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Moneta Porcupine Mines Inc.

Moneta Discovers New Gold Mineralization At South Bif Target Intersecting 3.50 M @ 8.09 g/t Gold Including 0.55 M @ 30.40 g/t Gold

May 21, 2020
Toronto, Ontario – May 21, 2020 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)(“Moneta” or the “Company”) is pleased to announce the results from one hole drilled to test for goldmineralization on the new South BIF Target. The drill hole was drilled as part of the expanded 2019/2020winter drill program recently completed on the Company’s Golden Highway Project, 110 km east ofTimmins, Ontario.
Drilling has discovered gold mineralization on the southern margins of the regional Timiskamingsedimentary basin:
  • MGH20-148: Intersected 3.50 metres “m” @ 8.09 grams per tonne “g/t” including 0.55 m @30.40 g/t Au
  • MGH20-148: Intersected 2.15 m @ 2.66 g/t Au including 0.45 m @ 4.72 g/t Au in a second vein
  • Drilling intersected a new gold discovery over 1.0 kilometre “Km” west of the current SouthWest gold resource estimate and 500 m south of the new Westaway discovery
“We are excited to have discovered a new zone of gold mineralization at the South BIF target with ourlatest drilling,” commented CEO and Chief Geologist, Gary O’Connor. “We intersected mineralized goldveins along the southern margins of the basin adjacent to the recently recognized favourable BIF A hostcontact. These veins are possibly extensions of the Westaway gold veins which were recently discoveredto the north. This represents a new regional trend of prospective ground at the Golden Highway Projectwhere no systematic exploration has been conducted previously. We look forward to exploring thetrend further.”
The latest assay results are from one (1) drill hole, MGH20-148, completed during the 2019/2020 winterdrill program at the new South BIF target, located west of the South West Deposit (Table 2). The hole,totaling 609.00 m was drilled to test a potential new trend adjacent to the newly recognized favourablebanded iron formation “BIF” A unit.
South BIF Drill Results
Drill Hole MGH20-148 was drilled 500 m south of the new Westaway discovery and over 1 km to thewest of the South West deposit. (See press release PR-03-2020 dated 16 January 2020: Drillingintersected 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 @ 13.50g/t Au at Westaway). The drill hole was targeted to test a section of the favourable coarse grainsandstone host adjacent to the newly recognized occurrence of the regional BIF A unit in historical holeM87-66 on the southern margins of the Timiskaming age sedimentary basin. The drill hole intersectedseven (7) new vein structures. Drilling intercepted up to 3.50 m @ 8.09 g/t Au including 3.00 m @ 9.22g/t Au, including 0.55 m @ 30.40 g/t Au from one vein and 2.15 m @ 2.66 g/t Au including 0.45 m @ 24.72 g/t Au from a second vein. It is possible that the veins represent extensions of the Westaway goldmineralized veins. Further drilling will be required to confirm the extensions of veins.
South BIF Target
The South BIF target is located on the contact of the prospective BIF A unit with the overlying coarsesandstone sediments recently recognized near the southern margins of the regional Timiskamingsedimentary basin. The majority of Moneta’s current mineral resources are hosted within this basin. It isthought that the repeat of the BIF A unit is due to a regional synclinal structure. The geological setting issimilar to the South West deposit located over 1.0 km to the east and are seen to occur as aseries of mineralized vein structures. The gold mineralized quartz-pyrite veins at South BIF appear tooccur as extensional vein structures associated with ankerite-sericite-silica-pyrite alteration haloes. Thezones occur as steeply west dipping WNW-ESE oriented mineralized structures as per the mainmineralization at South West and Westaway. The mineralized veins could potentially be the extensionsof the new Westaway discovery located 500 m to the north. The BIF A unit was not intersected in thehole suggesting it is south dipping. Additional drilling is required to confirm this. The southern basinmargin has not been systematically explored historically and represents a major new regionalprospective trend.
Table 1: South BIF: Selected Significant Drill Results
Intercepts are calculated using a 2.0 g/t Au cut-off unless noted (*), a maximum of 2m internal dilution andno top cap applied. All intercepts are reported as drill widths and estimated to be 70% to 85% of true width.
Table 2: Drill Hole Details
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 well as completing routine third-party check assays at Activation Laboratories Ltd. Kevin Montgomery, P.Geo. is aqualified person under NI 43-101 and has reviewed and approved the contents of this press release.
About Moneta
The 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. A preliminary economic assessment on the South West deposit located within theGolden Highway Project commenced in Q1, 2020. The results of the PEA are due to be delivered later in 2020. Thestudy will review several development scenarios for the South West deposit which was the subject of a resourceupdate in November 2019.
Gary V. O’Connor, CEO and Chief Geologist
Ian C. Peres, President and CFO
Linda Armstrong, Investor Relations

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 info@monetaporcupine.com.

This news release includes certain forward-looking information and forward-looking statements, collectively “forward-lookingstatements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequentlyidentified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring tofuture events and results. Forward-looking statements include, but are not limited to information with respect to the futureperformance of the business, its operations and financial performance and condition such as the Company’s drilling programand 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-lookinginformation is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculativenature 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 differmaterially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Weassume no obligation to revise or update these forward-looking statements.

Source: https://www.monetaporcupine.com/uploads/ME-PR-09-2020-with-links.pdf