TIMMINS, ON, Oct. 25, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP)
("Moneta") announcesan updatedNational 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 1.2 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 US$1,200/ounce gold, include:
-
In-Pit and Out of Pit Mineral Resource Estimate:
-
Indicated: 1,091,000 ounces (31.1 Mt at 1.09 g/t Au); plus
-
Inferred: 3,204,000 ounces (83.3 Mt at 1.20 g/t Au);
-
The Mineral Resource Estimate increased by 55% to 3.2 million ounces inferred from the previous resource estimate of
2.1 million ounces (December 1, 2011 press release);
-
The original Southwest Zone pit dimensions have been optimized in this
resource update;
-
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 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
|
|
|
|
|
|
|
|
| 4,295,000
|
* 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.
-
The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council.
-
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 geo-statistical
support for each zone.
-
A modeling cut-off grade of 0.25 g/t Au was only used to create a
three-dimensional wireframe for subsequent interpolation.
-
A block model was created with 10x10x10 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 t/m³ was used for all tonnage calculations.
-
A gold price of US$1,200/oz and an exchange rate of US$1.00 = C$1.00 was utilized in the Au cut-off
grade calculations of 0.37 g/t for open pit and 2.0 g/t for out of pit.
-
Open pit mining costs were assumed at C$1.60/t for mineralized material,
C$1.60/t for waste rock and C$1.25/t for overburden, while out of pit
mining costs were assumed at C$59/t, with process costs of C$11/t, G&A
of C$2.00/t, and a 93% metallurgical recovery.
-
Totals in the table may not sum due to rounding.
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.
About Moneta
Moneta holds a 100% interest in 5 core gold projects strategically
located along the Destor Porcupine Fault Zone in the world class
Timmins Camp with over 85 million ounces of past gold production.
Moneta's land position is one of the largest after three gold producers
including the highly prospective Golden Highway Project which covers 12
kilometers of a volcanic/sedimentary belt along the Destor Porcupine
Fault Zone and hosts a NI 43-101 resource estimate of 4.3 million
ounces gold (1,091,200 ounces indicated (31.1 Mt at 1.09 g/t Au) plus 3,203,800 ounces inferred (83.3 Mt at 1.20 g/t Au)) clustered within 4
kilometres. The Golden Highway Project hosts exceptional infrastructure
including paved access roads, water, electricity, skilled labor force
and nearby mills.
Moneta's public documents may be accessed at www.sedar.com. For further information on Moneta, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com.
This news release includes certain forward-looking statements concerning
the future performance of our business, its operations and its
financial performance and condition, as well as management's
objectives, strategies, beliefs and intentions. Forward-looking
statements are frequently identified by such words as "may", "will",
"plan", "expect", "anticipate", "estimate", "intend" and similar words
referring to future events and results. Forward-looking statements are
based on the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to a
variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of financing,
as described in more detail in our recent securities filings available
at www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and we caution
against placing undue reliance thereon. We assume no obligation to
revise or update these forward-looking statements.
SOURCE: Moneta Porcupine Mines Inc.
<p> Ian C. Peres, President & CEO<br/> 416-579-3040 (Toronto)<br/> 705-264-2296 (Timmins)<br/> <a href="mailto:iperes@monetaporcupine.com">iperes@monetaporcupine.com</a> </p>