Moneta Extends GOLD Mineralization ON the Discovery Deposit at Golden Highway
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NEWS RELEASE – 08/2021 Symbol: TSX: ME FOR IMMEDIATE RELEASE
MONETA EXTENDS GOLD MINERALIZATION ON THE DISCOVERY DEPOSIT AT
GOLDEN HIGHWAY
Toronto, Ontario – April 29, 2021 - Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP)
(“Moneta”) is pleased to announce th e results from drilling on the extensions of the Discovery Deposit
outside of the current NI 43-101 resource. The drill holes were drilled as part of the expanded 2020/2021
winter drill program on the Golden Highway Project, 100 kilometres (“km”) east of Timmins, Ontario.
Highlights:
Drilling has intersected significant gold mineraliz ation to extend the NI 43 -101 underground gold
resource estimate at Discovery:
• MGH20-165, located up-dip of the current Discovery resource:
o Intersected 13.00 m @ 1.80 grams per tonne “g/t” gold “Au”, including 3.00 m @ 3.34
g/t Au, including 1.00 m @ 4.05 g/t Au
o Intersected 4.00 m @ 2.70 g/t Au, including 2.00 m @ 4.25 g/t Au, including 1.00 m @
5.63 g/t Au
• MGH20-166, located west and up-dip of the current Discovery gold resource:
o Intersected 7.00 m @ 2.06 g/t Au, including 1.00 m @ 3.91 g/t Au
• MGH20-167, located west and down plunge of the current Discovery resource:
o Intersected 20.40 m @ 0.89 g/t Au, including 0.90 m @ 2.39 g/t Au
• MGH20-171, located 500 m west of the current Discovery resource:
o Intersected 6.50 m @ 1.30 g/t Au, including 2.70 m @ 2.28 g/t Au, including 1.00 m @
4.55 g/t Au
“We are pleased to be continuing to intersect new gold mineralization outside of our current gold
resources with our latest drilling ,” commented CEO, Gary O’Connor . “The drilling has intersected
extensions of gold mineralization at Discovery , located on the northern splay of the Destor Porcupine
Fault Zone, north of the South West underground resource and Windjammer South open pit deposit.
Significant gold mineralization has been intersected up to 500 m west, 150 m east and up to 100 m below
the current Discovery resource . The drill results highlight the opportunity to continue to expand the
underground resources at Discovery. The adjacent Discovery and Windjammer North underground
resources currently contain 39,100 ounces gold in the indicated category and 191,200 ounces of gold in
the inferred category at a 3.0 g/t Au cut-off, within a total project gold resource endowment of 3,967,000
ounces gold indicated and 4,399,000 ounces gold inferred.”
The latest assay results are from seven (7) drill holes, including one hole extension, for a total of 2,680.0
m of drilling , completed as part of the current 70,000 m 2020/2021 winter drill program . The seven
reported holes were targeting extensions of the Discovery resource that occurs north of the current
Windjammer South and South West resources. Drilling was focussed on extending the mineralization to
the west and east as we ll as at depth. The resource expansion drill program is continuing on the
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Westaway, 55 Zone, South West, Windjammer South and new Halfway areas and further results are
pending.
Discussion of Discovery Drill Results
Seven (7) drill holes, including one drill hole extension, were drilled to test the extensions of the Discovery
deposit located north of the South West and Windjammer South deposits. The holes successfully tested
the eastern, western and depth extensions of gold mineralization w ithin carbonate altered and quartz
veined ultramafic volcanic rocks.
Drill hole MGH20-163 was collared 100 m east and up -dip of the current Discovery resource and
intersected zones of gold mineralization of up to 5.75 m @ 1.05 g/t Au including 0.85 m @ 4.06 g/t Au,
and 1.00 m @ 1.41 g/t Au. The drilling confirmed the eastern and up-dip extensions of the Discovery gold
mineralization. Drill hole MGH20-165 was drilled 50 m up-dip of the current mineralization at Discovery
and intersected up to 13.00 m @ 1.80 g/t Au, including 3.00 m @ 3.34 g/t Au, including 1.00 m @ 4.05 g/t
Au and 4.00 m @ 2.70 g/t Au, including 2.00 m @ 4.25 g/t Au, including 1.00 m @ 5.63 g/t Au. The drill
holes extended mineralization up-dip of the current resource.
