Moneta Porcupine Mines (TSX: ME; US-OTC: MPUCF) has identified a new mineralized shoot and two new veins at the South West deposit of its Golden Highway gold project, 110 km east of Timmins, Ontario.
Moneta intersected the new shoot in hole 91, cutting 47 metres grading 2.08 grams gold per tonne from 381 metres downhole including 1.86 metres at 5.66 grams gold from 413 metres downhole.
The company intersected the first new vein in hole 93A, assaying 10 metres from 164 metres downhole at 2.11 grams gold. It found the second new vein in the same hole, cutting 3 metres from 251 metres downhole at 3.28 grams gold.
The company also extended its Willow Vein 50 metres north and its Redwood Vein nearly 100 metres south.
Moneta says it has now identified 17 vein structures and nine mineralized shoots at Golden Highway.
The latest results come from more than 3,800 metres the company drilled across seven holes at the South West deposit. They’re part of 2017’s 20,000 metre drill program, which the company later expanded to 41,000 metres.
Moneta’s 100% owned Golden Highway project covers 100 sq. km on the Abitibi greenstone belt. It contains 31.08 million indicated tonnes grading 1.09 grams gold for 1.09 million oz. gold as well as 83.3 million inferred tonnes at 1.2 grams gold for 3.2 million oz. gold.
The company closed a $3 million private placement in mid-June, fully subscribed equally by two institutional investors. In a press release, Moneta president and CEO Ian Peres said the financing will fund continued exploration ahead of a resource estimate on the South West deposit it aims to complete by the end of the year.
Shares of Moneta are currently trading at 13¢ with a 52-week range of 12¢ to 22¢. The company has $33 million market capitalization.
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