TORONTO, Sept. 28, 2017 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Company") is pleased to announce that it has commenced a diamond drilling program on the LC Zone, the second newly generated target on the Company's Golden Highway Project after completing a comprehensive technical review of all gold projects. The project is located approximately 110km east of Timmins, Ontario.
- LC Zone to be drilled with a second drill rig to test newly developed targets;
- The LC Zone is the second of several new targets to be drill tested by up to 4 drill rigs;
- Significant gold mineralization is located within quartz veins along the margins of a SE dipping syenite porphyry body which has been traced for over 600m;
- Results of up to 6.71m @ 10.82g/t Au and 6.57m @ 9.53g/t Au have been returned from previous drilling at the LC Zone.
LC Zone Target Drill Program
The LC Zone is located to the immediate south of the Destor-Porcupine Fault Zone ("DPFZ") and is associated with the deeper of two SE dipping syenite feldspar porphyry intrusions.
Figure 1. Golden Highway Project Location Map
Figure 2. LC Zone Location Map
Figure 3. Cross Section of the LC Zone
Figure 4. Selected previous drill results from the LC Zone
The deeper intrusion is silicified and hosts strong "measle" style alteration consisting of coarse pyrite clots up to 1cm in size occurring as replacement and fracture filling within strongly buff to white bleached silicified intrusive giving the appearance of "measles". Gold bearing white quartz veining and brecciation generally occurs with pyrite and chlorite veinlets associated with this alteration style on or near to the margins of the intrusion.
The syenite feldspar porphyry bodies are hosted within generally weakly altered komatiitic ultramafic and minor mafic volcanic rock units of the Kidd-Munro assemblage, with some shearing occurring to the immediate north associated with the DPFZ. The upper intrusion surfaces and hosts weaker alteration and gold mineralization. The deeper altered intrusive body has been traced for over 600m. The bodies dip ~50° to the SE and are seen to occur up to 75m in thickness and be separated by 25-40m of weakly altered ultramafic and lesser mafic volcanic units. The mineralized quartz veining and brecciation zones are variable in size and have been seen up to 10m in thickness. Coarse visible gold has previously been observed in 3 locations hosted by quartz veining and drill intercepts of up to 6.71m @ 10.82g/t Au and 6.57m @ 9.53g/t Au have been returned.
Initially drilling will consist of 9 drill holes drilled on an azimuth of 300° (NW) for a total of 3,500m, designed to test the true width of the mineralization. An additional 6 holes for 2,200m could be drilled if results are positive. The LC Zone target is located outside of the NI 43-101 resource.
Strategic Target Review
The Company commenced a strategic technical review of all projects and targets within the Company's portfolio of gold projects within the Timmins Gold Camp over the summer of 2017. The strategic review has generated several higher grade targets warranting drill testing on the Golden Highway structural corridor. The Company is now completing a technical review of the gold projects on other projects including the North Tisdale and Nighthawk Lake projects. The LC Zone is the second of the new targets to be drill tested within the current ~20,000m program, which is to be completed by the end of the year with up to 4 drill rigs.
All drilling conducted by the Company will be oriented. Drill core will be sawn and half sent for drying and crushing to -2mm, with a 1kg split pulverized to -75µm (200#). A 50g charge will be Fire Assayed and analyzed using a AAS finish for Gold. Samples above 10g/t Au will be analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization will be assayed by Metallic Screen Fire Assay. The Company will insert independent certified reference material, blanks, pulp repeats and sample duplicates with the samples as well as complete third-party check assays. Gary O'Connor, MAusIMM has reviewed the contents of this press release.
The Company holds a 100% interest in 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.