Symbol: TSX: ME
Highlights:
Drilling confirms extensions of mineralization outside of the updated
MGH19-124
- Extended gold mineralization over 100 metres ("m") to the east of the current gold resource
- Drilling confirmed 10 zones with a combined thickness of 88.0 m
- Intersected 8.30 m @ 2.39 grams per tonne gold ("g/t Au"), including 0.65 m @ 16.60 g/t Au from the
O Zone - Intersected 21.00 m @ 1.40 g/t Au including 1.40 m @ 4.79 g/t Au from the
G Zone
MGH19-125
- Extended gold mineralization 200 m to the west of the current gold resource
- Drilling confirmed 16 zones with a combined thickness of 125.0 m
- Intersected 13.00 m @ 2.26 g/t Au including 4.00 m @ 5.17 g/t Au and including 1.00 m @ 8.40 g/t Au from the
R Zone - Intersected 17.00 m @ 1.67 g/t Au including 3.00 m @ 4.93 g/t Au from the
Q Zone - Intersected 13.00 m @ 1.70 g/t Au including 1.00 m @ 8.41 g/t Au from the
O Zone
MGH19-126
- Extended mineralized zones 300 m to the west of the current gold resource
- Drilling confirmed 17 zones with a combined thickness of 198.0 m
- Intersected 39.40 m @ 1.70 g/t Au including 3.90 m @ 4.54 g/t Au from the
P Zone - Intersected 29.00 m @ 2.33 g/t Au including 11.00 m @ 4.24 g/t Au, including 3.00 m @ 6.48 g/t Au and 4.00 m @ 5.41 g/t Au, and 1.00 m @ 5.41 g/t Au from the
Q Zone
The latest assay results are from the first three (3) drill holes, MGH19-124, MGH19-125 and MGH19-126, completed on the 2019/2020 winter drill program for a total 1,521.00 m at the Windjammer South Deposit (See Figure 1 and Table 2). The drill holes were testing the extensions of the current mineral resource and the newly identified shallow dipping but thicker extensional zones. The first three (3) drill holes were drilled to test the western and eastern extensions of gold mineralized zones across the W Structure and E Structures which occur closely related to gold mineralization. The W Structure and E Structures are steeply dipping and trend NNW-SSE (see Figure 2).
Windjammer South Deposit Drill Results
Drill Hole MGH19-124 was drilled to test the eastern and up-dip extensions of mineralized gold zones to the east of the current resource across the E Structure at Windjammer South. MGH19-124 confirmed the existence of 10 extensional shallow dipping zones (
Drill hole MGH19-125 was drilled to test and confirm the extensions of mineralized zones located along the W Structure located up to 200 m west of the current resource. The drill hole confirmed and intersected 16 mineralized zones (
Drill hole MGH19-126 was drilled 100 m west of hole MGH19-125 to test the western and depth extensions of the gold mineralized zones 300 m west of and at depth along the W Structure. MGH19-126 confirmed the occurrence of 17 mineralized shallow dipping gold zones (
Table 1: Windjammer South: Selected Significant Drill Results
Hole | From | To | Length | Au | Vein |
(#) | (m) | (m) | (m) | (g/t) | (name) |
MGH19-124 | 68.20 | 78.30 | 10.10 | 1.06 | |
includes | 77.00 | 77.65 | 0.65 | 2.03 | |
MGH19-124 | 84.00 | 105.00 | 21.00 | 1.40 | |
includes | 103.00 | 104.40 | 1.40 | 4.79 | |
includes | 103.70 | 104.40 | 0.70 | 5.67 | |
MGH19-124 | 145.70 | 155.00 | 9.30 | 1.76 | |
includes | 150.00 | 152.00 | 2.00 | 2.43 | |
MGH19-124 | 162.20 | 180.15 | 17.95 | 1.15 | |
