Precious Metals

Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (XETRA: MOP) ("Moneta") is pleased to announce the results from drilling on the extensions of the Discovery Deposit outside of the current NI 43-101 resource. The drill holes were drilled as part of the expanded 20202021 winter drill program on the Golden Highway Project, 100 kilometres ("km") east of Timmins, Ontario.

Highlights:
Drilling has intersected significant gold mineralization to extend the NI 43-101 underground gold resource estimate at Discovery:

  • MGH20-165, located up-dip of the current Discovery resource:
    • Intersected 13.00 m @ 1.80 grams per tonne "g/t" gold "Au", including 3.00 m @ 3.34 g/t Au, including 1.00 m @ 4.05 g/t Au
    • Intersected 4.00 m @ 2.70 g/t Au, including 2.00 m @ 4.25 g/t Au, including 1.00 m @ 5.63 g/t Au
  • MGH20-166, located west and up-dip of the current Discovery gold resource:
    • Intersected 7.00 m @ 2.06 g/t Au, including 1.00 m @ 3.91 g/t Au
  • MGH20-167, located west and down plunge of the current Discovery resource:
    • Intersected 20.40 m @ 0.89 g/t Au, including 0.90 m @ 2.39 g/t Au
  • MGH20-171, located 500 m west of the current Discovery resource:
    • Intersected 6.50 m @ 1.30 g/t Au, including 2.70 m @ 2.28 g/t Au, including 1.00 m @ 4.55 g/t Au

"We are pleased to be continuing to intersect new gold mineralization outside of our current gold resources with our latest drilling," commented CEO, Gary O'Connor. "The drilling has intersected extensions of gold mineralization at Discovery, located on the northern splay of the Destor Porcupine Fault Zone, north of the South West underground resource and Windjammer South open pit deposit. Significant gold mineralization has been intersected up to 500 m west, 150 m east and up to 100 m below the current Discovery resource. The drill results highlight the opportunity to continue to expand the underground resources at Discovery. The adjacent Discovery and Windjammer North underground resources currently contain 39,100 ounces gold in the indicated category and 191,200 ounces of gold in the inferred category at a 3.0 g/t Au cut-off, within a total project gold resource endowment of 3,967,000 ounces gold indicated and 4,399,000 ounces gold inferred."

The latest assay results are from seven (7) drill holes, including one hole extension, for a total of 2,680.0 m of drilling, completed as part of the current 70,000 m 2020/2021 winter drill program. The seven reported holes were targeting extensions of the Discovery resource that occurs north of the current Windjammer South and South West resources. Drilling was focussed on extending the mineralization to the west and east as well as at depth. The resource expansion drill program is continuing on the Westaway, 55 Zone, South West, Windjammer South and new Halfway areas and further results are pending.

Discussion of Discovery Drill Results

Seven (7) drill holes, including one drill hole extension, were drilled to test the extensions of the Discovery deposit located north of the South West and Windjammer South deposits. The holes successfully tested the eastern, western and depth extensions of gold mineralization within carbonate altered and quartz veined ultramafic volcanic rocks.

Drill hole MGH20-163 was collared 100 m east and up-dip of the current Discovery resource and intersected zones of gold mineralization of up to 5.75 m @ 1.05 g/t Au including 0.85 m @ 4.06 g/t Au, and 1.00 m @ 1.41 g/t Au. The drilling confirmed the eastern and up-dip extensions of the Discovery gold mineralization. Drill hole MGH20-165 was drilled 50 m up-dip of the current mineralization at Discovery and intersected up to 13.00 m @ 1.80 g/t Au, including 3.00 m @ 3.34 g/t Au, including 1.00 m @ 4.05 g/t Au and 4.00 m @ 2.70 g/t Au, including 2.00 m @ 4.25 g/t Au, including 1.00 m @ 5.63 g/t Au. The drill holes extended mineralization up-dip of the current resource.

Drill hole MGH21-166 was drilled over 50 m above the current resource at Discovery and intersected up to 7.00 m @ 2.06 g/t Au including 2.85 m @ 3.06 g/t Au, and 1.00 m @ 3.91 g/t Au. Drill hole MGH20-167 was drilled to extend the down plunge extensions of the resource to the west by over 100 m and intersected up to 20.40 m @ 0.89 g/t Au including 0.90 m @ 2.39 g/t Au.

