Moneta intersects all veins in new South West interpretation, returns up to 3.0m @ 7.13g/t Gold and 3.0m @ 7.01g/t Gold

Symbol: TSX: ME  

TORONTO, Jan. 18, 2018 /CNW/ - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) ("Moneta or the "Company") is pleased to announce that it has completed the first drill hole (MGH17-051) to test the new structural interpretation of the South West target located within the Company's Golden Highway Project located approximately 110km east of Timmins, Ontario (Figure 1).

Highlights:

• Drill hole MGH17-051 intersected all 6 veins (i.e. Spruce, Pine, Cedar, Balsam, Birch, Elm), modelled in the new interpretation of a stacked array of en-échelon veins at South West and intersected an additional 7+ new veins;
• MGH17-051 intersected 3.00m @ 7.13g/t Au from the Cedar vein within a zone of 4.0m @ 5.84g/t Au from 565.0m and 3.0m @ 7.01g/t Au from the Pine Vein at 636.0m;
• The other 4 veins returned significant intercepts: Elm: 2.0m @ 2.67g/t Au at 440.0m, Birch: 1.0m @ 4.81g/t Au from 478.0m, Balsam: 1.0m @ 2.19g/t Au at 528.0m, Spruce: 2.0m @ 2.24g/t Au at 645.0m;
• The drill hole intersected a possible 7^th vein (Tamarack?) at a depth of 369.0m intersecting 2.30m @ 5.03g/t Au (including 1.0m @ 7.05g/t Au) west of Elm;
• MGH17-051 intersected 7 other veins that have not been modelled which returned up to 1.10m @ 3.81g/t Au at 410.0m, 2.50m @ 2.49g/t Au at 426.0m and 3.10m @ 2.70g/t Au from 478.0m

"During 2017 the Company completed an extensive re-interpretation of mineralization previously intersected at South West. The program resulted in the recognition and modelling of an array of stacked en échelon NW trending, SW steeply dipping, quartz-carbonate-pyrite veins. Initial modelling has been completed on 6 of these veins. The first hole to test this new interpretation has confirmed the existence, location and grades of the 6 interpreted veins with several additional veins also being intersected. We are encouraged by the results and will continue to drill test the potential size and gold tenor of the South West vein system" commented Gary O'Connor, Co-CEO & Chief Geologist.    

The South West drill program is part of the previously announced 2017 exploration drill program undertaken by the Company to test higher grade targets on the Golden Highway Project which consisted of over 20,000m and 50 drill holes. Drill hole MGH17-051 was the first drill hole designed at South West to drill test the 6 new modelled veins as part of an 8,500m program in 14 holes. The significant results returned from hole MGH17-051 are included in Table 1 and figures showing the location of the hole on cross section (Figure 2). Long sections for each of the 6 veins with "grade-thickness" colour contours generated from over 60 historical drill holes with the pierce points of hole MGH17-051 are included (Figure 3, Figure 4 and Figure 5). The encouraging results will result in the expansion of the drill program. Assays for other drill holes are pending and will be released as they become available.

Please click here for Figure 1: South West Location Map- Golden Highway Project:
http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig1.jpg

South West Area
The re-interpretation of the mineralization at South West, utilizing 241 historical drill holes comprised of 94,127m of core, resulted in the interpretation of a tension vein array occurring as stacked en échelon veins within an ENE trending shear zone. Modelling to date has identified six NW (310°) trending veins which dip steeply to the south-west at 70°, have an average width of approximately 3m to 4m and are spaced 25m to 30m apart. The veins occur south of the main banded iron formation in the central block at South West within clastic greywacke sediments of Timiskaming age and can be traced for up to 350m and are open to the south. A new and possibly 7^th vein (Tamarack?) was intersected west of Elm Vein at a depth of 369.0m and returned 2.30m @ 5.03g/t Au (including 1.0m @ 7.05g/t Au) in addition to several other new veins.

Modelling of the veins has been conducted down to 350m to 400m and historical drilling of the veins has been completed as deep as 900m. The deeper extensions of the veins have not been modelled due to the amount of drilling however the individual veins can be traced to depth. Additional NW trending veins have been identified from historical drilling and are currently being modelled and drill tested. Additional vein sets trending 340° (NNW) and dipping to the west have also been identified as have riedel shear veins trending ~NE and dipping to the north. Steeply dipping mineralized shoots have also been recognised along the north bounding shear plane which occurs at the BIF contact. These are also currently being interpreted, modelled and drill tested.  

The quartz-carbonate-pyrite veins occur within a distinct ankerite alteration halo occasionally associated with sericite. A zone of sulphide(pyrite)-chlorite and quartz veinlets occurs adjacent to the veins and hosts mineralization. The veins can be brecciated and occur as quartz matrix supported breccia zones.  

Please click here for Figure 2: South West: Interpretive Cross Section and Map:
http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig2.jpg

Please click here for Figure 3: South West: Long Sections for the Cedar and Balsam Veins:
http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig3.jpg

Please click here for Figure 4: South West: Long Sections for the Birch and Pine Veins:
http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig4.jpg

Please click here for Figure 5: South West: Long Sections for the Spruce and Elm Veins:
http://www.monetaporcupine.com/i/misc/2018-01-18_NR-Fig5.jpg

QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is sawn and half is sent for drying and crushing to -2mm, with a 1kg split pulverized to -75µm (200#). A 50g charge is Fire Assayed and analyzed using a AAS finish for Gold. Samples above 10g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates with the samples, as well as completing third-party check assays at a second laboratory. Gary O'Connor, MAusIMM has reviewed and approved the contents of this press release.  

About Moneta
The Company holds a 100% interest in 5 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production. The projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective ultramafic/mafic volcanic/sedimentary rocks along the DPFZ hosting a NI 43-101 indicated resource estimate of 1,091,000 ounces (31.1 Mt at 1.09 g/t Au) and 3,204,000 ounces inferred (83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetaporcupine.com or email us at [email protected].

SOURCE Moneta Porcupine Mines Inc.