Moneta Porcupine Mines (TSX: ME), (OTC:MPUCF), (XETRA:MOP) holds a 100% interest in 6 core gold projects strategically located along the Destor-Porcupine Fault Zone (DPFZ) consisting of the Golden Highway, North Tisdale, Nighthawk Lake, DeSantis East, Kayorum and Denton projects. The DPFZ is located within the Timmins Camp in northeastern Ontario and hosts the largest Archean orogenic gold camp in the world which has historically produced over 80 Moz Au. When combined with the adjacent Larder Lake-Cadillac Fault Zone and associated splays, this region hosts over 200 Moz Au.
The Golden Highway project is located along 12 km of the DPFZ and subparallel splays, 110 km east of Timmins. A new interpretation of the structures that control gold mineralization has recently been completed and these mineralized structures have been identified and confirmed by over 56,000 m of new drilling.
The gold deposits in the Golden Highway project are hosted along the contact between ankerite-sericite-pyrite altered Timiskaming age clastic sediments and the southern margin of an ENE trending regional Banded Iron Formation. The contact is sheared and hosts a series of subparallel stacked extensional quartz-pyrite veins and associated mineralized stockwork zones. The mineralized structures plunge steeply to the south-west and have widths up to 25 m and average ~3.50 m wide with strike lengths of up to 500 m and have been drilled to depths of over 1,200 m and remain open to depth.
An updated NI 43-101 resource estimate released in November 2019, based on the new geological interpretation, for the Golden Highway project hosts a current 43-101 mineral resource estimate comprised of an indicated resource of 556,500 ounces gold contained within 3.82 Mt @ 4.53 g/t Au and a total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t Au in the inferred category at a 3.00 g/t Au cut-off. No deposits areas are subject to any royalties or encumbrances. Metallurgical test work has confirmed excellent gold recoveries from clean ore.
Moneta is continuing to drill the extensions to the deposits and has recently discovered new gold mineralization at new target areas. Moneta plans to continue to expand the resource base as well as continue to advance and de-risk the main South West deposit.
Table 1: NI 43-101 Mineral Resource Estimate by Deposit- Golden Highway Project
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