NR - Moneta's G.H. Gold Resources Increases to 1.1 M Oz Ind. Plus 3.2 M Oz Inf.
posted on
Oct 25, 2012 12:05PM
NI 43-101 : 1.1 M Oz Indicated Plus 3.2 M Oz Inferred
Moneta's Golden Highway Gold Resources Increases to 1.1 Million Ounces Indicated Plus 3.2 Million Ounces Inferred
TIMMINS, ON, Oct. 25, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta") announces an updated National Instrument 43-101 ("NI 43-101") mineral resource estimate on its 100% owned Golden Highway Project located east of Timmins, Ontario (Canada).
Ian C. Peres, President and CEO of Moneta commented, "The step out drilling undertaken in 2012 on our Golden Highway Project was a tremendous success with our exploration team adding 1.1 million inferred ounces at a discovery cost under $5 per ounce. We look forward to the next stage of development including the results from the upcoming Preliminary Economic Assessment and ongoing drilling to expand the resource."
Highlights, using US$1,200/ounce gold, include:
The Company also announces that a Preliminary Economic Assessment ("PEA"), based on this updated resource estimate, is expected to be completed in Q4 2012.
The following table summarizes the NI 43-101 Mineral Resource Estimate in the Indicated and Inferred resource categories:
TABLE 1: MINERAL RESOURCE ESTIMATE (1), (2), (3), (4), (5), (6), (7), (8), (9), (10) | ||||||||
Mining |
Cutoff Grade (g/t) |
INDICATED | INFERRED | |||||
Tonnes | Au (g/t) | Au (oz) | Tonnes | Au (g/t) | Au (oz) | |||
In Pit | 0.37 | 30,000,000 | 1.01 | 977,000 | 71,627,000 | 0.86 | 1,971,000 | |
Out of Pit | 2.00 | 1,080,000 | 3.29 | 114,000 | 11,684,000 | 3.28 | 1,233,000 | |
Combined* | 0.37 / 2.00 | 31,080,000 | 1.09 | 1,091,000 | 83,311,000 | 1.20 | 3,204,000 |
* Open pit mineral resources are reported at a cut-off grade of 0.37 g/t gold and underground mineral resources are reported at a cut-off grade of 2.00 g/t gold.
Tables of varying cutoff grade sensitivity for in-pit and out of pit gold resources follow:
TABLE 2: IN-PIT RESOURCE CUTOFF SENSITIVITY | |||||||
Cutoff Grade (g/t) |
INDICATED | INFERRED | |||||
Tonnes | Au (g/t) | Au (oz) | Tonnes | Au (g/t) | Au (oz) | ||
0.80 | 12,708,000 | 1.65 | 673,000 | 26,853,000 | 1.37 | 1,185,000 | |
0.60 | 18,518,000 | 1.35 | 802,000 | 41,724,000 | 1.13 | 1,516,000 | |
0.50 | 22,672,000 | 1.20 | 875,000 | 52,702,000 | 1.01 | 1,708,000 | |
0.40 | 28,144,000 | 1.05 | 954,000 | 66,689,000 | 0.89 | 1,910,000 | |
0.37 | 30,000,000 | 1.01 | 977,000 | 71,627,000 | 0.86 | 1,971,000 | |
0.35 | 31,160,000 | 0.99 | 990,000 | 74,954,000 | 0.83 | 2,010,000 | |
0.30 | 34,853,000 | 0.92 | 1,029,000 | 84,038,000 | 0.78 | 2,105,000 | |
TABLE 3: OUT OF PIT RESOURCE CUTOFF SENSITIVITY | |||||||
Cutoff Grade (g/t) |
INDICATED | INFERRED | |||||
Tonnes | Au (g/t) | Au (oz) | Tonnes | Au (g/t) | Au (oz) | ||
2.50 | 670,000 | 3.94 | 85,000 | 7,401,000 | 3.89 | 925,000 | |
2.20 | 880,000 | 3.56 | 101,000 | 9,805,000 | 3.51 | 1,106,000 | |
2.00 | 1,080,000 | 3.29 | 114,000 | 11,684,000 | 3.28 | 1,233,000 | |
1.80 | 1,277,000 | 3.07 | 126,000 | 13,889,000 | 3.06 | 1,367,000 | |
1.50 | 1,789,000 | 2.67 | 153,000 | 18,801,000 | 2.69 | 1,626,000 |
In addition to the Southwest Zone, Windjammer South and 55 Zones, the current resource estimate now includes the Gap Zone, Windjammer Central and Windjammer North. There has been 21,000 metres of drilling completed since the previous resource estimate and 19,375 metres of historical drilling on these three new gold zones.
Please click on the following link to view the Block Model and Optimized Pit Shells:
http://www.monetaporcupine.com/i/pdf/2012-10-25_NRM1.pdf
The Golden Highway Project includes Timiskaming sediments along banded iron formation with associated mafic to ultramafic volcanics that define 12 km of the Destor Porcupine Fault Zone in Michaud Township near Timmins, Ontario. Gold mineralization occurs in quartz and quartz-carbonate stockworks and discrete vein zones, all with variable ankerite, hematite and sericite alteration.
The mineral resource estimates were prepared by Eugene Puritch, P.Eng., Antoine Yassa, P.Geo., and Yungang Wu, P.Geo. of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by National Instrument 43-101. Mr. Puritch has reviewed and approved the contents of this news release.