Drill hole MGH20-171 was drilled to test the extensions of mineralization 500 m west of the Discovery resource and intersected up to 6.50 m @ 1.30 g/t Au including 2.70 m @ 2.28 g/t Au, and 1.00 m @ 4.55 g/t Au.

Table 1: Selected Significant Drill Results

HoleFrom ToLengthAu
(#)(m)(m)(m)(g/t)
MGH20-163276.00281.755.751.05
includes280.90281.750.854.06
MGH20-163330.00331.001.001.41
MGH20-165200.00213.0013.001.80
includes207.00210.003.003.34
includes207.00208.001.004.05
MGH20-165224.00228.004.002.70
includes224.00226.002.004.25
includes225.00226.001.005.63
MGH20-166158.00165.007.002.06
includes160.15163.002.853.06
includes162.00163.001.003.91
MGH20-167220.00240.4020.400.89
includes238.60239.500.902.39
MGH20-167437.57439.421.851.02
includes438.55439.420.871.74
MGH20-167580.30584.003.700.87
includes582.00584.002.001.23
MGH20-170411.00412.001.001.81
MGH20-171352.00353.001.003.05
MGH20-171293.50300.006.501.30
includes297.30300.002.702.28
includes299.00300.001.004.55

 

Intercepts are calculated using a 1.00 g/t Au cut-off, a maximum of 3m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 75% to 95% of true width.

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Figure 1: Location Map- Golden Highway Project

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Table 2: Drill Hole Details

HoleEastingNorthingElevationAzimuthInclinationDepth
(#)(mE)(mN)(masl)(°)(°)(m)
MGH20-163572150537095033050-55348.0
MGH11-58X5719085370644333339-53291.0
MGH20-1655718765370892334340-55300.0
MGH20-1665716785370871333340-55298.0
MGH20-1675718135370615336340-60630.0
MGH20-1715709545370522325300-60408.0
MGH21-1735708285370447325300-60405.0

 

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Figure 2: Discovery Deposit - Drill Hole Locations

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Figure 3: Discovery Deposit - Long Section

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QA/QC Procedures
All core drilling conducted by Moneta is oriented. Drill core is cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Activation Laboratories Ltd. Kevin Montgomery, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta
Moneta is a Canadian based gold exploration company focussed on the Timmins Gold Camp in Ontario. The Company's flagship project, covering the Golden Highway and Garrison Gold deposits, is located 100 km east of Timmins and hosts a total indicated resource of 3,967,000 ounces contained gold and a total inferred resource of 4,399,000 ounces contained gold. The project includes a total of 3,335,000 ounces of open pit indicated resources contained within 116.7 Mt @ 0.89 g/t Au and 2,270,000 ounces of open pit inferred resources contained within 79.4 Mt @ 0.89 g/t Au, at a cut-off grade of 0.30 g/t Au. The project also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au and 2,129,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au, at a 2.60 g/t Au cut-off grade at South West and 3.00 g/t Au cut-off grade at the other underground deposits.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Gary V. O'Connor, CEO
416-357-3319

Linda Armstrong, Investor Relations
647-456-9223

The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetaporcupine.com or email us at larmstrong@monetaporcupine.com.

This news release includes certain forward-looking information and forward-looking statements, collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements include, but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Company's drilling program and the timing and results thereof; and the ability of the Company to finance and carry out its anticipated goals and objectives.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.

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Moneta Gold

Moneta Gold

Overview

The Timmins Gold camp in Ontario, Canada, stands as the country's most prolific gold-producing camp. With over 85 million ounces of gold production across the last 100 years, the large region continues to present investors with world-class gold and mineral discovery possibilities.

Mineral exploration companies operating gold projects in this famous gold district leverage excellent infrastructure and positioning near some of the most economic gold players in mining. However, with multiple junior developers in the region, finding the gold mining company with the best gold assets is what stands the best investments apart.

Moneta Gold (TSX:ME), formerly Moneta Porcupine Mines is one of these companies with a large position in the camp. Focused on its highly prospective flagship Tower Gold Project on the Destor Porcupine Fault corridor in the prolific Timmins gold camp in Ontario, Canada, Moneta Gold holds a 100 percent interest in several gold projects and a 50 percent joint venture with Kirkland Lake Gold Ltd. (TSX:KL).

Moneta Gold's Tower Gold Project hosts a total gold resource of 4.0 million ounces indicated and 4.4 million ounces inferred. The Tower Gold project is a combination of the Golden Highway Gold project and the adjacent Garrison Gold project acquired from O3 Mining (TSXV:OIII, OTCQX:OIIIF). The Garrison gold project consists of the large Garrison open pit gold resource containing 1.8 Moz indicated and 1.1 Moz inferred resources.

