • Intersected 32.00 m @ 1.63 grams per tonne "g/t" gold "Au" including 6.35 m @ 3.21 g/t Au including 1.00 m @ 7.62 g/t Au, plus 6.60 m @ 2.91 g/t Au including 0.85 m @ 8.05 g/t Au
    • Intersected 7.60 m @ 2.04 g/t Au, including 1.65 m @ 6.36 g/t Au, including 0.95 m @ 8.59 g/t Au
    • Intersected 12.00 m @ 1.57 g/t Au, including 1.05 m @ 5.82 g/t Au
  • MGH21-175, located outside the current Windjammer open pit and 150 m south of the current South West resource:
    • Intersected 9.10 m @ 2.02 g/t Au, including 0.70 m @ 9.24 g/t Au
    • Intersected 19.70 m @ 0.94 g/t Au, including 0.60 m @ 8.43 g/t Au
  • MGH20-168, located outside the current Windjammer open pit and 200 m east of the current South West resource:
    • Intersected 4.00 m @ 3.54 g/t Au, including 1.00m @ 8.54 g/t Au

"We are pleased to have intersected significant new gold mineralization outside of our current gold resources with our latest drilling," commented CEO, Gary O'Connor. "The drilling has intersected gold mineralization within the Gap area, located between the current South West underground deposit and Windjammer South open pit deposit. Significant gold mineralization has been intersected up to 150 m south of and over a strike length of 700 m between the South West and Windjammer South resources. The drill results highlight the opportunity to significantly expand the open pit and underground gold resources at Windjammer South and South West respectively. The Windjammer South open pit resource currently contains 1.10 million ounces "Moz" gold indicated resources and 1.05 Moz gold inferred resources at a 0.3 g/t Au cut-off and the current underground resource at South West currently contains 0.59 Moz gold indicated and 1.24 Moz gold inferred resources at a 2.6 g/t cut-off within a total project gold resource endowment of 4.00 Moz gold indicated and 4.40 Moz gold inferred."

The latest assay results are from four (4) drill holes for a total of 2,872.0 m of drilling, completed as part of the current 70,000 m 2020/2021 winter drill program. The four reported holes were targeting the Gap zone which occurs between the current Windjammer South and South West resources in an area which has no currently defined gold resources. Drilling was focussed on extending the South West mineralization to the south, where it remains open, and connect the Windjammer South and South West resources. Windjammer South currently hosts an indicated resource of 40.59 Mt @ 0.84 g/t Au in the indicated category for 1.10 Moz contained gold and 29.10 Mt @ 1.12 g/t Au in the inferred category for 1.05 Moz contained gold. South West currently hosts an indicated resource of 4.53 Mt @ 4.07 g/t Au for 0.59 Moz contained gold and 9.61 Mt @ 4.01 g/t Au for 1.24 Moz contained gold in the inferred category. The open pit resource estimate at Westaway was estimated at a 0.30 g/t Au cut-off and the underground resource estimate at South West at a 2.60 g/t Au cut-off. The resource expansion drill program is continuing and further results are pending.

Discussion of Drill Results
Gap Zone
Four (4) drill holes were drilled to test the Gap zone located between, and to the south, of the current Windjammer South open pit and South West underground gold resources. The holes were targeting the extensions of steep high grade Gap veins at South West as well as the western extensions of the wide shallow dipping stacked mineralized veins drilled and modeled at Windjammer South. The drilling was conducted to test a 700 m long and 200 m wide corridor which has not historically been drill tested or included in any resource estimates.

Drill hole MGH20-168 was collared 200 m east of the current South West resource and 300 m west of the current Windjammer South resource and was designed to connect the current resources. MGH20-168 intersected zones of gold mineralization up to 4.00 m @ 3.54 g/t Au including 1.00 m @ 8.54 g/t Au, 12.00 m @ 0.64 g/t Au including 2.98 m @ 1.25 g/t Au, and 11.00 m @ 0.53 g/t Au including 2.00 m @ 1.99 g/t Au and 11.00 m @ 0.47 g/t Au. The drilling confirmed the western extensions of the Windjammer South mineralization and extended the zones to depth.

Drill hole MGH20-172 was drilled over 100 m south of current steep high grade Gap veins at South West and 400 m west of the mineral resource at Windjammer south. MGH20-172 intersected up to 9.50 m @ 1.20 g/t Au including 0.70 m @ 3.17 g/t Au, 10.00 m @ 1.05 g/t Au including 1.00 m @ 2.05 g/t Au and 12.00 m @ 0.59 g/t Au including 1.50 m @ 3.42 g/t Au. The drill holes extended mineralization significantly to the south of South West and to the west of Windjammer South.

