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Moneta Porcupine Mines Inc.
Summary
| Project: | Golden Highway | |
|---|---|---|
| Deposit: | Golden Highway | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 1/17/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 17-1-2019: Moneta Porcupine Mines Inc. announces a Resource Estimation report for its Golden Highway deposit at the Golden Highway project. Updated mineral resource estimate at the project. Toronto, Ontario – January 17, 2019 - Moneta Porcupine Mines Inc. | |
| Resources: | (Resource): 2.587Mt @ 4.61g/t Au (Ind.) and 6.456Mt @ 4.21g/t Au (Inf.) at project | |
| CP/QP: | [Resources]: Terrence Hennessey, Gary O'Connor (Micon International Ltd.;Internal) | |
| ABSTRACT: | Toronto, Ontario – January 17, 2019 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (“Moneta” or the “Company”) is pleased to provide an updated mineral resource estimate for the gold deposits within its 100% owned Golden Highway Project, located 110 km east of Timmins, Ontario (see Table 1). The updated mineral resource was independently prepared by Micon International in accordance with National Instrument 43-101 (“NI43-101”) effective January 16, 2019. A compliant technical report will be filed within 45 days of the date of this release. The deposits have shown a significant improvement in grade over the previous resource estimate and remain open. Moneta has identified several adjacent targets at surface displaying the same style and tenor of mineralization within the Golden Highway Project which were not included in this mineral resource update. Gary O’Connor, CEO & Chief Geologist commented, “We are encouraged by the significant increase in grade and the overall size of the updated mineral resource estimate based on the new geological interpretation for the Golden Highway Project. The program has been successful in defining higher value ounces in high-grade resources able to be extracted by underground methods. Previous resources were designed for large open pit extraction and not geologically constrained. The new initial resource will form an excellent basis to continue to expand and increase the quality of the resources. Most of the veins modelled remain open and are not fully drill defined. Internal high-grade plunging zones have been identified within veins that require drill testing. New near surface targets have been located with historical drilling which have intersected the same style of mineralization in numerous locations. We are confident of the ability to continue to increase the grade and size of the resource. | |
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