STLR.TO · 2019-01-17 12:00:00

Moneta defines new resource at its Golden Highway Project: 383,400 oz of gold at 4.61 g/t of indicated and 873,200 oz of gold at 4.21 g/t inferred Symbol: TSX: ME

Corporate Updates

Moneta defines new resource at its Golden

Highway Project: 383,400 oz of gold at 4.61 g/t

of indicated and 873,200 oz of gold at 4.21 g/t

inferred

Symbol: TSX: ME

TORONTO

Jan. 17, 2019

/CNW/ -

Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF)

(XETRA:MOP) ("Moneta" or the "Company")

is pleased to provide an updated mineral resource

estimate for the gold deposits within its 100% owned Golden Highway Project, located 110 km east

Timmins, Ontario

(see Table 1).

Highlights of Updated Mineral Resource Estimate:

A total of 383,400 ounces (oz) at a grade of 4.61 grams per tonne (g/t) Gold (Au) in the

indicated category

A total of 873,200 oz at a grade of 4.21 g/t Au in the inferred category

Significant increase in the grade of the Golden Highway Project mineral resource

estimate over previous estimates

All new mineral resources reported are estimated using a cut-off grade of 3.00 g/t Au,

assuming underground extraction

The updated resource estimate is constrained within wireframes based on the new

geological interpretation

The updated mineral resource was independently prepared by Micon International in accordance

with National Instrument 43-101 ("

NI43-101

") effective

January 16, 2019

. A compliant technical

report will be filed within 45 days of the date of this release. The deposits have shown a significant

improvement in grade over the previous resource estimate and remain open. Moneta has identified

several adjacent targets at surface displaying the same style and tenor of mineralization within the

Golden Highway Project which were not included in this mineral resource update.

Gary O'Connor

, CEO & Chief Geologist commented, "We are encouraged by the significant

increase in grade and the overall size of the updated mineral resource estimate based on the new

geological interpretation for the Golden Highway Project. The program has been successful in

defining higher value ounces in high-grade resources able to be extracted by underground methods.

Previous resources were designed for large open pit extraction and not geologically constrained.

The new initial resource will form an excellent basis to continue to expand and increase the quality of

the resources. Most of the veins modelled remain open and are not fully drill defined. Internal high-

grade plunging zones have been identified within veins that require drill testing. New near surface

targets have been located with historical drilling which have intersected the same style of

mineralization in numerous locations. We are confident of the ability to continue to increase the grade

and size of the resource."

Table 1: Mineral Resource Estimate by Deposit- Golden Highway Project

Deposit

Indicated

Inferred

Name

Tonnes

Grade

Ounces Au

Tonnes

Grade

Ounces Au

(t)

(g/t)

(oz)

(t)

(g/t)

(oz)

South West

2,007,000

4.63

298,900

5,583,000

4.21

755,800

Windjammer South

364,000

4.19

49,100

173,000

4.59

25,500

55"

216,000

5.11

35,400

327,000

4.31

45,300

Discovery

108,000

4.12

14,300

Windjammer North

265,000

3.80

32,400

Total

2,587,000

4.61

383,400

6,456,000

4.21

873,200

Notes:

Mineral Resource Estimates are reported at a cut-off grade of 3.00 g/t Au for an underground mining scenario. The cut-off grade was calculated at a gold price of US$1,250

per ounce and an exchange rate of USD$/CDN$ of 0.75

The resource estimate is supported by statistical analysis with different high-grade capping applied to each of the deposits ranging from 13.0 g/t Au to 37.0 g/t Au on one (1)

metre composites

The mineral resources presented here were estimated with a block size of 5mx5mx10m utilizing sub-blocks as required and constrained within geological wire-frames with a

minimum width of 1.50m. The cells are estimated by Ordinary Kriging using the appropriate variogram model of each structure with individual search ellipsoids generally

varying from 70x70x20m to 100x100x20m within each structure

The mineral resources presented here were estimated by Micon International using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards on Mineral

Resources and Reserves definitions and guidelines

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by

environmental, permitting, legal, title, market or other relevant issues

Indicated Mineral resources were classified using a 50 m search ellipse and a minimum of three drill holes

The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or

Measured Resources

There are no historical underground voids from mining including shafts, ramps or drifts in any of the deposit areas

Tonnage estimates are based on bulk densities individually measured and calculated for each of the deposit areas, averaging 2.78 tonnes per cubic metre for the total

resource. Resources are presented as undiluted and in situ

This mineral resource estimate is dated January 16, 2019. The effective date for the drill-hole database used to produce this updated mineral resource estimate is November

19, 2018. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred respectively. Numbers may not total due to rounding