Drill hole MGH21-174 was drilled over 100 m south of the current steep high grade Gap veins at South West and 600 m west of the mineral resource at Windjammer South. Drill hole MGH21-174 intersected up to 12.00 m @ 1.57 g/t Au including 1.05 m @ 5.82 g/t Au, 7.60 m @ 2.04 g/t Au including 1.65 m @ 6.36 g/t Au including 0.95 m @ 8.59 g/t Au, 10.00 m @ 1.64 g/t Au including 1.50 m @ 4.20 g/t Au and 1.50 m @3.21 g/t Au and 32.00 m @ 1.63 g/t Au including 1.00 m @ 7.62 g/t Au, 1.12 m @ 6.50 g/t Au and 1.20 m @ 5.56 g/t Au, and 7.00 m @ 1.08 g/t Au including 0.90 m @ 5.19 g/t Au.

Drill hole MGH21-175 was drilled 100 m east of MGH21-174 and 100 m to the west of MGH20-172 to test the southern extensions of the Gap veins and the western extensions of the Windjammer South resource. MGH21-175 intersected up to 19.70 m @ 0.94 g/t Au including 0.60 m @ 8.43 g/t Au, and 9.10 m @ 2.02 g/t Au including 1.00 m @ 5.83 g/t Au and 0.70 m @ 9.24 g/t Au.

Table 1: Selected Significant Drill Results

TargetHoleFrom ToLengthAu
(Name)(#)(m)(m)(m)(g/t)
SWMGH20-168161.00173.0012.000.64

includes168.02171.002.981.25
SWMGH20-168517.00521.004.003.54

includes517.00518.001.008.54
SWMGH20-172168.00177.509.501.20

includes168.80170.501.702.34

and176.80177.500.703.17
SWMGH20-172525.00535.0010.001.05

includes528.00529.001.002.05
SWMGH21-172543.00555.0012.000.59

includes543.00544.501.503.42
SWMGH21-174381.00393.0012.001.57

and391.95393.001.055.82
SWMGH21-174634.45642.007.550.90

includes635.50638.202.701.88
SWMGH21-174648.40656.007.602.04

includes653.00654.651.656.36

includes653.70654.650.958.59
SWMGH21-174663.00673.0010.001.64

includes663.00664.501.504.20

and667.50669.001.503.21
SWMGH21-174708.00740.0032.001.63

includes714.95721.306.353.21

includes716.00717.001.007.62

and720.18721.301.126.50

and729.00735.606.602.91

includes730.75731.600.858.05

and 734.40735.601.205.56
SWMGH21-174819.00826.007.001.08

includes819.00819.900.905.19
SWMGH21-174829.45834.004.551.44
SWMGH21-175218.50235.5019.700.94

includes220.70227.256.551.71

and226.65227.250.608.43
SWMGH21-175650.90660.009.102.02

includes650.90651.901.005.83

and655.10657.001.904.92

includes655.65656.350.709.24

 

Intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of 3m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 75% to 95% of true width.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4852/79764_689d1b5aa44c19cb_002.jpg

Figure 1: Location Map- Golden Highway Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4852/79764_689d1b5aa44c19cb_002full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4852/79764_689d1b5aa44c19cb_003.jpg

Figure 2: Gap Zone - Drill Hole Locations

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4852/79764_689d1b5aa44c19cb_003full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4852/79764_689d1b5aa44c19cb_004.jpg


Figure 3: Gap Zone - Long Section


To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4852/79764_689d1b5aa44c19cb_004full.jpg

Table 2: Drill Hole Details

HoleEastingNorthingElevationAzimuthInclinationDepth
(#)(mE)(mN)(masl)(°)(°)(m)
MGH20-168572703536992032850-60666.0
MGH20-172571767536977632950-60642.0
MGH21-174571477536953632550-60900.0
MGH21-175571625536966632750-60664.0

 

QA/QC Procedures
All core drilling conducted by Moneta is 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 routine third-party check assays at Activation Laboratories Ltd. Kevin Montgomery, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta

Moneta holds 26,343 ha of prospective land in the Timmins Gold. The Company's flagship project, covering the Golden Highway and Garrison Gold Projects is located 100 km east of Timmins and hosts a total indicated resource of 3,967,000 ounces gold contained and a total of 4,399,000 ounces gold inferred at a 2.60 g/t Au at South West, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. The project includes a total of 3,335,000 ounces of open pit indicated resources contained within 116.7 Mt @ 0.89 g/t Au and 2,270,000 ounces of open pit inferred resources contained within 79.4 Mt @ 0.89 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au and 2,129,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au.

