Canadian Mining Journal

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GOLD: Moneta rewarded with bonanza grades from South West deposit at Golden Highway project



Location of the South West deposit at Moneta’s Golden Highway project east of Timmins. (Image: Moneta Porcupine Mines)

ONTARIO – The Golden Highway project 110 km east of Timmins is returning bonanza grades for owner Moneta Porcupine Mines of Toronto. The best hole was 1,078.43 g/t gold (a number more often associated with silver).

The excellent results come from the South West deposit where additional mineralized vein arrays were found both to the east and west of the veins in the central area.

Here are highlights of from recent holes:

  • MGH17-062 intersected 1.63 metres that assayed 1,078.43 g/t gold including 0.50 metre at 3,510.00 g/t gold, from a northwest trending vein at a depth of 270.12 metres in the western area;
  • MGH17-056 returned 4.01 metres of 38.33 g/t gold, including 0.96 metres at 144.19 g/t gold and 1.00 metres at 9.45 g/t gold, at a depth of 441.50 m in a new mineralized shoot;
  • MGH17-066 intersected 3.00 metres at 7.16 g/t gold, including 1.00 metres at 14.10 g/t gold at 393.00 metres;
  • MGH17-060 intersected 2.16 metres at 6.7 2 g/t gold at 511.58 metres;
  • Holes MGH17-058, MGH17-060 and MGH17-066 confirmed the up-dip extensions of the newly identified eastern array of veins;
  • MGH17-056 also intersected the Balsam, Cedar, Pine and Spruce veins in the central area, returning 1.50 metres at 5.65 g/t gold, including 0.80 metres at 8.85 g/t gold from the Spruce vein at 545.50 metres.

Moneta says the ongoing drill program at South West confirmed the presence of new vein arrays that were identified last fall during the reinterpretation of the geology and mineralization. The current program includes 20,000 metres in 50 drill holes, but the company plans to expand the program based on the results so far.

More details are posted at www.MonetaPorcupine.com. The former Monteta mine produced about 150,000 oz. of gold from 1939 to 1943.