Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) (“Moneta” or the “Firm”) is happy to supply an up to date mineral useful resource estimate for the 100% owned Golden Freeway Challenge, positioned 100 km east of Timmins, Ontario. The replace relies on the most recent drill program accomplished throughout the first half of 2020 (see Determine 1 and Desk 1).
Highlights of Up to date Golden Freeway Mineral Useful resource Estimate:
- 217% enhance in complete contained gold (Au) to 2,144,200 ounces (oz) (mixed underground and open pit) within the indicated class on the Golden Freeway Challenge
- 141% enhance in complete contained Au to three,335,300 oz (mixed underground and open pit) within the inferred class at Golden Freeway
- A maiden inferred underground useful resource of 661,900 ozat a grade of 4.71 grams per tonne (g/t) Au on the new Westaway/West Block discovery at a 3.00 g/t Au cut-off
- Complete indicated underground useful resource of 632,300 ozat a grade of 4.05 g/t Au on the Golden Freeway Challenge
- Complete inferred underground useful resource of two,128,100 ozat a grade of 4.21 g/t Au on the Golden Freeway Challenge
- Features a new open pit useful resource of 1,511,900 ozindicated at 0.93 g/t Au and 1,207,200 ozinferred at 1.10 g/t Au at Windjammer South and 55 at a 0.30 g/t Au cut-off
The up to date mineral useful resource was independently ready by Micon Worldwide Restricted in accordance with Nationwide Instrument 43-101 (“NI43-101“), with an efficient date of December 08, 2020 and utilizing a database present as of October 06, 2020. The Golden Freeway venture has proven a big enchancment in dimension over the September 2020 useful resource estimate and stays open. The vast majority of the brand new assets are attributed to the brand new Westaway excessive grade discovery and the definition of close to floor gold mineralization in open pits. Moneta has recognized a number of adjoining targets displaying the identical fashion and tenor of gold mineralization throughout the Golden Freeway Challenge which weren’t included on this mineral useful resource replace and are the main target of the present drill program. Moneta may also be drill testing the extensions of the present gold deposits throughout the Golden Freeway Challenge within the winter 2020/2021 drill program.
Gary O’Connor, CEO, commented; “We’re extraordinarily happy with the numerous enhance within the dimension of the up to date Golden Freeway mineral useful resource estimate growing our indicated useful resource base by 217% to 2,144,200 ozand our inferred assets by 141% to three,335,300 oz, including a maiden useful resource at Westaway and open pit assets at Windjammer South and 55. Based mostly on the most recent drill program accomplished in Q2, 2020 on the newly found Westaway/West Block deposit, now we have developed a brand new maiden underground useful resource of 661,900 ozinferred at a grade of 4.71 g/t Au. We’ve got additionally recognized and confirmed close to floor mineralized constructions at Windjammer South and 55 based mostly on the re-logging of historic core and confirmed in step out drill holes accomplished within the 2019/2020 winter drill program leading to new open pit assets of 1,099,300 ozindicated and 1,027,700 ozinferred at Windjammer South and 412,600 ozindicated and 179,500 ozinferred at 55. We additionally elevated the scale of the Discovery and Windjammer North underground deposits to 39,100 ozindicated and 191,200 ozinferred mixed. We’re assured of the power to proceed to extend the scale of the deposits and targets positioned throughout the venture. We’ve got mobilized drill rigs to check regional targets in addition to take a look at the extensions of the present assets in our winter 2020/2021 drill program.”
Desk 1: NI 43-101 Mineral Useful resource Estimate by Deposit- Golden Freeway Challenge
Desk 2: NI43-101 Mineral Useful resource Estimate Comparability – December 2020 vs September 2020
Useful resource Improvement
The mineral assets are constrained inside geological wire frames developed as the results of the winter 2019/2020 drill program mixed with re-logging and resampling of historic drill core. Two stacked vein units have been acknowledged and modelled throughout the Timiskaming age clastic sediment host rocks, an earlier huge (as much as 50m) shallow dipping white quartz vein set related to specular hematite-chlorite alteration and a steeper greater grade and usually narrower (as much as 30 m) set of usually gray quartz related to ankerite-albite-sericite-silica-pyrite alteration.
A complete of 26 extensional vein constructions have been modelled on the brand new Westaway/West Block deposit which stays open to the south and at depth. The vein constructions dip steeply to the south-west and are hosted inside Timiskaming age clastic sediments. No nicely developed flat mendacity veins units had been recognized at Westaway/West Block leading to an underground useful resource solely.
At Windjammer South and 55 geological wireframes had been developed for the high-grade steep vein set and the broader shallow dipping veins. For the useful resource estimate steep veins have been modelled with a minimal true thickness of 1.50 m and the flat veins with a minimal true thickness of 5.00 m. Underground assets at Windjammer South and 55 embrace the assets which happen outdoors the open pits and above 3.0 g/t Au constrained inside modelled geological wire frames. The strip ratio for the up to date open pit assets at Windjammer South and 55 was 6.3:1 and eight.5:1 respectively. There was no useful resource replace carried out at South West the place shallow dipping gold mineralization happens however haven’t been modelled and the place the Hole collection of veins stay open to the south. The cut-off calculations are based mostly on the parameters listed in Desk 3 and Desk 4 beneath:
Desk 3: Golden Freeway Challenge, Parameters Used for Underground Mineral Useful resource Estimate
The calculated cut-off was beneath 3.00 g/t Au however this quantity was chosen for conservatism in reporting the underground mineral assets besides at South West the place a preliminary financial evaluation has established the cut-off grade at 2.60 g/t Au.
