Moneta unearths new gold zone at Golden Highway project

2 March 2014 (Last Updated March 2nd, 2014 18:30)

Toronto-based mineral resource firm Moneta Porcupine Mines has located gold grades over a large, low-mineralised interval at its Golden Highway project in Timmins.

Gold Bar

Toronto-based mineral resource firm Moneta Porcupine Mines has located gold grades over a large, low-mineralised interval at its Golden Highway project in Timmins.

The drill hole MGH13-077 intercepted 2.02g per tonne (g/t) of gold over 114.5m at a depth of 135m; 2.30g/t of gold over 91.4m at 130.5m depth; 3.90g/t of gold over 24m at 153m depth; 5.50g/t of gold over 9m at 153m depth; 2.80g/t of gold over 17.6m at 204.3m depth and 2.10g/t of gold over 12m at a depth 233m.

In addition to the six zones already integrated in the NI 43-101 gold resources, the firm also hosts four more gold zones towards north of the conceptual pit, namely Windjammer North, Landing, Twin Creeks, and LCZ zones.

Moneta Porcupine Mines president and CEO Ian Peres said that the latest discovery confirms the mineralisation potential along a 12km stretch of Destor volcanics that has seen limited drilling.

"The Destor Porcupine Fault Zone holds significant potential for high-grade gold mineralisation."

"Continued success in these volcanics has the potential to dramatically add to the overall Golden Highway project economics," Peres said.

With a 100m proximity to the active conceptual pit shell, the 114.5m drill hole MGH13-077 was aimed at investigating 400m drilling gap between the volcanic hosted Windjammer North and the Landing zones.

Moneta Porcupine Mines Exploration vice-president Ken Tylee said that the intensity of structural preparation and related alteration, coupled with the uniform distribution of gold mineralisation over such a broad width, makes this a very impressive intercept for the Golden Highway property.

"These results support our view that the volcanic package along the Destor Porcupine Fault Zone holds significant potential for high-grade gold mineralisation adjacent to our existing gold resource," Tylee said.


Image: Drill hole MGH13-077 was designed to test a 400m drilling gap between the volcanic hosted Windjammer North and the Landing zones. Photo: courtesy of Boykung.

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