Moneta Provides Drill Program Update And Commencement Of Preliminary Economic Assessment

Toronto, Ontario – April 08, 2020 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)(“Moneta” or the “Company”) is pleased to provide an update on it’s 2020 drill program and futureplans for the expansion and advancement of the Golden Highway Project, located 110 kilometres east of Timmins, Ontario.

 

Highlights:

 

 

Gary O’Connor, CEO & Chief Geologist commented, “We have responded to the COVID-19 pandemic byensuring a safe and healthy work environment for all of our employees and contractors. We havecompleted the 2019/2020 winter drill program and closed the Timmins office, requiring all work to beconducted from home or in physical isolation. We will continue the new resource expansion workhowever at a slightly slower pace due to the physical distancing of employees. A PEA study has beencommenced by Micon on the South West deposit and will continue as planned. Moneta is fully fundedfor its plans through 2020 and into 2021”.

 

Response to the COVID-19 Epidemic

In response to the novel COVID-19 coronavirus pandemic Moneta has followed all guidance provided bythe relevant authorities to ensure the safety and health of our employees and contractors promotingphysical distancing. The Timmins office has been closed and work is restricted to those working at homeor in physical isolation. The 2019/2020 winter drill program has been completed and rigs are beingdemobilized. The new resource expansion work including logging and assaying will continue, however ata reduced level of activity due to physical isolation practices that are in place. Moneta had previouslyimplemented a “behave like you are infected” policy.

 

Preliminary Economic Assessment on South West Deposit

Micon International Ltd. of Toronto, Canada has been contracted to complete a preliminary economicassessment (“PEA”) on the South West deposit located within the Golden Highway Project. The resultsof the PEA are due to be delivered later in 2020. The study will review several development scenarios forthe South West deposit which was the subject of a resource update in November 2019 (See ME PR 18-2019 dated 26 November 2019). The resource update resulted in a 58% increase to 472,000 ounces (oz)within the indicated category contained within 3.24 million tonnes (Mt) at a grade of 4.53 grams pertonne (g/t) Gold (Au) and a 40% increase to 1,056,500 oz of Au in the inferred category contained within7.30 Mt at a grade of 4.37 g/t Au, assuming underground extraction using a 3.00 g/t Au cut-off grade.

 

2019/2020 Winter Drill Program

The 2019/2020 winter drill program has been completed and drill rigs are being demobilized. The drillinghas been completed early to maintain a healthy and safe work environment for our employees andcontractors in support of efforts to stop the spread of the COVID-19 coronavirus. A total of 36 holes willhave been completed. The program was scheduled to be completed by mid-April and has beensuccessful in testing the resource extensions of the Windjammer South, West Block and 55 deposits aswell as intersecting new mineralization at the Westaway and Halfway targets. The core will be processedin isolation and the results will be released as they become available. The data and assays from thisprogram will be used for new resource updates for Windjammer South, South West and 55 deposits plusan initial mineral resource estimate at Westaway.

 

Investor Relations

Moneta is pleased to announce the appointment of Linda Armstrong of Storyboard Communications tomanage the Company Investor Relations responsibilities and activities. Linda brings over 25 years ofsuccessful investor relations, corporate communications, and business development experience to thecompany. Moneta is pleased to welcome Linda to our team in marketing the Moneta story.

 

QA/QC Procedures

All core drilling conducted by Moneta was 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 third-party check assays at Activation Laboratories Ltd. Gary O’Connor, FAusIMM is a qualifiedperson 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

416-357-3319

 

Ian C. Peres, President

416-579-3040

 

Linda Armstrong, Investor Relations

647-456-9223

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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.