TIMMINS, ON, Nov. 28 /PRNewswire-FirstCall/ - Moneta Porcupine Mines Inc. (TSX: ME / Xetra/Frankfurt Stock Exchange: MOP) (the "Company") is pleased to announce preliminary results from the 2008 Windjammer South drill program.
The 2008 Windjammer South drill program consisted of 21 drill holes for a total of 6,914 metres. The processing of check assays and metallic assays are outstanding for 6 holes, which, together with results from additional sampling, will be announced when available.
The drill program followed recommendations made in the NI 43-101 technical report and was successful in adding new sections, expanding existing sections, and filling in data gaps. All holes intersected mineralization with most returning well-mineralized gold intersections. Assay results highlight wide low to moderate grade gold intersections enriched by narrow higher grade veins.
Hole MWJ08-11 was a highlight with a 27m intersection of 3.41g/t from 125.5m to 152.5m drilled within the upper part of the Windjammer South zone. The unusually high grade values within the lower portion of this interval reflect an increase in alteration and pyrite with a higher visible gold content in veins and stringers hosted in conglomerate in contact with the iron formation at 152.5 metres.
Holes MWJ08-07 and MWJ08-17, both approximately 150m step-back holes from the known mineralization, have intersected mineralization in areas not previously tested. Mineralization in the upper portion of the holes is similar to that found uppermost in the one historical step-back Noranda drill hole WJ88-40 drilled very steeply 50m behind all other Windjammer South drill holes. Further down-hole, MWJ08-17 was well-mineralized with 18.60m @ 2.19 g/t gold from 297.4m to 316.0m, representing another possible new zone. Although the orientation and extent of these possible new zones has not been determined, the potential for additional gold mineralization in the hanging wall of the Windjammer South zone has been confirmed.
Moneta has engaged Cargill Consulting Geologists Limited to incorporate the data from the 2008 Windjammer South drill program to update the NI 43-101 resource calculation and technical report previously filed on SEDAR on July 28, 2008.
"The 2008 drill program has confirmed the expected, strong, overall gold tenor of the Windjammer South zone. We are confident that the results will yield a significant increase in the 43-101 gold resources on Windjammer South and the possible new zone to the south of the known mineralization is interesting and merits a follow-up drill program," said Ian C. Peres, CEO of Moneta.
The following table summarizes the more significant drill hole results for completed holes:
-------------------------------------------------------------------------
DDH From To Drilled width Au
(m) (m) (m) (g/t)
-------------------------------------------------------------------------
MWJ08-07 98.10 99.95 1.85 2.23
108.25 109.25 1.00 2.74
117.90 123.80 5.90 1.72
incl. 123.00 123.80 0.80 5.13
180.20 180.95 0.75 17.55
255.60 255.85 0.25 23.64
414.35 427.25 12.90 2.59
incl. 422.65 423.20 0.55 19.40
and 426.75 427.25 0.50 9.34
449.65 454.35 4.70 1.01
458.45 471.00 12.55 1.79
487.65 493.00 5.35 1.02
-------------------------------------------------------------------------
MWJ08-08 73.00 76.15 3.15 2.48
incl. 75.65 76.15 0.50 10.98
258.25 265.65 7.40 0.92
337.35 337.65 0.30 7.23
-------------------------------------------------------------------------
MWJ08-09 64.00 74.85 10.85 1.62
incl. 64.00 65.00 1.00 7.90
138.00 140.60 2.60 1.34
160.65 164.50 3.85 1.16
174.50 177.10 2.60 1.41
187.00 200.00 13.00 2.17
incl. 189.95 190.75 0.80 19.21
326.60 327.10 0.50 7.71
-------------------------------------------------------------------------
MWJ08-10 71.15 81.00 9.85 1.54
126.60 127.15 0.55 5.50
158.50 165.00 6.50 1.14
185.10 190.50 5.40 1.17
199.20 217.40 18.20 0.88
incl. 216.45 217.40 0.95 4.10
226.95 247.00 20.05 1.33
incl. 242.70 243.30 0.60 6.02
232.00 247.00 15.00 1.50
-------------------------------------------------------------------------
MWJ08-11(2) 77.60 96.10 18.50 1.09
incl. 77.60 78.40 0.80 4.80
125.55 152.55 27.00 3.41(2)
incl. 148.40 148.80 0.40 391.84
incl. 151.40 152.55 1.15 47.80
-------------------------------------------------------------------------
MWJ08-13 106.75 114.25 7.50 1.08
162.65 172.80 10.15 1.40
-------------------------------------------------------------------------
MWJ08-14 80.60 83.35 2.75 1.40
92.00 99.20 7.20 0.95
154.65 163.05 8.40 1.08
-------------------------------------------------------------------------
MWJ08-15A 73.40 83.90 10.50 3.51
incl. 82.10 83.10 1.00 21.07
-------------------------------------------------------------------------
MWJ08-17 105.10 106.35 1.25 2.90
297.40 316.00 18.60 2.19
incl. 312.05 316.00 3.95 5.53
-------------------------------------------------------------------------
MWJ08-21 254.00 257.70 3.70 2.78
incl. 256.70 257.70 1.00 7.62
289.62 318.00 28.38 1.00
325.00 332.84 7.84 1.60
342.00 352.00 10.00 1.11
-------------------------------------------------------------------------
Notes:
(1) All widths are drilled widths.
(2) Cut-off is 1oz/t applied in 2 cases for Hole MWJ08-11.
(3) Zones calculated using metallics when completed and averaged
duplicates.
(4) Zone limits generally set at 1.0 g/t gold with some flanking values
from 0.5-1.0 g/t Au.
(5) Current zones may change depending on additional sampling results.
R. Skeries, P.Geo., is the Qualified Person for the purposes of NI 43-101 and has approved the technical content of this release.
About Moneta
Moneta (TSX: ME / Xetra/Frankfurt Stock Exchange: MOP) is a long-established Canadian minerals exploration company and former gold producer. The Company holds an extensive, high-quality gold exploration portfolio with four gold projects in the prolific Golden Highway and Porcupine Camps near Timmins, Ontario. The area along the Destor Porcupine Fault Zone is one of the most prolific gold producing areas in North America with over 70 million ounces of gold mined to date. Moneta's strategy includes sole-risk and joint venture exploration, optioning properties, and earning into strategic properties held by third-parties. The Company is operated by an experienced management team and maintains a low-cost, efficient Timmins-based exploration operation with its own field office and equipment.
The Company's public documents may be accessed at www.sedar.com
For further information on the Company, please visit our website at www.monetaporcupine.com or email us at info@monetaporcupine.com
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
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.
