Moneta Porcupine Mines has started fully-funded exploration and drilling program on its 100% owned Golden Highway Project, east of Timmins, Ontario.
The 2016/2017 exploration program at Golden Highway primarily consists of drilling several priority target areas along 8km of Destor Porcupine Fault Zone corridor ("Destor") adjacent to the Golden Highway NI 43-101 gold resource estimate. The target areas are located primarily along splays within the volcanics and associated syenitic intrusives of the Destor corridor and were generated by modelling and correlation of key data including airborne and ground magnetics, induced polarization, assay results from past drilling, and review of historical drill core and known geology.
Limited historical drilling along the 8km Destor corridor yielded notable results such as 14.19g/t over 4.3m in Landing Zone, 2.63g/t over 27.8m in Twin Creeks, and 9.19g/t over 8.5m in LC Zone. More recently the Discovery Zone (2014) returned 2.02g/t over 114.5m in the first drilling data gaps that was tested, prior to suspension of drilling given market conditions. A re-logging and sampling program of unsampled historical core, available at the Company's core farm, is now underway.
Two drills are currently being mobilized at Golden Highway with a third to follow on or around January 2017. Drilling will focus on targets in close proximity to the existing NI 43-101 gold resource. The Company expects that the discovery and delineation of additional gold mineralization outside of the NI 43-101 conceptual pit, could have a favourable impact on the overall project economics and initial capital expenditure requirements.
The scientific and technical disclosure within this document has been reviewed and approved by Rainer Skeries, PGeo, an independent Qualified Person as defined in National Instrument 43-101.