Preliminary economic assessment(" PEA") studies were completed on the Garrison open pit resources and the South West underground bulk mining resource in 2020. The Garrison PEA highlighted an open pit mining operation consisting of a 12-year mine life with an after-tax NPV5% of C$321MM, IRR of 33% and a 2.3 year payback. The project envisaged open pit mining producing 121,000 oz/pa in years 1 to 8 (94,000 oz/pa LOM), at a strip ratio of 2.7:1 at a cash cost of US$721/oz using a gold price of US$1,450/oz and an exchange rate of US$0.75/C$. The PEA on the South West gold deposit, one of 6 deposits located on the Golden Highway project, highlighted an underground bulk mining operation consisting of an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 year payback, generating C$371MM LOM after-tax free cash flow. The project envisaged producing 76,000 oz/pa at a cash cost of US$590/oz at a gold price of US$1,500/oz and an exchange rate of US$0.77/C$. The open pit resources and new underground discoveries have not yet been subjected to a preliminary economic assessment study at Golden Highway.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO
416-357-3319

Linda Armstrong, Investor Relations
647-456-9223

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79764

News Provided by Newsfile via QuoteMedia

The Conversation (0)

Strategy-Driven Barrick Builds on Value Foundation

Five years after the transformational Merger with Randgold Resources, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has been restructured and repurposed as a modern mining business with a constantly replenished, global asset base of peerless quality, managed by a team with an unparalleled record of recognizing and realizing opportunities, says chairman John Thornton in the company's 2024 Information Circular published today and available now at www.barrick.comagm and also filed on SEDAR+ ( www.sedarplus.ca ) and EDGAR ( www.sec.gov ).

"This Barrick is guided by a long-term, future-facing strategy, finely attuned to the demands and expectations of a rapidly changing world. Its aim is not only to secure the company's sustainable profitability but also to make sustainability, in every sense, the core of its activities. Barrick's pioneering partnership philosophy, a key component of its commitment to sustainability, has already transformed the once-derelict Tanzanian mines into a complex with Tier One 1 potential; reconstituted the Reko Diq project in Pakistan and is now developing it into one of the world's largest copper-gold producers; and after three years of negotiation, achieved an agreement for the re-opening of the Porgera gold mine in Papua New Guinea, where mining and processing have restarted and will be ramping up over the next two quarters," he says.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Description

The securities of Many Peaks Minerals Ltd (‘MPK’) will be placed in trading halt at the request of MPK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 April 2024 or when the announcement is released to the market.

Keep reading...Show less
Don Hansen, gold bars.

Investor Education: Gold vs. US Dollar Outlook with Expert Don Hansen

Private investor Don Hansen has honed his resource sector investment approach for more than 20 years, and he shared his latest research in a conversation with the Investing News Network.

He discussed the US dollar's rise and fall as the world's reserve currency, as well as how China is shifting away from the dollar and toward gold. Hansen also went over data on the inverse relationship between the gold price and the S&P 500 (INDEXSP:.INX), explaining how decades-long patterns show where both are heading.

"The exciting part to me is when we look at the previous data you can see that the stock market phase is about to end. It's at a very high level and it's at the end of its period," he explained during the interview.

Keep reading...Show less
A small golden bull statue on top of US money.

Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper

Goldman Sachs (NYSE:GS) is maintaining its bullish stance on commodities as they continue to enjoy strong cyclical and structural support, and as the US and Europe move closer to cutting interest rates.

The American investment bank said it sees raw materials potentially returning 15 percent in 2024.

“We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” Bloomberg quotes analysts Samantha Dart and Daan Struyven as saying in a note this past Sunday (March 24). “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”

Keep reading...Show less
Gold bars and coins as well as a sac of gold.

Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)

If you're interested in gold stocks, it's worth taking a look at the top ASX gold stocks that pay dividends.

A dividend is a sum of money that is paid regularly by a company to a class of its shareholders out of its earnings. Dividends are often issued as cash payments, but can also be issued as stock or other property.

Read on for a deeper look at gold dividend stocks and a breakdown of the top five dividend-paying ASX gold stocks.

Keep reading...Show less
Falco Resources Ltd. (TSX.V: FPC)

Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project’s Environmental Impact Assessment

Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) is pleased to announce the receipt of confirmation of the admissibility of its Environmental Impact Assessment (“EIA”) for the Horne 5 Project located in Rouyn-Noranda (the “Admissibility”) from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MEFCCWP”).

Since the initial EIA filing in 2018, Falco has completed extensive field work and studies, in addition to providing the documentation in order to respond to questions and requests for information raised by the MEFCCWP. Driven by ESG principles, the EIA was conducted by a multidisciplinary team comprised of Falco’s employees, experts and partners, and highlights the Horne 5 Project’s benefits and impacts on its physical, biological and human environments. The EIA includes various measures to avoid, mitigate or compensate for these impacts, and to enhance the project’s overall benefits, in a strong corporate governance environment. The EIA and all related documentation are publicly available on the Environmental Assessment Register of the MEFCCWP.

Keep reading...Show less

Latest Press Releases

Related News

×