Moneta Porcupine Mines (TSX: ME) reported an updated mineral resource estimate for its Golden Highway project in Ontario, Canada.
In a press release, the miner said that the update is based on the latest drill program completed during the first half of 2020, which yielded a 217% increase in total contained gold to 2,144,200 ounces in the indicated category, taking into account combined underground and open pit works.
The new estimate also shows a 141% increase in total contained gold to 3,335,300 ounces in the inferred category and a maiden inferred underground resource of 661,900 ounces at a grade of 4.71 grams per tonne Au at the new Westaway/West Block discovery at a 3.00 g/t Au cut-off.
Total indicated underground resources have been estimated at 632,300 ounces at a grade of 4.05 g/t Au and total inferred underground resources at 2,128,100 ounces at a grade of 4.21 g/t Au.
These new results include a new open-pit resource of 1,511,900 ounces indicated at 0.93 g/t Au and 1,207,200 ounces inferred at 1.10 g/t Au at Windjammer South and 55 at a 0.30 g/t Au cut-off.
“We are confident of the ability to continue to increase the size of the deposits and targets located within the project,” Gary O’Connor, Moneta’s CEO, said in the media brief. “We have mobilized drill rigs to test regional targets as well as test the extensions of the current resources in our winter 2020/2021 drill program.”
O’Connor said that the ongoing program is comprised of an initial 20,000 metres of drilling, to test new exploration targets for gold mineralization potential, including the Halfway, Twin Creeks and South Basin targets, and to drill the resource expansion potential of the new updated resource where it remains open, including the Westaway/West Block deposit to the south and at depth, the Gap area of the South West deposit to the south, and the down plunge extensions of the Discovery deposit to the west.
Golden Highway is located in Michaud Township and comprises 740 single and boundary mining cell claims or approximately 10,680 hectares.