STLR.TO · 2017-05-30 12:00:00

Moneta drills 2.8 g/t over 26.0m including 6.2 g/t over 7.5m on Golden Highway Project

Drill Results

TORONTO

May 30, 2017

/CNW/ -

Moneta Porcupine Mines Inc. (TSX:ME) ("Moneta")

provides an update on its 40,000 metre drill program on its 100%

owned Golden Highway Project, east of Timmins, Ontario.

Summary results include:

LC Zone

MGH17-030:

2.80g/t over 25.5m incl. 6.22g/t over 7.50m

MGH17-027:

1.04g/t over 15.00m

MGH17-015:

5.54g/t over 5.76m

MGH17-016:

1.39g/t over 8.49m

MGH17-013:

1.30g/t over 22.00m incl. 1.85g/t over 10.85m

MGH17-011:

3.37g/t over 4.50m

Twin Creeks

MGH17-031:

2.15g/t over 16.13m

Ian C. Peres

, President and Co-CEO stated, "

The most recent stage of the drill program began the process of systematically testing exploration targets within

and adjacent to existing gold zones of the Golden Highway Project. Early drilling success in the LC Zone and Twin Creeks, both outside the current NI 43-101

resource, has returned strong gold values and mineralization widths. Equally important, new strike and dip information on the mineralization, not previously

available, will support revised modeling and interpretation and planned follow up drilling. With these positive results and 23,000 metres remaining in the announced

drill program, we look forward to the contribution of our new Chief Geologist,

Gary O'Connor

moving forward."

Twin Creeks target area

(

outside NI 43-101 resource)

Drilling was undertaken with oriented core drilling in Twin Creeks to support modelling, establish mineralization continuity and high grade trends, as well as step-

out along the

Destor

strike. Drilling intersected similar lithologies (rock types) and alteration as Discovery Zone and Windjammer North gold zones, located along

the

Destor

to the east.

Holes

MGH17-025 and 028 were drilled west of the Twin Creeks zone. MGH17-026 was drilled from the same collar as MGH17-025 to test an interpreted NW

trending vein system. MGH17-031, drilled across the zone with oriented core drilling, returned

2.15g/t over 16.13m.

LC Zone target area

(

outside NI 43-101 resource)

Several drill holes were completed in the LC Zone and immediate strike extension along the

Destor

. Oriented core drilling has provided new information for

modeling of the LC Zone and support for t

wo distinct high grade mineralization lenses now interpreted to strike N/NW and W/SW.

The zone remains open and

contains additional high grade intercepts outside these mineralization lenses and follow up drilling is planned.

MGH17-030 was drilled southwesterly, a previously untested drill orientation, as a scissor hole to MGH17-015 and intersected

2.80g/t over 25.5m

including

6.22g/t over 7.50m

with several occurrences of visible gold, the most ever reported in the LC Zone, in a quartz stringer and veinlet zone within silicified porphyry.

Drill hole MGH16-011, drilled from the east side of the zone, returned

3.37g/t over 4.50m

with MGH17-015, drilled from the west side of the zone, returning

5.54g/t over 5.76m

MGH17-013/016/027 were step-outs to the east along strike with all drill holes intersecting gold. Drill hole MGH17-013 returned

1.30g/t over 22.00m

including

1.85g/t over 10.85m

. Similarly MGH17-016 returned

1.39g/t over 8.39m

, firming up the easterly continuity of the LC Zone mineralization. MGH17-027 was drilled

to define interpreted structures immediately west of MGH17-16 and returned

1.04g/t over 15.0m

Drill hole

From

Vertical

depth

Width

(1)

(2)

Location

Azimuth

Comments

(m)

(g/t)

MGH17-016

147.01

155.50

105

8.49

1.39

LC Zone

340

Syenite

incl.

149.00

149.75

0.75

6.32

MGH17-020

212.84

222.80

158

9.96

1.01

Destor West

Brecciated Grey Carbonate

incl.

219.11

222.80

3.69

2.07

MGH17-025

46.50

47.50

1.00

3.36

Twin Creeks

340

Ankerite Altered Ultramafic

MGH17-026

356.50

361.00

285

4.50

0.73

Twin Creeks

Grey Green Carbonate Breccia

MGH17-027

135.32

136.89

105

1.57

4.55

LC Zone

Feldspar Porphyry

147.00

162.00

15.00

1.04

MGH17-028

49.00

50.00

1.00

4.67

Twin Creeks

340

Altered Syenite

196.50

201.00

4.50

1.96

Green Carbonate Breccia

incl.

