MONETA EXTENDS GOLD MINERALIZATION AT THE SOUTH WEST & WINDJAMMER SOUTH DEPOSITS AT GOLDEN HIGHWAY

Toronto, Ontario – April 08, 2021 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (“Moneta”) is pleased to announce the results from four (4) holes drilled to test the Gap Zone between the current NI 43-101 South West underground and Windjammer South open pit deposits. The drill holes were drilled as part of the expanded 2020/2021 winter drill program on the Golden Highway Project, 100 kilometres (“km”) east of Timmins, Ontario (Figure 1).

 

Highlights:

 

Drilling has intersected significant gold mineralization in an area, covering 700 metres (‘m”) strike length and 200 m width, not currently included in any NI 43-101 resource estimate:

 

• MGH21-174, located outside the current Windjammer open pit and 150 m south of the current

 

South West resource:

o Intersected 32.00 m @ 1.63 grams per tonne “g/t” gold “Au” including 6.35 m @ 3.21 g/t Au including 1.00 m @ 7.62 g/t Au, plus 6.60 m @ 2.91 g/t Au including 0.85 m @ 8.05 g/t Au

o Intersected 7.60 m @ 2.04 g/t Au, including 1.65 m @ 6.36 g/t Au, including 0.95 m @ 8.59 g/t Au

o Intersected 12.00 m @ 1.57 g/t Au, including 1.05 m @ 5.82 g/t Au

• MGH21-175, located outside the current Windjammer open pit and 150 m south of the current

 

South West resource:

o Intersected 9.10 m @ 2.02 g/t Au, including 0.70 m @ 9.24 g/t Au

o Intersected 19.70 m @ 0.94 g/t Au, including 0.60 m @ 8.43 g/t Au

• MGH20-168, located outside the current Windjammer open pit and 200 m east of the current

 

South West resource:

o Intersected 4.00 m @ 3.54 g/t Au, including 1.00m @ 8.54 g/t Au

 

“We are pleased to have intersected significant new gold mineralization outside of our current gold resources with our latest drilling,” commented CEO, Gary O’Connor. “The drilling has intersected gold mineralization within the Gap area, located between the current South West underground deposit and Windjammer South open pit deposit. Significant gold mineralization has been intersected up to 150 m south of and over a strike length of 700 m between the South West and Windjammer South resources.

 

The drill results highlight the opportunity to significantly expand the open pit and underground gold resources at Windjammer South and South West respectively. The Windjammer South open pit resource currently contains 1.10 million ounces “Moz” gold indicated resources and 1.05 Moz gold inferred resources at a 0.3 g/t Au cut-off and the current underground resource at South West currently contains 0.59 Moz gold indicated and 1.24 Moz gold inferred resources at a 2.6 g/t cut-off within a total project gold resource endowment of 4.00 Moz gold indicated and 4.40 Moz gold inferred.”

 

The latest assay results are from four (4) drill holes for a total of 2,872.0 m of drilling, completed as part of the current 70,000 m 2020/2021 winter drill program. The four reported holes were targeting the Gap zone which occurs between the current Windjammer South and South West resources in an area which has no currently defined gold resources. Drilling was focussed on extending the South West mineralization to the south, where it remains open, and connect the Windjammer South and South West resources.

 

Windjammer South currently hosts an indicated resource of 40.59 Mt @ 0.84 g/t Au in the indicated category for 1.10 Moz contained gold and 29.10 Mt @ 1.12 g/t Au in the inferred category for 1.05 Moz contained gold. South West currently hosts an indicated resource of 4.53 Mt @ 4.07 g/t Au for 0.59 Moz contained gold and 9.61 Mt @ 4.01 g/t Au for 1.24 Moz contained gold in the inferred category. The open pit resource estimate at Westaway was estimated at a 0.30 g/t Au cut-off and the underground resource estimate at South West at a 2.60 g/t Au cut-off. The resource expansion drill program is continuing and further results are pending.

 

Discussion of Drill Results

 

Gap Zone

 

Four (4) drill holes were drilled to test the Gap zone located between, and to the south, of the current Windjammer South open pit and South West underground gold resources. The holes were targeting the extensions of steep high grade Gap veins at South West as well as the western extensions of the wide shallow dipping stacked mineralized veins drilled and modeled at Windjammer South. The drilling was conducted to test a 700 m long and 200 m wide corridor which has not historically been drill tested or included in any resource estimates.

 

Drill hole MGH20-168 was collared 200 m east of the current South West resource and 300 m west of the current Windjammer South resource and was designed to connect the current resources. MGH20-168 intersected zones of gold mineralization up to 4.00 m @ 3.54 g/t Au including 1.00 m @ 8.54 g/t Au, 12.00 m @ 0.64 g/t Au including 2.98 m @ 1.25 g/t Au, and 11.00 m @ 0.53 g/t Au including 2.00 m @ 1.99 g/t Au and 11.00 m @ 0.47 g/t Au. The drilling confirmed the western extensions of the Windjammer South mineralization and extended the zones to depth.

 

Drill hole MGH20-172 was drilled over 100 m south of current steep high grade Gap veins at South West and 400 m west of the mineral resource at Windjammer south. MGH20-172 intersected up to 9.50 m @ 1.20 g/t Au including 0.70 m @ 3.17 g/t Au, 10.00 m @ 1.05 g/t Au including 1.00 m @ 2.05 g/t Au and 12.00 m @ 0.59 g/t Au including 1.50 m @ 3.42 g/t Au. The drill holes extended mineralization significantly to the south of South West and to the west of Windjammer South.

 

Drill hole MGH21-174 was drilled over 100 m south of the current steep high grade Gap veins at South West and 600 m west of the mineral resource at Windjammer South. Drill hole MGH21-174 intersected up to 12.00 m @ 1.57 g/t Au including 1.05 m @ 5.82 g/t Au, 7.60 m @ 2.04 g/t Au including 1.65 m @ 6.36 g/t Au including 0.95 m @ 8.59 g/t Au, 10.00 m @ 1.64 g/t Au including 1.50 m @ 4.20 g/t Au and 1.50 m @3.21 g/t Au and 32.00 m @ 1.63 g/t Au including 1.00 m @ 7.62 g/t Au, 1.12 m @ 6.50 g/t Au and 1.20 m @ 5.56 g/t Au, and 7.00 m @ 1.08 g/t Au including 0.90 m @ 5.19 g/t Au.

 

Drill hole MGH21-175 was drilled 100 m east of MGH21-174 and 100 m to the west of MGH20-172 to test the southern extensions of the Gap veins and the western extensions of the Windjammer South resource. MGH21-175 intersected up to 19.70 m @ 0.94 g/t Au including 0.60 m @ 8.43 g/t Au, and 9.10 m @ 2.02 g/t Au including 1.00 m @ 5.83 g/t Au and 0.70 m @ 9.24 g/t Au. 

 

Figure 1: Location Map- Golden Highway Project

 

 

Figure 2: Gap Zone - Drill Hole Locations

 

 

Figure 3: Gap Zone - Long Section

 

 

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 holds 26,343 ha of prospective land in the Timmins Gold. The Company’s flagship project, covering the Golden Highway and Garrison Gold Projects is located 100 km east of Timmins and hosts a total indicated resource of 3,967,000 ounces gold contained and a total of 4,399,000 ounces gold inferred at a 2.60 g/t Au at South West, 3.00 g/t Au cut-off for the other underground deposits and 0.30 g/t Au for the open pit deposits. 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. 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.