includes | 164.10 | 167.10 | 3.00 | 2.39 | |
and | 178.00 | 180.15 | 2.15 | 2.24 | |
includes | 179.50 | 180.15 | 0.65 | 4.34 | |
MGH19-124 | 319.30 | 327.60 | 8.30 | 2.39 | |
includes | 319.90 | 320.40 | 0.50 | 5.66 | |
and | 326.85 | 327.60 | 0.75 | 16.60 | |
MGH19-125 | 70.50 | 76.50 | 6.00 | 1.79 | New |
includes | 75.00 | 76.50 | 1.50 | 4.68 | New |
MGH19-125 | 276.00 | 287.00 | 11.00 | 1.34 | |
MGH19-125 | 292.00 | 308.00 | 16.00 | 1.22 | |
includes | 297.00 | 302.00 | 5.00 | 2.25 | |
includes | 299.00 | 300.00 | 1.00 | 5.77 | |
MGH19-125 | 326.00 | 328.00 | 2.00 | 2.58 | |
includes | 327.00 | 328.00 | 1.00 | 4.11 | |
MGH19-125 | 331.00 | 342.00 | 11.00 | 2.09 | |
includes | 335.00 | 336.00 | 1.00 | 5.20 | |
MGH19-125 | 356.00 | 369.00 | 13.00 | 1.70 | |
includes | 363.00 | 366.00 | 3.00 | 5.14 | |
includes | 365.00 | 366.00 | 1.00 | 8.41 | |
MGH19-125 | 374.00 | 377.00 | 3.00 | 2.32 | |
MGH19-125 | 393.00 | 401.00 | 8.00 | 1.63 | |
includes | 400.00 | 401.00 | 1.00 | 3.98 | |
MGH19-125 | 404.00 | 421.00 | 17.00 | 1.67 | |
includes | 417.00 | 420.00 | 3.00 | 4.93 | |
includes | 419.00 | 420.00 | 1.00 | 6.14 | |
MGH19-125 | 424.00 | 437.00 | 13.00 | 2.26 | |
includes | 427.00 | 431.00 | 4.00 | 5.17 | |
includes | 427.00 | 428.00 | 1.00 | 8.40 | |
MGH190126 | 192.00 | 200.00 | 8.00 | 1.94 | |
includes | 193.00 | 196.50 | 3.50 | 2.76 | |
MGH19-126 | 275.30 | 281.00 | 5.70 | 1.15 | |
includes | 276.10 | 277.00 | 0.90 | 2.41 | |
MGH19-126 | 354.00 | 358.85 | 4.85 | 2.14 | |
includes | 355.00 | 356.00 | 1.00 | 5.30 | |
MGH19-126 | 390.00 | 397.00 | 7.00 | 1.23 | |
includes | 393.00 | 394.00 | 1.00 | 2.37 | |
MGH19-126 | 411.40 | 422.90 | 11.50 | 1.12 | |
includes | 411.40 | 412.30 | 0.90 | 2.32 | |
MGH19-126 | 425.60 | 465.00 | 39.40 | 1.70 | |
includes | 425.60 | 428.20 | 2.60 | 3.05 | |
and | 439.00 | 440.00 | 1.00 | 3.39 | |
and | 451.95 | 465.00 | 13.05 | 2.34 | |
includes | 458.00 | 465.00 | 7.00 | 2.93 | |
includes | 460.00 | 463.90 | 3.90 | 4.54 | |
MGH19-126 | 469.00 | 498.00 | 29.00 | 2.33 | |
includes | 469.00 | 482.00 | 13.00 | 3.81 | |
includes | 470.00 | 481.00 | 11.00 | 4.24 | |
includes | 471.00 | 474.00 | 3.00 | 6.48 | |
and | 477.00 | 481.00 | 4.00 | 5.41 | |
and | 493.00 | 498.00 | 5.00 | 2.04 | |
includes | 496.00 | 497.00 | 1.00 | 5.41 | |
MGH19-126 | 618.00 | 633.00 | 15.00 | 1.02 | |
includes | 618.00 | 619.00 | 1.00 | 4.96 |
Intercepts are calculated using a 1.0 g/t Au cut-off unless noted (*), a maximum of 3m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 80% to 95% of true width. |
Windjammer South Deposit
The Windjammer South deposit is located within a similar geological setting as the South West deposit located 1,400 m to the southwest (See Figure 1). 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 ("BIF-A") 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 haloes. The zones occur as both steeply west dipping NNW-SSE oriented mineralized zones and as wider relatively flat shallowly south-west dipping zones (see figure 2). A significant amount of historical drilling has defined the mineralized zones. A summary of historical intercepts used for the corridor tested by drill holes MGH19-124, MGH19-125 and MGH19-126 is included in Table 2.