Desk 4: Golden Freeway Challenge, Parameters Used for Open Pit Mineral Useful resource Estimate
The calculated cut-off of 0.30 g/t Au was chosen in reporting the open pit mineral assets.
Moneta Exploration Plans
Moneta has commenced its winter 2020/2021 program, comprised of an preliminary 20,000 m of drilling, to check new exploration targets for gold mineralization potential, together with the Midway, Twin Creeks and South Basin targets, and to drill the useful resource growth potential of the brand new up to date useful resource the place it stays open, together with the Westaway/West Block deposit to the south and at depth, the Hole space of the South West deposit to the south, and the down plunge extensions of the Discovery deposit to the west.
Determine 1: Golden Freeway Challenge; Mineral Useful resource Location Map
Determine 2: Golden Freeway Challenge; Windjammer South Open Pit
Determine 3: Golden Freeway Challenge; 55 Open Pit Cross Part View
Administration will host a webcast and convention name to debate the outcomes of the useful resource replace on Friday December 11, 2020 at 11:00 am ET.
Convention name quantity
Toll Free Dial-In Quantity: (833) 772-0367
Worldwide Dial-In Quantity: (343) 761-2596
A replay of the convention name will probably be obtainable at 2:00 pm on the Firm’s web site and by calling (800) 585-8367 or (416) 621-4642
Additional particulars on the mineral useful resource replace and the whole useful resource replace research doc will probably be discovered on the Firm’s web site at www.monetaporcupine.com/investors inside 45 days and on sedar.com.
The technical content material of this press launch has been reviewed and accredited by B. Terrence Hennessey, P.Geo. of Micon Worldwide Restricted and Kevin Montgomery, P.Geo. of Moneta, who’re deemed certified individuals as outlined by Nationwide Instrument 43-101. Mr. Hennessey, P.Geo. of Micon is liable for the completion of the up to date mineral useful resource estimation.
All core drilling performed by Moneta is oriented. Drill core is reduce with half despatched to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg break up pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g cost is Fireplace Assayed and analyzed utilizing an AAS end for Gold. Samples above 10.00 g/t Au are analyzed by Fireplace Assay with a gravimetric end and chosen samples with seen gold or high-grade mineralization are assayed by Metallic Display Fireplace Assay on a 1.00 kg pattern. Moneta inserts unbiased licensed reference materials and blanks with the samples and assays routine pulp repeats and coarse reject pattern duplicates, in addition to finishing routine third-party test assays at Activation Laboratories Ltd.
The Firm holds a 100% curiosity in 6 core gold tasks strategically positioned alongside the Destor-Porcupine Fault Zone within the Timmins Gold Camp with over 85 million ounces of previous gold manufacturing. The primary Golden Freeway Challenge covers 12 km of potential floor alongside the DPFZ of which 2 km hosts the September 2020 43-101 mineral useful resource estimate comprised of an indicated useful resource of 676,900 ounces gold contained inside 5.11 Mt @ 4.12 g/t Au and a complete of 1,386,600 ounces gold contained inside 10.78 Mt @ 4.00 g/t Au within the inferred class at a 2.60 g/t Au at South West and three.00 g/t Au cut-off for the opposite deposits. The brand new useful resource will replace September 2020 mineral useful resource estimate. A PEA research accomplished on the September 2020 South West Deposit, certainly one of 6 deposits positioned on the Golden Freeway venture, highlighted an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 yr payback, producing C$371MM LOM after-tax free money move. The venture envisaged underground mining producing 76,000 ozpa at a money value of US$590/oz.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO
Linda Armstrong, Investor Relations
The Firm’s public paperwork could also be accessed at www.sedar.com. For additional info on the Firm, please go to our web site at www.monetaporcupine.com or electronic mail us at firstname.lastname@example.org.
This information launch contains sure forward-looking info and forward-looking statements, collectively “forward-looking statements” throughout the that means of relevant Canadian securities laws. Ahead-looking statements are continuously recognized by such phrases as “might”, “will”, “plan”, “count on”, “anticipate”, “estimate”, “intend” and related phrases referring to future occasions and outcomes. Ahead-looking statements embrace, however will not be restricted to info with respect to the longer term efficiency of the enterprise, its operations and monetary efficiency and situation such because the Firm’s drilling program and the timing and outcomes thereof; and the power of the Firm to finance and perform its anticipated targets and targets.
Ahead-looking statements are based mostly on the present opinions and expectations of administration. All forward-looking info is inherently unsure and topic to a wide range of assumptions, dangers and uncertainties, together with the speculative nature of mineral exploration and growth, fluctuating commodity costs, aggressive dangers and the supply of financing, as described in additional element in our current securities filings obtainable at www.sedar.com. Precise occasions or outcomes might differ materially from these projected within the ahead looking-statements and we warning towards inserting undue reliance thereon. We assume no obligation to revise or replace these forward-looking statements.