Shares of Moneta Porcupine Mines (TSX:ME)(OTC:MPUCF) have found it difficult to get any traction since rising from an August 2017 (and multi-year) low of 13 cents to an October (and eight-month) high at 22.5 cents, skidding downhill to find support recently at 15 cents, including Wednesday's close there.
Ahead of Thursday's opening bell, the Toronto-based gold explorer released results from four diamond drill holes at its Golden Highway Project located 100 kilometers east of Timmins, Ontario that lends further credence to the property containing some high-grade gold.
What some may find a bit of an odd name is reflective of the company's focus on its five core gold projects along the Destor-Porcupine Fault Zone in the vaunted Timmins Gold Camp that has historically produced more than 85 million ounces of gold.
The four holes drilled a total of 2,292 metres as part of a 20,000-metre, 50-hole drill program evaluating high-grade targets on what is known as the South West Deposit of the property. Drilling to date at the target has confirmed new tension veins and shear plane bound to long, wide mineralized shoots.
The veins have now been tracked up to 350 metres in strike length and drilled to 900 metres in depth, while remaining open to the south.
Thursday's drill results were highlighted by several impressive cuts, including 4.2 metres grading 41.08 g/t gold. Within this intersect, cuts of 141.50 g/t over 0.9 metres and 96.14 g/t gold across 1.7 metres were reported, suggesting a high-grade nature to the new shoot.
Prior drilling of the shoot returned 4.01 metres at 38.33 g/t gold, including 0.96 metres grading 144.19 g/t gold, as disclosed early in February. Other new data today provided insight on other shoots, such as 7.10 metres grading 2.28 g/t gold (including 1.00 metre @ 7.72 g/t Au) in a shoot east of the known "Gap area."
Drilling designed via modeled vein extensions of two historical deep intercepts were on target, with assays highlighted by returns of 2.9 metres grading 2.58 g/t gold and 3.0 metres at 2.58 g/t gold, respectively.
If traders were hoping to get a bump from the news, they're disappointed at the opening bell, with shares holding flat at 15 Canadian cents, albeit on less than 10,000 shares trading in the first few minutes of the session.