Operating in the Timmins Gold camp allows the company to leverage the existing excellent infrastructure in Timmins, which helps support future gold production scenarios.

The future of the Tower Gold Project which contains the Garrison Project and Golden Highway projects remains highly prospective with tremendous resource and economic growth opportunities. Moneta has 100% ownership of one of the largest undeveloped gold projects in North America with regional-scale potential. The company plans an extensive 70,000 m drill program this year followed by an updated resource estimate followed by an updated preliminary economic assessment (“PEA") which will examine a development scenario with significantly expanded scope and production profile.

During 2020 the underground South West deposit within the Golden Highway Project and the Garrison open pit gold deposits were subjected to PEA studies which showed robust economics with solid gold production profiles. New open pit and underground deposits and discoveries at Golden Highway were not included in the PEA studies.

The company is focusing 2021 on testing the significant resource expansion potential identified at Golden Highway and Garrison to expand the total gold resource endowment on the total Tower Gold project and believes the project will be large enough to support milling infrastructure. It is expected that the expanded resource base will result in a significantly expanded scope and production profile in the planned updated PEA study which will address the combined project.

Moneta Gold has a robust capital structure and strategic shareholder portfolio. The company's market cap stands at CAD$213 million with 557.5 million shares outstanding and no debt. The company is supported by a loyal and strong institutional shareholder base, significant insider ownership, the backing and support of O3 Mining and a good retail investor following.

Moneta Gold's management team combines over 35 years of financial management, geology, and mineral exploration experience. Moneta Gold's CEO, Gary O'Connor, has a proven track record of project development and brings world-class expertise in mining investment. Together, he and his team are preparing the company for outstanding economic growth and mineral exploration opportunities.

Management Team

Gary O'Connor, FAusIMM — CEO, Chief Geologist & Director

Gary O'Connor has over 30 years of experience in international mineral exploration and development. He worked as the technical advisor to investment funds over 10 years on Bay Street, was the VP Exploration for Gabriel Resources and European Goldfields for 7 years resulting in the drill out, discovery and feasibility studies of a number of large gold and gold copper deposits.

He worked as a district exploration manager for Freeport-McMoRan in Indonesia for 10 years managing the exploration of the Papuan Medial Belt resulting in a number of new gold and copper gold discoveries, nickel-cobalt resources drill programs and the due diligence of Bre-X Minerals' Busang gold “deposit" in Kalimantan, Indonesia.

O'Connor is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM), a Fellow of the Society of Economic Geology and holds a graduate degree in geology, geophysics and environmental studies from the University of Auckland.

Ardem Keshishian - Vice President Corporate Development

Mr. Keshishian has over 15 years of experience in the capital markets, with a focus on the natural resources sector through tenures at Van Berkom & Associates, precious metals equity research at Haywood Securities and Pollitt & Co. and Chief Financial Officer at Royal Road Minerals Limited. Mr. Keshishian is a CFA™ Charter Holder, holds a Bachelor of Science from Concordia University and a Masters of Business Administration from the John Molson School of Business.

Mr. Keshishian will be primarily responsible for the Company's business and corporate development initiatives, including managing Moneta's marketplace interaction, investor relations and investment relationships to add value to the Company and minimize dilution

Vince Deschamps - Director of Sustainability

Mr. Deschamps has over 30 years of professional experience in environmental studies and community relations in Canada and internationally, with interests in sustainability as it relates to impact assessment and mitigation, Indigenous land use planning systems, and biodiversity conservation. Mr. Deschamps holds a BES (Hons) from the University of Waterloo and an M.Sc. in Rural Planning and Development from the University of Guelph. He is certified as a Verification Service Provider for Mining Association of Canada's "Towards Sustainable Mining" initiative. Mr. Deschamps is a Registered Professional Planner and a citizen of the Métis Nation of Ontario.


Jason Macintosh — CFO & Corporate Secretary

Jason Macintosh is a CPA, having completed his BComm at Dalhousie University and his MBA at Laurentian University. He is also a graduate of the Haileybury School of Mines. He has over 20 years of broad strategic and operational financial management experience, including preparing and overseeing a life-of-mine budget totaling CAD$2.6 billion. Macintosh has also worked in commercial banking and business process outsourcing and mine contracting, iron ore and industrial minerals experience in the mining industry.

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