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Home > News > Moneta Extends gold...

Moneta Extends gold mineralization 1.6 Km east of current resources at Golden Highway

Feb 2, 2021


The company continues a steady march toward a production decision. Moneta Porcupine Mines Inc. has announced the results from six (6) holes drilled to test three (3) targets areas for gold mineralization over a strike length of 1,600 metres (m) to the east of the Windjammer South open pit gold resource. The drill holes were drilled as part of the expanded 2020/2021 winter drill program on the Golden Highway Project, 110 km east of Timmins. 

Highlights:

Drilling has intersected significant gold mineralization in three targets areas (Halfway, Halfway Lake and East Fold) over a 1,600 m strike length east of the current gold resources at Golden Highway:

  • Halfway, located outside the current Windjammer open pit and up to 400 m east of the current resource: 
    • Intersected 10.00 metres "m" @ 2.85 grams per tonne "g/t" gold "Au" including 1.00 m @ 16.10 g/t Au and 1.00 m @ 10.90 g/t Au in drill hole MGH20-159
    • Intersected 73.00 m @ 0.95 g/t Au including 0.85 m @ 11.00 g/t Au and 0.50 m @ 10.70 g/t Au in drill hole MGH20-159
    • Intersected 37.46 m @ 0.93 g/t Au including 0.75 m @ 5.35 g/t Au in drill hole MGH20-159
  • Halfway Lake, located up to 700 m east of the Windjammer South resource outside the current open pit:
    • MGH20-164: Intersected 10.00 m @ 0.47 g/t Au, 9.10 m @ 0.41 g/t Au and 25.00 m @ 0.37 g/t Au in drill hole MGH20-164
  • East Fold, located up to 1,600 m east of the current resources and beyond the current Windjammer open pit:
    • Intersected 12.40 m @ 1.13 g/t Au, including 5.00m @ 1.97 g/t Au and 13.56 m @ 0.93 g/t Au, including 1.00 m @ 7.42 g/t Au in drill hole MGH20-162
    • Intersected 1.00 m @ 13.90 g/t Au in drill hole MGH20-160

"We are excited to have intersected significant gold mineralization over a 1,600 m strike length outside of our current gold resources with our latest drilling," commented CEO Gary O'Connor. "The drilling has intersected gold mineralization in three areas hosted within the same geological setting, along the regional banded iron formation "A" unit, as the majority of our current resources at Golden Highway. The results highlight the potential to continue to add gold resources beyond our current open pit hosted resources over a significant strike length. The Windjammer South open pit resource currently consists of 1.10 million ounces "Moz" gold indicated resources and 1.00 Moz gold inferred resources at a 0.3 g/t Au cut-off within a total Golden Highway resource of 2.70 Moz gold indicted and 2.80 Moz gold inferred resource. We look forward to concluding the recently announced acquisition of the adjacent Garrison project which will bring our total resource endowment to 4.00 Moz gold indicated and 4.40 Moz gold inferred for the combined project." 

The latest assay results are from six (6) drill holes for a total of 3,459.8 m of drilling, completed as part of the current 30,000 m 2020/2019 winter drill program. The six reported holes were targeting the eastern extensions of the Windjammer South resources over a strike length of over 1,600 m in an area which has not been historically targeted. The drilling was focussed on testing clastic Timiskaming age sediment host rocks to the immediate south of the regional banded iron formation ("BIF") A unit, the same geological setting as most of our current gold resources (Table 3). 

Discussion of Drill Results

Halfway

A total of three (3) drill holes for 2,283.8 m were drilled to test the Halfway target located up to 400 m east of the current Windjammer South gold resource. The holes were targeting the extensions of shallow dipping wide stacked mineralized veins drilled and modeled at Windjammer South as well as the steeper extensional higher grade vein set. The drilling was conducted to follow-up significant mineralization intersected in 2019 in hole MGH19-123 which tested the significant gold mineralization east of the Windjammer South resource within the same geological setting (See press release ME-PR-19-2019; "Moneta discovers gold mineralization with 500 m step-out drilling") intersecting 1.80 m @ 7.48 g/t Au, including 0.77 m @ 15.50 g/t Au at 210.20 m and 1.28 m @ 7.79 g/t Au at 288.00 m.

Other historical drill holes have been drilled in the area to the east of the current mineral resource estimate but were not included in the resource update due to a lack of drill density (see Table 2: Historical Drill Results: Halfway Target). Drill intercepts of up to 18.00 m @1.84 g/t Au including 1.47 m @ 16.86 g/t Au in hole MWJ11-43 and 27.00 m @ 0.61 g/t Au in hole MWJ11-41 and 22.00 m @ 1.02 g/t Au in hole MGH20-142 occur outside the current open pit and will be used in conjunction with the newly released holes as well as additional drilling planned in 2021 designed to continue to expand the resource estimate in this area. 

Drill results from the current program at Halfway confirmed the occurrence of the same style of shallow dipping wide and lower grade stacked veins sets as well as the steeper higher grade extensional veins and associated alteration haloes at Halfway over a strike length of 500 m to the east of Windjammer South. Drill hole MGH20-158 was drilled 100 m south of MGH20-159 and intersected wide zones of gold mineralization up to 23.00 m @ 0.45 g/t Au. Drill hole MGH20-159 located 100 m east of MGH19-123 intersected up to 73.00 m @ 0.95 g/t Au including 0.85 m @ 11.00 g/t Au and 0.50 m @ 10.70 g/t Au, 10.00 m @ 2.85 g/t Au including 1.00m @ 16.10 g/t Au and 1.00 m @ 10.90 g/t Au, and 37.46 m @ 0.93 g/t Au including 1.75 m @ 3.88 g/t Au. Drill hole MGH20-161 was drilled 100 m south of MGH19-123 and intersected wide zones of lower grade gold mineralization of up to 16.85 m @ 0.41 g/t Au and 8.45 m @ 0.73 g/t Au. 

Halfway Lake 

One (1) drill hole for 438.0 m was drilled at the Halfway lake target located up to 700 m east of the current resource, located in the same geological setting adjacent to the regional BIF A unit. The drill hole intersected stacked quartz vein zones and steeper extensional veins within altered Timiskaming age clastic sediments. Drill hole MGH20-164 intersected up to 25.00 m @ 0.37 g/t Au, 10.00 m @ 0.47 g/t Au and 9.10 m @ 0.41 g/t Au. 

East Fold

A total of two (2) holes for 1,335.0 m were drilled to test for gold mineralization at East Fold, located over 1,600 m east of the current resources at Golden Highway. The BIF A unit is folded and fault off-set in this area with fault emplacement of mafic units also occurring. Drilling confirmed the occurrence of gold mineralized vein sets within altered Timiskaming age clastic sediments. Drill holes MGH20-160 intersected veining of up to 1.00 m @ 13.90 g/t Au, and drill hole MGH20-162 intersected 12.40 m @ 1.13 g/t Au and 13.56 g/t Au @ 0.93 g/t Au including 1.00 m @ 7.42 g/t Au.



Tags: Northern Ontario / Exploration / Gold / All Articles