198.00

199.50

1.50

4.98

MGH17-030

201.00

226.50

140

25.50

2.80

LC Zone

192

Altered Feldspar Porphyry

incl.

207.00

214.50

7.50

6.22

213.00

214.50

1.50

18.30

and

223.50

225.00

1.50

6.14

366.00

372.00

6.00

1.13

397.68

398.79

1.11

2.80

MGH17-031

275.09

276.26

210

1.17

6.41

Twin Creeks

Green Carbonate Breccia

316.49

332.62

16.13

2.15

As above with Quartz veining

incl.

323.25

324.26

1.01

4.48

and

328.56

329.41

0.85

4.53

346.00

352.00

6.00

2.68

Sericite Altered Ultramafic Volcanic

incl.

349.92

350.97

1.05

5.53

372.42

374.21

1.79

1.97

Altered Mafic Volcanic

MGH17-032

233.00

235.00

180

2.00

1.83

Twin Creeks

340

Green Carbonate

MGH17-033

126.98

132.00

5.02

1.46

LC Zone

192

Altered Feldspar Porphyry

incl.

128.70

129.30

0.60

8.36

MGH17-034

194.63

194.99

145

0.36

6.63

LC Zone

192

Altered Feldspar Porphyry

289.00

293.00

4.00

1.21

302.00

311.45

9.45

1.14

341.00

352.00

11.00

1.03

incl.

347.62

352.00

4.38

1.67

(1)

Drilled widths are currently reported (true widths are not known at this time)

(2)

Metallic checks completed on all assays > 20.0 g/t

MGH17-017/018/020/021/022/024 all stepped southwesterly along strike of the LC Zone to test for interpreted parallel and cross-cutting structures, with all holes

intersecting anomalous gold values.

MGH17-024 intersected a series of quartz stringers with associated alteration and a visible gold occurrence in altered

porphyry

, while MGH17-21

intersected a 14 metre wide drilled width quartz vein. All d

rill holes intersected similar variably altered and brecciated syenite, feldspar

and

quartz feldspar

porphyry and mafic to ultramafic volcanics.

For a Plan

View of the LC Zone and Twin Creeks gold zones reported in this press release

, please click on the following link:

http://www.monetaporcupine.com/i/pdf/2017-05-30_NRM1.pdf

Drilling

with three contracted drill rigs i

s expected to continue at full capacity for the balance of the year once our new

Chief Geologist,

Gary O'Connor

, has

completed his review and possible modification of the drill program at Golden Highway. Drilling has been temporarily

delayed

since

mid-April 2017

due to a longer

than anticipated spring breakup (snow melt).

Moneta follows industry standard sampling (half sawn core samples with long term storage) and assaying procedures using accredited assay laboratories (SGS,

Activation) with standards and duplicates for QA/QC purposes. Unless otherwise noted all gold assay results are in g/t over drilled widths.

Rainer Skeries

, P.Geo,

a qualified person for the purposes of NI 43-101, has reviewed the technical information contained herein.

About Moneta

Moneta holds a 100% interest in 5 core gold projects strategically located along the Destor Porcupine Fault Zone in the world class

Timmins Camp

with over 85

million ounces of past gold production. The Golden Highway Project covers 12 kilometres of a highly prospective volcanic/sedimentary belt along the Destor

Porcupine Fault Zone and currently hosts a NI 43-101 resource estimate of 1,091,000 ounces indicated (31.1 Mt at 1.09 g/t Au) plus 3,204,000 ounces inferred

(83.3 Mt at 1.20 g/t Au), clustered within four kilometres.

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 statements concerning the closing of the Offering, the use of proceeds of the Offering, future performance of our

business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. 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 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: http://www.newswire.ca/en/releases/archive/May2017/30/c1098.html

%SEDAR: 00003301E

For further information:

Ian C. Peres, President & Co-CEO, 416-579-3040 (Toronto) / 705-264-2296 (Timmins), [email protected]

CO: Moneta Porcupine Mines Inc.

CNW 09:29e 30-MAY-17

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