Click here for Figure 1:
https://www.monetaporcupine.com/uploads/ME-PR-01-2020-002.jpg
Click here for Figure 2: Windjammer South Deposit: Schematic Cross-Section (MGH19-125, MGH19-126)
https://www.monetaporcupine.com/uploads/ME-PR-01-2020-003.jpg
Click here for Figure 3: Windjammer South Deposit: Schematic Cross-Section (MGH19-124)
https://www.monetaporcupine.com/uploads/ME-PR-01-2020-004.jpg
Table 2: Windjammer South: Selected Historical Intercepts
Hole | From | To | Length | Au | Vein |
# | (m) | (m) | (m) | (g/t) | |
WJ88-20 | 61.00 | 68.50 | 7.50 | 2.29 | |
includes | 61.00 | 64.50 | 3.50 | 3.60 | |
WJ88-40 | 96.50 | 101.90 | 5.40 | 3.54 | |
MGH13-046 | 67.00 | 74.00 | 7.00 | 3.75 | |
includes | 71.70 | 74.00 | 2.30 | 7.08 | |
MWJ08-18 | 127.30 | 130.00 | 2.70 | 3.50 | |
MGH13-046 | 116.00 | 135.00 | 19.00 | 1.60 | |
includes | 129.70 | 134.00 | 4.30 | 2.48 | |
MWJ08-11 | 135.00 | 152.55 | 17.55 | 14.05 | |
includes | 140.55 | 152.55 | 12.00 | 19.80 | |
includes | 148.40 | 152.55 | 4.15 | 107.96 | |
WJ88-16 | 222.00 | 226.30 | 4.30 | 5.07 | |
includes | 222.00 | 224.50 | 2.50 | 8.07 | |
includes | 224.20 | 224.50 | 0.30 | 44.50 | |
MWJ07-01 | 211.40 | 218.20 | 6.80 | 6.95 | |
includes | 217.50 | 218.20 | 0.70 | 46.61 | |
WJ88-39 | 317.00 | 322.60 | 5.60 | 2.89 | |
includes | 319.70 | 321.30 | 1.60 | 7.02 | |
MWJ07-03 | 301.80 | 348.10 | 46.30 | 2.24 | |
includes | 340.10 | 347.20 | 7.10 | 5.15 | |
includes | 346.20 | 347.20 | 1.00 | 9.55 | |
WJ88-36 | 333.50 | 334.50 | 1.00 | 11.52 | |
MGH13-042 | 326.00 | 363.00 | 37.00 | 1.53 | |
includes | 327.00 | 328.00 | 1.00 | 4.97 | |
WJ89-52 | 375.00 | 389.40 | 14.40 | 9.27 | |
includes | 388.50 | 389.40 | 0.90 | 119.41 |
Intercepts are calculated using a 1.0 g/t Au cut-off unless noted (*), a maximum of 3m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 70% to 95% of true width. |
Table 3: Drill Hole Details
Hole | Easting | Northing | Elevation | Azimuth | Inclination | Depth |
(#) | (mE) | (mN) | (masl) | (°) | (°) | (m) |
MGH19-124 | 572296 | 5370443 | 339 | 91 | -61 | 342.0 |
MGH19-125 | 571925 | 5370300 | 333 | 80 | -56 | 528.0 |
MGH19-126 | 571829 | 5370291 | 333 | 85 | -55 | 651.0 |
QA/QC Procedures
All core drilling conducted by Moneta was oriented. Drill core is cut with half sent to
About Moneta
The Company holds a 100% interest in 6 core gold projects strategically located along the
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.
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