Moneta expands near surface gold mineralization on Golden Highway Project
TIMMINS, ON, Feb. 2, 2012 /CNW/ - Moneta Porcupine Mines Inc.
('Moneta') announces results from its ongoing exploration program on its 100% owned Golden Highway Project, located 100km east of Timmins, Ontario (Canada).Ian C. Peres, President and CEO said, 'Windjammer Central is one of the key target areas in 2012 and we are pleased with the results to date. This large mineralized envelope is important as it lies between Windjammer North and Windjammer South and has the potential to develop into a new gold resource which may incorporate Windjammer North, and have possible linkage to Windjammer South'.
Drill highlights include:
MWJ-11-51: 0.97 g/t over 22 metres or 0.72 g/t over 57 metres
MWJ-11-53: 1.02 g/t over 73 metres or 0.76 g/t over 140 metres
MWJ-11-55: 0.94 g/t over 54 metres including 1.42 g/t over 26
MWJ-11-57: metres
1.06 g/t over 22 metres or 0.72 g/t over 55 metres
The Windjammer Central target area is one of five priority target areas to be drilled in 2012 immediately within and adjacent to the existing NI 43-101 gold resource open pit shells.
Windjammer Central is located in a similar geological setting as Windjammer South (0.9Moz NI 43-101 resource) and current drilling has now confirmed the same style of mineralization. A mineralization envelope 200m in width and 750m in strike length has been identified within the sediments along the volcanic-sedimentary contact, on one of two branches of the prolific Destor Porcupine Fault Zone that pass through Moneta's Golden Highway Project. The Windjammer North gold mineralization, not included in the current NI 43-101 resources, is found immediately north of this large mineralization envelope.
For a plan map of the New Mineralized Envelope between Windjammer North and Windjammer South,
please click on the following link:
http://www.monetaporcupine.com/i/pdf/2012-02-01_NRM1.pdf
Additional drilling is underway to continue to expand the mineralized envelope east-westerly along strike and southerly towards Windjammer South.
Drill highlights are summarized in the following table:
From To Width(1) Vertical Au
Drill hole (m) (m) (m) Depth (m) (g/t)
MWJ11-51 144.00 154.00 10.00 110 0.70
incl. 144.00 159.00 4.60 0.96
291.00 300.00 9.00 1.05
incl. 295.00 298.00 3.00 1.69
412.00 468.60 56.60 0.72
incl. 412.00 434.00 22.00 0.97
MWJ11-52 107.00 109.00 2.00 85 3.26
181.00 182.00 1.00 6.74
208.00 209.00 1.00 5.86
302.00 313.00 11.00 0.79
318.00 330.00 12.00 0.89
incl. 327.00 330.00 3.00 2.13
MWJ11-53 211.00 351.00 140.00 165 0.76
incl. 211.00 220.00 9.00 1.34
and 270.00 343.00 73.00 1.02
incl. 296.00 320.00 24.00 1.15
incl. 328.00 343.00 15.00 0.96
MWJ11-54 133.70 137.52 3.82 110 1.56
368.00 376.00 17.00 0.71
incl. 368.00 369.00 1.00 5.83
MWJ11-55 139.00 145.00 6.00 105 0.78
212.00 265.55 53.55 0.94
incl. 239.42 265.55 26.13 1.42
incl. 265.00 265.55 0.55 27.67
MWJ11-57 261.00 316.00 55.00 200 0.72
incl. 294.00 316.00 22.00 1.06
incl. 316.00 316.00 1.00 6.61
(1) Drilled widths are currently reported
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
About Moneta
Moneta holds a 100% interest in 5 core projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which contains 3.1 million ounces gold (NI 43-101) and covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone, similar to that which has hosted the bulk of the 75 million ounces mined to date in the Timmins Camp.
------------------------------
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
Assay Reporting: Diamond drill core logging and sampling follows general industry practices whereby logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Pulps and rejects are also stored. Blanks and a range of standards are inserted into the sample steam at regular intervals. Initial assays, metallics, and routine duplicates are completed by Expert Laboratories. Up to 15% of the pulps are submitted to a second laboratory as duplicates and checks. All laboratories used standard 30g fire assay techniques. Additional core sampling and assaying, including second cuts and metallics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise with assay values as simple averages of duplicates and gravimetric results.
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.
Moneta Porcupine Mines Inc.
CONTACT: Ian C. Peres, President & CEO
416-579-3040 (Toronto)
705-264-2296 (Timmins)
iperes@monetaporcupine.com