West Block mineral resources were not included due to a lack of drilling

Additional details will be provided in the pending 43-101 technical report

Table 2: Mineral Inventory Sensitivity by Cut-Off Grade- Golden Highway Project

Cut-Off

Indicated

Inferred

Grade

Tonnes

Grade

Ounces Au

Tonnes

Grade

Ounces Au

(g/t)

(t)

(g/t)

(oz)

(t)

(g/t)

(oz)

4.50

966,929

6.33

196,663

1,706,160

5.48

300,740

4.00

1,326,092

5.76

245,623

3,499,852

4.87

548,450

3.50

1,940,391

5.12

319,332

4,792,856

4.57

704,136

3.00

2,926,889

4.48

422,007

7,050,846

4.13

936,553

2.50

4,502,510

3.87

560,013

10,932,459

3.63

1,276,929

2.00

7,352,539

3.23

763,695

18,055,987

3.07

1,784,704

1.50

12,666,444

2.60

1,058,641

27,776,693

2.61

2,331,599

1.00

20,528,224

2.08

1,373,708

41,086,071

2.17

2,862,682

0.50

27,000,469

1.77

1,533,384

54,789,734

1.81

3,196,824

Note: The mineral inventory used in the sensitivity analysis table at various cut-off grades have not

been corrected to remove isolated blocks which do not have a reasonable chance of extraction. The

removal of isolated blocks has been conducted for the mineral resource estimate reported at a 3.00

g/t Au cut-off (Table 1) resulting in a loss of 9.8% of tonnes and 7.6% of ounces from the mineral

inventory at this cut-off grade.

A total of 71 geological wireframes were constructed to constrain the resource estimate based on

detailed geological and structural interpretation with a minimum true thickness of

1.50 m

. The

estimate only considered mineralized zones potentially minable by underground methods at a cut-off

grade of 3.0 g/t Au. The cut-off calculation is based on the parameters listed in Table 3 below:

Table 3: Golden Highway Project, Parameters Used for Underground Mineral Resource

Estimate

Parameters

Unit

Value

Gold Price

US$/oz

1,250

Exchange Rate

US$/C$

0.75

Mill Recovery

Sell Cost

C$/oz

Royalties

Mining Cost

C$/t milled

G&A Cost

C$/t milled

Processing Cost

C$/t milled

Transportation

C$/t milled

Environment

C$/t milled

Calculated Cut-Off Grade

Au g/t

3.00

Figure 1: Golden Highway Project, Mineral Resource Location Map

http://www.monetaporcupine.com/i/maps/2019-01-17_NR-Fig1.jpg

Figure 2: Golden Highway Project, Cross Section along BIF contact

http://www.monetaporcupine.com/i/maps/2019-01-17_NR-Fig2.jpg

Qualified Persons

The technical content of this press release has been reviewed and approved by B.

Terrence

Hennessey

, P.Geo. of Micon International Limited and

Gary O'Connor

, FAusIMM of Moneta who are

deemed qualified persons as defined by National Instrument 43-101. Mr. Hennessey, P.Geo. of

Micon is responsible for the completion of the updated mineral resource estimation.

QA/QC Procedures

All core drilling conducted by Moneta is oriented. Half sawn drill core is sent to ALS Canada Inc. for

drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). 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 with the samples, as well as completing third-party

check assays at Activation Laboratories Ltd.

About Moneta

The Company holds a 100% interest in 5 core gold projects strategically located along the Destor-

Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold production.

The projects consist of the Golden Highway,

North Tisdale

, Nighthawk Lake, Kayorum and Denton

projects. The Golden Highway Project covers 12 kilometres of prospective banded iron formation in

contact with Timiskaming clastic sediments within a transgressive basin located along the DPFZ.

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

[email protected]

This news release includes certain forward-looking information and forward-looking statements,

collectively "forward-looking statements"

within the meaning of applicable Canadian securities

legislation.

Forward-looking statements are frequently identified by such words as "may", "will",

"plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and

results. Forward-looking statements include, but are not limited to information with respect to the

future performance of the business, its operations and financial performance and condition such

as the Company's drilling program and 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-looking information is inherently uncertain and subject to a variety of assumptions,

risks and uncertainties, including the speculative nature 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 differ materially from those projected in the forward looking-statements and we caution

against placing undue reliance thereon. We assume no obligation to revise or update these

forward-looking statements.

SOURCE

Moneta Porcupine Mines Inc.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/January2019/17/c4322.html

%SEDAR: 00003301E

For further information:

Gary V. O'Connor, CEO and Chief Geologist, 416-357-3319, Ian C.

Peres, President & CFO, 416-579-3040

CO: Moneta Porcupine Mines Inc.

CNW 08:05e 17-JAN-19

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