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Moneta Porcupine scouring the Golden Highway

Jan 18, 2021

By Stephane Villeneuve
With six promising properties on its asset ledger, the oldest continuously-listed mining company on the Toronto Stock Exchange is expecting a breakthrough year in 2021. Moneta Porcupine bills itself as having the gold, scale, and location. Who can argue with that? And with 50% joint venture (JV) partner Kirkland Lake Gold, Moneta Porcupine may be looking at a breakthrough year.
Moneta Porcupine Mines Inc. is a gold exploration company which holds a 100% interest in six core gold projects and a 50% JV with Kirkland Lake Gold strategically located on or along the Destor Porcupine Fault Zone corridor, one of the key mineralized structures in the Abitibi Greenstone belt, with excellent infrastructure including access to roads, water, electricity, and mills.
The company points out that most gold mineralization in the region is associated with the Destor, including significant resources and producing mines now operated by Porcupine Gold Mines (Newmont-Goldcorp) and several others such as McEwen Mining, Pan American Silver, Osisko Mining and Kirkland Lake Gold. The Golden Highway Camp has experienced rapid advancement of gold resources by Moneta and others including Osisko Mining reflecting the strong regional gold potential.
In early December, the company reported its most ambitious results yet.
“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,” said Gary O’Connor, CEO.
Moneta provided an updated mineral resource estimate and 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

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.
“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,” said O’Connor.  


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