TIMMINS, ON, Jan. 20 /PRNewswire-FirstCall/ - Moneta Porcupine Mines Inc. (TSX: ME / XETRA: MOP) ("Moneta") is pleased to announce the results from its Fall 2009 exploration program.
The drill program focused on exploration targets on the Windjammer section of the Golden Highway Project. A total of 9 drill holes and 2 drill hole extensions (4,757 metres) tested targets on prospective areas north of the Windjammer South iron formation ("Windjammer Central"), the western extension and south hanging wall of Windjammer South, and on Windjammer North. All drill holes intersected gold values and the program has significantly expanded areas of potential mineralization requiring follow-up drilling.
Please click on the link below for location details of the Moneta Fall 2009 drill program:
Windjammer Central is a newly identified area of gold mineralization between Windjammer South and Windjammer North. Drill holes MWJ09-25, 29, and 30 completed a geological section crossing the Timiskaming sediments between the Windjammer South iron formation and the mafic-ultramafic volcanics of the Destor Porcupine Fault Zone to the north.
The discovery of near surface gold mineralization throughout this section in variably mineralized quartz and quartz-carbonate stringers in the central Windjammer sediments confirms their potential to host both significant higher grade and bulk gold mineralization. Also, it reflects the scale and pervasive nature of the gold mineralizing system. In this case, it is the potential of a largely untested area in excess of 500 metres both to the west and east over a grid north-south distance of approximately 350 metres. Results show multiple zones ranging from 2.35 g/t Au over 6.10m with a high grade core of 13.40 g/t Au over 0.55m (MWJ09-25) to 0.79 g/t over 21.26m (MWJ09-30). Additional and individual higher grade intervals may be associated with broader gold zones and include 5.53 g/t and 4.47 g/t both over 0.65m (MWJ09-25), 6.12 g/t over 0.33m and 4.56 g/t over 0.48m (MWJ09-29), and 4.99 g/t over 0.70m (MWJ09-30).
Windjammer South - (south) hanging wall
MWJ09-23 and 24 were stepped back approximately 250 metres grid south in the eastern hanging wall of Windjammer South intersecting overall patchy alteration and stringer development similar to the results from WJ88-40 and MWJ08-07. MWJ09-23 returned 1.04 g/t gold over 8.80m anchored by a range moderate gold values up to 2.25 g/t over 0.50m in the upper portion of the drill hole. MWJ09-24 collared 100 metres east of MWJ09-23 returned several scattered higher grade intervals in the upper portion including 6.42 g/t over 1.0m (siliceous and pyritic), 3.99 g/t over 1.0m, 2.66 g/t over 0.80m and 2.56 g/t over 1.0m.
The sediments in the hanging wall of the iron formation south of the main Windjammer South zone continues to hold potential for NI 43-101 resource expansion, building not only on the historical intersections such as those in WJ88-40 and previously drilled MWJ08-07, but also from the recognition of gold vein systems without intense alteration zones and at orientations not effectively tested to date requiring follow-up drilling.
Windjammer South - western extension
Hole MWJ09-31 was collared near the current western portion of the zone and drilled westerly to test a distinctive magnetic low and flexure in the iron formation. Several near surface discrete quartz vein and alteration zones with wider than usual individual veins ranging up to 1 metre drilled width were intersected from bedrock surface to 150m depth, with better grade and orientations to those known from historical drilling in the Windjammer South zone. Vein zone results are 1.54 g/t Au over 5.79m, 1.47 g/t Au over 5.81m including an individual vein with 5.28 g/t Au over 0.68m, and 0.74 g/t over 10.94m. A stringer zone with elevated pyrite returned 8.27 g/t over 0.57m within the iron formation. The style of veining with higher gold values requires follow-up drilling both along strike and dip of the vein system.
Mineralized alteration zones were intersected both near the south contact to the iron formation with 0.95 g/t over 5.11m and 2.45 g/t over 4.00m, and near the north contact to the iron formation with 2.97 g/t over 2.66m.
In Windjammer North, holes MWJ09-26, 27, and 28 were drilled southerly from the volcanics into the sediments to test for shallower extensions of the historical volcanic hosted gold mineralization as well as that hosted in the sediments along the southern volcanic contact, now confirmed and tested at deeper levels and along strike. All holes intersected gold mineralization within the volcanics. The sediments were found to be strongly altered (ankerite), silicified, and pyritic with high grade veined intervals carrying up to 12.31 g/t gold over 0.55m and 8.16 g/t Au over 0.35m in MWJ09-26 and 6.59 g/t Au over 0.80m as well as a wide mineralized zone in MWJ09-27 of 30.0m grading 0.70 g/t Au.
Of particular interest is that drill Hole MWJ09-29, drilled 300m westerly along strike (Windjammer Central), intersected similar sediments along the northern volcanic contact.
"The Fall 2009 drill program has provided encouraging assay results and identified new near surface tonnage potential in areas not previously drilled or considered to be gold-bearing. This confirms the potential to add further gold mineralization along the 12km of sediment-iron formation and volcanic contacts of the Golden Highway Project. Moneta's 2010 drill program will follow-up on these areas of significant interest," commented Ian C. Peres, President & CEO of Moneta.
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
Diamond drill core logging and sampling follows general industry practices. Logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory with the remaining half of the sawn core returned to the core box for storage and future reference. Blanks and a range of standards are inserted into the sample steam at regular intervals. Up to 15% of the pulps are submitted to a second laboratory as checks. Initial assays and routine duplicates were completed by Swastika Laboratory or Expert Laboratories, while check assays and their duplicates were completed by both Expert Laboratories and Swastika Laboratory respectively. Both laboratories used standard 30g fire assay techniques. Additional sampling and assaying, including metaliics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise. Assay values are simple averages of duplicates and gravimetric results when available.
Moneta is a long-established gold mineral exploration and development company and former gold producer which owns one of the largest property portfolios over approximately 10% (from Timmins, Ontario to the Quebec border) of the Destor Porcupine Fault Zone, one of the key structural features in the Abitibi Greenstone belt in Ontario. Moneta owns 100% of the Golden Highway Project, North Tisdale, Nighthawk Lake, Kayorum and Denton-Thorneloe (West Timmins) core projects located in the Porcupine and Golden Highway Camps, one of the most prolific gold producing regions in North America, with over 72 million ounces of gold mined to date.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. 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 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.