Moneta Porcupine reports 217% gold increase at Golden Highway

Moneta Porcupine Mines has provide an updated mineral resource estimate for the 100% owned Golden Highway Project, located 100 km east of Timmins. The update is based on the latest drill program completed during the first half of 2020.

Highlights of Updated Golden Highway Mineral Resource Estimate:

• 217% increase in total contained gold (Au) to 2,144,200 ounces (oz) (combined underground

  and open pit) in the indicated category on the Golden Highway Project

• 141% increase in total contained Au to 3,335,300 oz (combined underground and open pit) in

  the inferred category at Golden Highway

• A maiden inferred underground resource of 661,900 oz at a grade of 4.71 grams per tonne (g/t)

  Au at the new Westaway/West Block discovery at a 3.00 g/t Au cut-off

• Total indicated underground resource of 632,300 oz at a grade of 4.05 g/t Au on the Golden

  Highway Project

• Total inferred underground resource of 2,128,100 oz at a grade of 4.21 g/t Au on the Golden

  Highway Project

• Includes a new open pit resource of 1,511,900 oz indicated at 0.93 g/t Au and 1,207,200 oz

  inferred at 1.10 g/t Au at Windjammer South and 55 at a 0.30 g/t Au cut-off

  The updated mineral resource was independently prepared by Micon International Limited in accordance with National Instrument 43-101 (“NI43-101”), with an effective date of December 08, 2020 and using a database current as of October 06, 2020. The Golden Highway project has shown a significant improvement in size over the September 2020 resource estimate and remains open. The majority of the new resources are attributed to the new Westaway high grade discovery and the definition of near surface gold mineralization in open pits. Moneta has identified several adjacent targets displaying the same style and tenor of gold mineralization within the Golden Highway Project which were not included in this mineral resource update and are the focus of the current drill program. Moneta will also be drill testing the extensions of the current gold deposits within the Golden Highway Project in the winter 2020/2021 drill program.

  Gary O’Connor, CEO, commented; “We are extremely pleased with the significant increase in the size of the updated Golden Highway mineral resource estimate increasing our indicated resource base by 217% to 2,144,200 oz and our inferred resources by 141% to 3,335,300 oz, adding a maiden resource at Westaway and open pit resources at Windjammer South and 55. Based on the latest drill program completed in Q2, 2020 on the newly discovered Westaway/West Block deposit, we have developed a new maiden underground resource of 661,900 oz inferred at a grade of 4.71 g/t Au. We have also identified and confirmed near surface mineralized structures at Windjammer South and 55 based on the re-logging of historical core and confirmed in step out drill holes completed in the 2019/2020 winter drill program resulting in new open pit resources of 1,099,300 oz indicated and 1,027,700 oz inferred at Windjammer South and 412,600 oz indicated and 179,500 oz inferred at 55. We also increased the size of the Discovery and Windjammer North underground deposits to 39,100 oz indicated and 191,200 oz inferred combined. We are confident of the ability to continue to increase the size of the deposits and targets located within the project. We have mobilized drill rigs to test regional targets as well as test the extensions of the current resources in our winter 2020/2021 drill program”.

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