Ron here is the release had to pick it up from their web site February 20, 1998
TORONTO STOCK EXCHANGE Trading Symbol ME
MONETA REPORTS PHASE III NIGHTHAWK LAKE ASSAY RESULTS
MONETA PORCUPINE MINES INC. ("Moneta") reports gold assay results from
Phase III drilling at its 100% owned Nighthawk Lake Property near Timmins,
Ontario. All three drill holes on the Collins Zone encountered gold mineralization
with values as follows:
DDH Depth Width Gold Value
(m) (m drilled) (g/t)
23 49.0 2.6 2.4
81.5 4.0 2.5
101.5 1.0 14.8
24 50.0 1.0 1.1
63.0 2.0 3.4
100.5 1.1 2.3
25 49.0 1.0 2.0
To date, 18 diamond drill holes have been completed over a strike length of 500m
encountering gold mineralization at depths from 10m to 375m. Mineralization is
hosted by quartz stringers and veins within an extensive carbonate and fuchsite
altered suite of ultramafic volcanics containing mafic to felsic intrusives of varying
widths and alteration intensity. This high potential setting is located between the
Timiskaming sediments to the north and the Destor Porcupine Fault Zone to the
immediate south. The property is located adjacent to Echo Bay's Aquarius property
and Royal Oak's Nighthawk Lake properties.
CORPORATE: Moneta advises the completion of financings resulting in gross
funds of $535,500. Of this amount $315,000 relates to issuance of 1,750,000 shares
at 18 cents each with a one-half warrant attached exercisable at 30 cents for 18
months and $220,500 to 920,455 flow through shares. Moneta now has 41,851,706
common shares issued and outstanding.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rod Whyte (Chairman) London, England 011 44 171 736-2212
Fran Yungwirth (CEO) Timmins, Ontario (705) 264-2296
INTERNET HOME PAGE: monetaporcupine.com
all the best
Denis J |
