Mr. Ian Peres reports
MONETA'S GOLDEN HIGHWAY GOLD RESOURCES INCREASES TO 1.1 MILLION OUNCES INDICATED PLUS 3.2 MILLION OUNCES INFERRED
Moneta Porcupine Mines Inc. has released an updated National Instrument 43-101 mineral resource estimate on
its 100-per-cent-owned Golden Highway project located east of Timmins, Ont.
Ian C. Peres, president and chief executive officer of Moneta, commented: "The step-out
drilling undertaken in 2012 on our Golden Highway project was a
tremendous success with our exploration team adding 1.2 million
indicated and 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 $1,200 (U.S.) per ounce gold
In-pit and out-of-pit mineral resource estimate
Indicated: 1,091,000 ounces (31.1 million tonnes at 1.09 grams per tonne (g/t) gold (Au)
Inferred: 3,204,000 ounces (83.3 million tonnes at 1.20 g/t Au)
The mineral resource estimate increased by 55 per cent to 3.2 million ounces inferred from the previous resource estimate of
2.1 million ounces (Dec. 1, 2011, press release).
The original Southwest zone pit dimensions have been optimized in this
resource update.
The resource remains open in all directions for further expansion.
The company also announces that a preliminary economic assessment
(PEA), based on this updated resource estimate, is expected to be
completed in the fourth quarter of 2012.
The associated table summarizes the National Instrument 43-101 mineral resource estimate
in the indicated and inferred resource categories.
MINERAL RESOURCE ESTIMATE
Indicated Inferred
Mining Cut-off grade (g/t) 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
The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards on mineral resources and reserves, definitions and guidelines.
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the
estimated mineral resources will be converted into mineral reserves.
Assay composites were capped up to 35 g/t based on geostatistical
support for each zone.
A modelling cut-off grade of 0.25 g/t Au was only used to create a
three-dimensional wire frame for subsequent interpolation.
A block model was created with 10-by-10-by-10-metre blocks using inverse-distance-cubed-grade interpolation.
Indicated mineral resources were classified with a 35-metre search
radius and a minimum of two drill holes.
A bulk density of 2.79 tonnes per cubic metre was used for all tonnage calculations.
A gold price of $1,200 (U.S.) per ounce and an exchange rate of $1 (U.S.) per $1 was utilized in the Au cut-off
grade calculations of 0.37 g/t for open pit and two g/t for out of pit.
Open-pit mining costs were assumed at $1.60 per tonne for mineralized material,
$1.60 per tonne for waste rock and $1.25 per tonne for overburden, while out-of-pit
mining costs were assumed at $59 per tonne, with process costs of $11 per tonne, G&A
(general and administrative expenses) of $2 per tonne, and a 93-per-cent metallurgical recovery.
Varying cut-off grade sensitivity for in-pit and out-of-pit
gold resources is shown in the associated table.
IN-PIT RESOURCE CUT-OFF SENSITIVITY
Cut-off 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
OUT-OF-PIT RESOURCE CUT-OFF SENSITIVITY
Cut-off 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
historic drilling on these three new gold zones.
The Golden Highway project includes Timiskaming sediments along banded
iron formation with associated mafic to ultramafic volcanics that
define 12 kilometres of the Destor Porcupine fault zone in Michaud township
near Timmins, Ont. 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, PEng,
Antoine Yassa, PGeo, and Yungang Wu, PGeo, of P&E Mining Consultants
Inc. of Brampton, Ont., independent qualified persons
(QP), as defined by National Instrument 43-101. Mr. Puritch has
reviewed and approved the contents of this news release.
We seek Safe Harbor.
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