Moneta Porcupine Mines Inc. (TSX: ME / OTC: MPUCF / XETRA: MOP) announces results from the ongoing 2010 drill program on the Southwest Zone, within the 100% owned Golden Highway Project, located along the prolific Destor-Porcupine Fault Zone, approximately 100km east of Timmins, Ontario.
Drill hole wedge MSW10-267B ("267B") was drilled approximately 25 metres (80 feet) to the east and 15 metres above hole MSW10-267 ("267") which resulted in the discovery of the 267 Zone with 3.43 g/t Au over 36.09 metres (press release August 26, 2010). 267B intersected quartz veins up to 5.5 metres in width and returned 5.85 g/t Au over 20.00 metres, including 9.05 g/t Au over 9.75 metres, within a significant broader mineralization corridor of 3.93 g/t Au over 36.37 metres. These results are particularly notable as they show strong continuity in grade throughout the mineralized intervals.
Ian C. Peres, President & CEO of Moneta, said, "Our 2010 drill program is the largest undertaken in Moneta's history and has consistently returned exceptional gold values that characterize high quality projects in the Porcupine and Golden Highway Camps. These 267 Zone wedge results are another example of the significant grade over substantial width intersected on the Southwest Zone, which remains wide open laterally, to surface, and to depth. With a signature alteration halo that extends for over 250 metres, we believe the 267 Zone has the potential to develop into a very large gold zone. Follow-up drill wedging to expand the 267 Zone is in progress as is new drilling to test this very large, untested corridor well south of the iron formation".
The last substantial drill program on the Southwest Zone was from 1994-1997 when Lac Minerals (Barrick) focused on drilling the upper 450 metres and along a 150 metre wide corridor adjacent and south of the east-westerly trending iron formation resulting in the bulk of the historical resource of 624,500ozAu. The Moneta 2010 drill campaign has begun testing south and below historical drilling to significantly expand the gold mineralization.
The 267 Zone is the largest quartz vein zone ever intersected on Moneta's Golden Highway Project, is located in this previously untested area 200 metres south of the iron formation, and associated with highly prospective iron carbonate (ankerite) alteration zone which extends for over 250 metres. This ankerite alteration is typically associated with gold mineralization in major Abitibi gold camps including Timmins, Kirkland Lake and Red Lake. Drill hole wedge MSW10-267A, drilled approximately 30 metres above the original 267 Zone, intersected reduced veining without the associated ankerite alteration.
R. Skeries, P.Geo. is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
Diamond drill core logging and sampling follows general industry practices whereby logged and sample marked core is sawn in half with one half bagged and tagged for shipment to the assay laboratory and the remaining half of the sawn core returned to the core box for storage and future reference. Pulps and rejects are also stored. Blanks and a range of standards are inserted into the sample steam at regular intervals. Initial assays, metallics, and routine duplicates are completed by Expert Laboratories. Up to 15% of the pulps are submitted to a second laboratory as duplicates and checks. All laboratories used standard 30g fire assay techniques. Additional core sampling and assaying, including second cuts and metallics, may be completed at later dates. Intersections are reported using drilled widths unless specified otherwise with assay values as simple averages of duplicates and gravimetric results.
Source: Moneta Porcupine Mines Inc.