Moneta's Golden Highway Gold Resources Increases to 1.1 Million Ounces Indicated Plus 3.2 Million Ounces Inferred
TIMMINS, ON, Oct. 25, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta") announces an updated National 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.