Drill hole MGH20-166 was drilled over 50 m above the current resource at Discovery and intersected up
to 7.00 m @ 2.06 g/t Au including 2.85 m @ 3.06 g/t Au, and 1.00 m @ 3.91 g/t Au. Drill hole MGH20-167
was drilled to extend the down plunge extensions of the resource to the west by over 1 00 m and
intersected up to 20.40 m @ 0.89 g/t Au including 0.90 m @ 2.39 g/t Au.
Drill hole MGH20-171 was drilled to test the extensions of mineralization 500 m west of the Discovery
resource and intersected up to 6.50 m @ 1.30 g/t Au including 2.70 m @ 2.28 g/t Au, and 1.00 m @ 4.55
g/t Au.
Table 1: Selected Significant Drill Results
Hole From To Length Au
(#) (m) (m) (m) (g/t)
MGH20-163 276.00 281.75 5.75 1.05
includes 280.90 281.75 0.85 4.06
MGH20-163 330.00 331.00 1.00 1.41
MGH20-165 200.00 213.00 13.00 1.80
includes 207.00 210.00 3.00 3.34
includes 207.00 208.00 1.00 4.05
MGH20-165 224.00 228.00 4.00 2.70
includes 224.00 226.00 2.00 4.25
includes 225.00 226.00 1.00 5.63
MGH20-166 158.00 165.00 7.00 2.06
includes 160.15 163.00 2.85 3.06
includes 162.00 163.00 1.00 3.91
MGH20-167 220.00 240.40 20.40 0.89
includes 238.60 239.50 0.90 2.39
MGH20-167 437.57 439.42 1.85 1.02
includes 438.55 439.42 0.87 1.74
MGH20-167 580.30 584.00 3.70 0.87
includes 582.00 584.00 2.00 1.23
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MGH20-170 411.00 412.00 1.00 1.81
MGH20-171 352.00 353.00 1.00 3.05
MGH20-171 293.50 300.00 6.50 1.30
includes 297.30 300.00 2.70 2.28
includes 299.00 300.00 1.00 4.55
Intercepts are calculated using a 1.00 g/t Au cut-off, a maximum of 3m internal dilution and no top cap
applied. All intercepts are reported as drill widths and estimated to be 75% to 95% of true width.
Figure 1: Location Map- Golden Highway Project
Table 2: Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH20-163 572150 5370950 330 50 -55 348.0
MGH11-58X 571908 5370644 333 339 -53 291.0
MGH20-165 571876 5370892 334 340 -55 300.0
MGH20-166 571678 5370871 333 340 -55 298.0
MGH20-167 571813 5370615 336 340 -60 630.0
MGH20-171 570954 5370522 325 300 -60 408.0
MGH21-173 570828 5370447 325 300 -60 405.0
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Figure 2: Discovery Deposit - Drill Hole Locations
Figure 3: Discovery Deposit - Long Section
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QA/QC Procedures
All core drilling conducted by Moneta is 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 accredited
laboratory. 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, as well
as completing routine third-party check assays at Activation Laboratories Ltd. Kevin Montgomery , P.Geo. is a
qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.
About Moneta
Moneta is a Canadian based gold exploration company focussed on the Timmins Gold Camp in Ontario.
The Company’s flagship project, covering the Golden Highway and Garrison Gold deposits, is located 100
km east of Timmins and hosts a total indicated resource of 3,967,000 ounces contained gold and a total
inferred resource of 4,399,000 ounces contained gold. The project includes a total of 3,335,000 ounces of
open pit indicated resources contained within 116.7 Mt @ 0.89 g/t Au and 2,270,000 ounces of open pit
inferred resources contained within 79.4 Mt @ 0.89 g/t Au , at a cut-off grade of 0.30 g/t Au. The project
also includes 632,000 ounces of indicated underground resources contained within 4.9 Mt @ 4.05 g/t Au
and 2,129,000 ounces of inferred underground resources within 15.7 Mt @ 4.21 g/t Au , at a 2.60 g/t Au
cut-off grade at South West and 3.00 g/t Au cut-off grade at the other underground deposits.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO
416-357-3319
Linda Armstrong, Investor Relations
647-456-9223
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 statem ents 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.