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Moneta confirms extensions at New Westaway with 35.50 M @ 2.96 g/t gold

Jul 17, 2020


Moneta Porcupine has confirmed the gold mineralization and extension of its Westaway property. The company announced the results from the final two drill holes testing the southern extensions of the new Westaway Target from the current drill program. Westaway is located outside of the updated November 2019 NI 43-101 mineral resource estimate and the drill holes are part of the 2019/2020 winter drill program completed on the Company's Golden Highway Project, 110 km east of Timmins.

Highlights:

Drilling has confirmed the southern extensions of gold mineralized veins at the new Westaway Target, 1.2 kilometres (Km) west of the current South West gold resource:

  • MGH20-150: Confirmed the extensions of gold mineralized veins 90 metres (m) south of previously announced hole MGH20-143: 
    • Intersected 35.50 m @ 2.96 grams per tonne gold (g/t Au) including 25.50 m @ 3.70 g/t Au, including 11.70 m @ 5.46 g/t Au, including 3.70 m@ 8.36 g/t Au, 1.00 m @ 11.50 g/t Au and 2.00 m @ 9.04 g/t Au from the WA-3 vein 
    • Intersected 2.60 m @ 6.08 g/t Au including 0.90 m @ 12.70 g/t Au from the WA-9 vein 
    • Intersected 3.90 m @ 3.43 g/t Au including 1.00 m @ 7.54 g/t Au from the WA-5 vein 
  • MGH20-155: Confirmed continuity of the Westaway veins 100 m to the west of MGH20-143: 
    • Intersected 2.00 m @ 6.15 g/t Au including 1.22 m @ 10.06 g/t Au, including 0.62 m @ 17.40 g/t Au from the WA-9 vein 
    • Extended veins 100 m to the west and up to 100 m to depth 

"Our last holes have intersected the best intercept to date on this program and continued to extend the new Westaway veins at depth and to the south," commented CEO Gary O'Connor. "We have again intersected wide widths with good grades in large 90 m step-out holes further extending the gold mineralized veins to the south, where the veins remain open. The drill program has now successfully confirmed continuous gold mineralization covering the West Block and new Westaway areas over 1.2 km west of the South West Deposit and over a 450 m strike length to the south. We look forward to drill testing the open extensions in the next drill program which is planned to commence in the fall".    

The latest assay results are from the final two (2) drill holes, MGH20-150 and MGH20-155, completed on the 2019/2020 winter drill program at the Westaway discovery for a total of 1,575.0 m, located west of the South West Deposit (Table 2). Drill hole MGH20-150 was testing the southern extensions of the new veins recently discovered at Westaway south of hole MGH20-143 and MGH20-155 was confirming the western and down dip extensions of the veins to the west of MGH20-143 (ME-PR 07-2020, dated May 05 2020 and ME-PR 12-2020, dated June 24 2020). The drill program consisting of 36 holes for 18,159.00 m was successfully completed with the processing and assaying of core continuing under COVID-19 work safety protocols. The results of the "55" deposit extension drill program remain pending and will be released upon receipt.

Westaway Target 

The Westaway Target is located within a similar geological setting as the South West Deposit and is now seen to be continuous with the adjacent West Block mineralization over a distance of more than 1.2 km. 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 steeply west dipping WNW-ESE oriented mineralized structures as per the main mineralization at South West (Figure 3). Drilling to date has confirmed the veins over a strike length of 450 m, widths averaging over 4.00 m with widths up to 30 m and to depths of 600 m. A total of 13 mineralized veins have been confirmed at Westaway and 13 mineralized veins at West Block to date and are open to the south towards the new South Basin target.



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