Moneta Continues To Expand Gold Mineralization At Westaway Intersecting 1.90 M @ 9.73 G/T Gold Including 0.90 M @ 18.90 G/T Gold

Toronto, Ontario – May 05, 2020 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)(“Moneta” or the “Company”) is pleased to announce the results from five (5) additional drill holestesting the extensions of gold mineralization at the new Westaway Target located outside of theupdated November 2019 NI 43-101 mineral resource estimate. The drill holes are part of the expanded2019/2020 winter drill program recently completed on the Company’s Golden Highway Project, 110 kmeast of Timmins, Ontario (Figure 1).

 

Highlights:

Drilling has confirmed and extended the gold mineralized veins at the new Westaway Target:

 

“We are pleased to have continued to extend the new Westaway veins at depth to the west, and to thesouth with our latest drilling”, commented CEO & Chief Geologist Gary O’Connor “We have intersectedthe extensions of the thirteen (13) new gold mineralized veins at Westaway highlighting additionalpotential at Westaway. The drill program has now successfully extended the gold mineralization over 1.2km west of the South West deposit towards the 55 deposit. The 2019/2020 winter drill program iscontinuing to expand the footprint of the new gold veins at Westaway and West Block, as well as testthe underground and open pit resource expansion potential at the 55 and Windjammer South deposits.The drill program has been recently completed with the processing and assaying of core continuingfollowing COVID-19 work safety protocols”.

 

The latest assay results are from five (5) drill holes, MGH20-138, MGH20-139, MGH20-141, MGH20-143and MGH20-144 completed on the 2019/2020 winter drill program for a total of 2,317 m at the Westaway target, located west of the South West Deposit (Table 2). The results from the deeperportions of hole MGH20-143 will be reported once received. The drill holes were testing the southern,northern and depth extensions of the new veins recently discovered at Westaway.

 

Westaway Drill Results

Drill Hole MGH20-143 was drilled 100 m to the west and 100 m below MGH19-129 (see press releasePR-03-2020 dated 16 January 2020: Drilling intersected up 7.95 m @ 3.48 g/t Au including 0.95 m @13.80 g/t Au from WA-9 and 0.70 m @ 13.50 g/t Au from WA-10). The drill hole has confirmed westernand depth extensions of the WA-7 to WA-12 veins and the new WA-13 vein to date. The holeintercepted up to 1.90 m @ 9.73 g/t Au including 0.90 m @ 18.90 g/t Au from WA-13 and 1.60 m @ 2.76g/t Au including 0.80 m @ 5.16 g/t Au from WA-12, 4.20 m @ 4.49 g/t Au including 1.00 m @ 7.25 g/t Aufrom the WA-9 vein and 3.00 m @ 3.72 g/t Au including 1.00 m @ 5.83 g/t Au from the WA-8 vein. Theresults for the remaining veins are still outstanding and will be released once received.

 

Drill hole MGH20-139 was drilled 100 m to the south of MGH19-129 (see press release PR-03-2020dated 16 January 2020: MGH19-129 intersected up to 5.25 m @ 6.30 g/t Au including 0.80 m @ 13.40g/t Au from WA-7, 7.95 m @ 3.48 g/t Au including 0.95 m @ 13.80 g/t Au from WA-9 and 0.70 m @13.50 g/t Au from WA-10). The hole confirmed the southern extensions (100 m) of the WA-5 to WA-10veins including 1.00 m @ 3.03 g/t Au from a new vein, 4.80 m @ 1.82 g/t Au including 0.90 m @ 3.61 g/tAu from WA-6 and 4.92 m @ 1.77 g/t Au including 1.00 m @ 3.03 g/t Au from the WA-5 vein. The drillhole confirmed that the veins are hosted in the BIF C unit.

 

Drill holes MGH20-138, MGH20-141 and MGH20-144 were designed to test the extensions of the veinsto the west and north along the BIF A contact. The drill holes tested west and at depth below MGH19-131 and MGH19-135 (see press release PR 05-2020 dated 25 February 2020: MGH19-135 intersected upto 2.40 m @ 4.94 g/t Au including 0.80 m @ 7.69 g/t Au from WA-2). MGH20-138 intersected thewestern extensions of the WA veins 100 m to the west and 100 m to depth from MGH20-131. The holeintersected the WA-8 to WA-12 veins and the new WA-13 vein. Intersections were returned of up to8.23 m @ 1.59 g/t Au including 1.00 m @ 5.18 g/t Au from WA-12 and 1.58 m @ 2.44 g/t Au including0.37 m @ 7.28 from WA-11. Au. MGH20-141 was drilled 100 m below and 100 m west of MGH19-135and intersected the WA-8 to WA-12 veins intersecting up to 2.75 m @ 3.42 g/t Au including 1.00 m @4.11 g/t Au from the WA-10 vein. MGH20-144 was drilled 100 m west of and as a 100 m under-cut ofMGH20-141. The mineralization along the northern BIF A contact is weaker to the west with veinsincreasing in width and gold tenor to the south.

 

Westaway Target

The Westaway Target is located within a similar geological setting as the South West deposit located 1.2km to the east (Figure 1). Gold mineralization is seen to occur as a series of mineralized vein structureswhich occur adjacent to the regional Timiskaming age banded iron formation “A” unit (“BIF-A”) anddominantly hosted within an overlying coarse grain sandstone. The mineralized quartz-pyrite veins occuras extensional vein structures associated with ankerite-sericite-silica-pyrite alteration haloes. The zonesoccur as steeply west dipping WNW-ESE oriented mineralized structures as per the main mineralizationat South West (Figure 2). Drilling to date has confirmed the veins over a strike length of 350 m, widthsaveraging over 3.00 m and to depths of 600 m. A total of 13 mineralized veins have been confirmed at Westaway to date.

 

Table 1: Westaway: Selected Significant Drill Results

*Not entire hole is reported

 

 

Figure 1: Westaway Location Map- Golden Highway Project

Figure 2: Westaway Target: 3D View of Veins (looking north)

 

 

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 accreditedlaboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au areanalyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralizationare assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified referencematerial and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as wellas completing routine third-party check assays at Activation Laboratories Ltd. Gary O’Connor, FAusIMM is aqualified person under NI 43-101 and has reviewed and approved the contents of this press release.About MonetaThe Company holds a 100% interest in 6 core gold projects strategically located along the Destor-Porcupine FaultZone in the Timmins Gold Camp with over 85 million ounces of past gold production. The projects consist of theGolden Highway, North Tisdale, Nighthawk Lake, DeSantis East, Kayorum and Denton projects. The GoldenHighway Project covers 12 kilometres of prospective ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource estimate comprised of an indicated resource of 556,500 ounces gold contained within 3.82Mt @ 4.53 g/t Au and a total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t Au in the inferredcategory at a 3.00 g/t Au cut-off.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

Gary V. O’Connor, CEO and Chief Geologist

416-357-3319

 

Ian C. Peres, President and CFO

416-579-3040

 

Linda Armstrong, Investor Relations

647-456-9223

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