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Golden Highway plan view Credit: Moneta Porcupine[/caption]
ONTARIO -
Moneta Porcupine has released the results of one hole drilled to test the South BIF (banded iron formation) target at the company's 618-sq.-km Golden Highway project, 110 km east of Timmins.
Hole MGH20-148 returned 3.5 metres of 8.09 g/t gold as well as 2.2 metres of 2.66 g/t gold; both of these intercepts include higher-grade sections. Gold mineralization starts at 378.5 metres downhole.
It appears that this drilling intersected a new area of gold mineralization, 1 km west of the existing South West resource estimate and 500 metres south of the Westaway discovery first announced in January.
"These veins are possibly extensions of the Westaway gold veins, which were recently discovered to the north," Gary O'Connor, the company's CEO, said in a release. "This represents a new regional trend of prospective ground at the Golden Highway project, where no systematic exploration has been conducted previously."
This latest drillhole targeted the contact of a prospective banded iron formation unit with the overlying sediments.
Existing indicated resources at Golden Highway stand at 3.8 million tonnes grading 4.53 g/t gold for a total of 556,500 gold oz. with additional inferred resources of 8.5 million tonnes at 4.31 g/t gold containing a further 1.2 million oz. of gold. Current resources cover 4 km of a 12-km-long prospective trend. A preliminary economic assessment for the existing deposit was started in the first quarter - results are expected later this year and will examine several development scenarios.
Moneta holds five additional wholly owned gold projects along the Destor-Porcupine fault zone within the Timmins gold camp.
For more information, visit
wwww.MonetaPorcupine.com.
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