Help Desk -
9958816305, 9810335381
Email
Password

Moneta Discovers New Gold Mineralization at South BIF Target

Mining News - Published on Fri, 22 May 2020

Image Source: Moneta Porcupine Mines
Moneta Porcupine Mines Inc announced the results from one hole drilled to test for gold mineralization on the new South BIF Target. The drill hole was drilled as part of the expanded 2019/2020 winter drill program recently completed on the Company's Golden Highway Project, 110 km east of Timmins in Ontario. Moneta Porcupine CEO, Gary O'Connor said "We are excited to have discovered a new zone of gold mineralization at the South BIF target with our latest drilling. We intersected mineralized gold veins along the southern margins of the basin adjacent to the recently recognized favourable BIF A host contact. These veins are possibly extensions of the Westaway gold veins which were recently discovered to the north. This represents a new regional trend of prospective ground at the Golden Highway Project where no systematic exploration has been conducted previously. We look forward to exploring the trend further."

Highlights:
Drilling has discovered gold mineralization on the southern margins of the regional Timiskaming sedimentary basin:
MGH20-148: Intersected 3.50 metres "m" @ 8.09 grams per tonne "g/t" including 0.55 m @ 30.40 g/t Au
MGH20-148: Intersected 2.15 m @ 2.66 g/t Au including 0.45 m @ 4.72 g/t Au in a second vein
Drilling intersected a new gold discovery over 1.0 kilometre "Km" west of the current South West gold resource estimate and 500 m south of the new Westaway discovery

The latest assay results are from one drill hole, MGH20-148, completed during the 2019/2020 winter drill program at the new South BIF target, located west of the South West Deposit. The hole, totaling 609.00 m was drilled to test a potential new trend adjacent to the newly recognized favourable banded iron formation "BIF" A unit.

Drill Hole MGH20-148 was drilled 500 m south of the new Westaway discovery and over 1 km to the west of the South West deposit. (See press release PR-03-2020 dated 16 January 2020: Drilling intersected up 7.95 m @ 3.48 g/t Au including 0.95 m @ 13.80 g/t Au from WA-9 and 0.70 m @ 13.50 g/t Au at Westaway). The drill hole was targeted to test a section of the favourable coarse grain sandstone host adjacent to the newly recognized occurrence of the regional BIF A unit in historical hole M87-66 on the southern margins of the Timiskaming age sedimentary basin. The drill hole intersected seven (7) new vein structures. Drilling intercepted up to 3.50 m @ 8.09 g/t Au including 3.00 m @ 9.22 g/t Au, including 0.55 m @ 30.40 g/t Au from one vein and 2.15 m @ 2.66 g/t Au including 0.45 m @ 4.72 g/t Au from a second vein. It is possible that the veins represent extensions of the Westaway gold mineralized veins. Further drilling will be required to confirm the extensions of veins.

The South BIF target is located on the contact of the prospective BIF A unit with the overlying coarse sandstone sediments recently recognized near the southern margins of the regional Timiskaming sedimentary basin. The majority of Moneta's current mineral resources are hosted within this basin. It is thought that the repeat of the BIF A unit is due to a regional synclinal structure. The geological setting is similar to the South West deposit located over 1.0 km to the east and are seen to occur as a series of mineralized vein structures. The gold mineralized quartz-pyrite veins at South BIF appear to occur as extensional vein structures associated with ankerite-sericite-silica-pyrite alteration haloes. The zones occur as steeply west dipping WNW-ESE oriented mineralized structures as per the main mineralization at South West and Westaway. The mineralized veins could potentially be the extensions of the new Westaway discovery located 500 m to the north. The BIF A unit was not intersected in the hole suggesting it is south dipping. Additional drilling is required to confirm this. The southern basin margin has not been systematically explored historically and represents a major new regional prospective trend.

Source :

Posted By : Yogender Pancholi on Fri, 22 May 2020
Related News from Mining segment