Sunday 23rd July 2017

Resource Clips

Moneta Porcupine reports Ontario Gold Assays as high as 5.85 g/t over 20m

Moneta Porcupine Mines Inc ME:CA announced results from its Golden Highway Project in the Destor-Porcupine Fault Zone east of Timmins, Ontario. Assay highlights include 3.89 g/t gold over 1.3 metres, 4.1 g/t over 1.7 metres, 3.43 g/t over 1.3 metres, 3.93 g/t over 36.4 metres (including 5.85 g/t over 20 metres and 10.68 g/t over 7.4 metres).

President/CEO Ian Peres tells, “The Golden Highway Project is the key project within our portfolio. When you look at Moneta in the context of its peer group, there are only three producers—Goldcorp, Lakeshore Gold, and St Andrew Goldfields—that have larger land positions. All of our properties are located immediately adjacent to what we call ‘elephants,’ meaning current and past producers.

“Between 1994 and 1997 Barrick spent roughly four million dollars on a 150 metre envelope going north-south, and they went 450 metres deep. We are targeting outside the historical resource that Barrick delineated. So there’s a historical resource for the top 450 metres of 625,000 ounces at 6 g/t with a 3 g/t cut off. Rather than convert that to a 43-101, we’re focussed on below the 450 mark because that’s where the majority of the substantial grade and width starts in the Abitibi—and the Golden Highway’s no different.

“In doing so, we are seeing the largest vein zone ever intersected on the Golden Highway project, which is 50 metres in width. The results that came out yesterday were from the first wedge off of that 50 metre vein zone, and we’re seeing absolutely tremendous grades over width.”

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Ian C. Peres
or 705.264.2296

by Ted Niles

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