Moneta drills 1.6 metres of 14.98 g/t gold at new mineralized zone at Golden Highway Project

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Moneta Porcupine Mines Inc. [ME-TSX; MPUCF-OTC; MOP-FSE] announced results from three additional drill holes testing new gold-mineralized zones and vein extensions south of the West Block deposit beyond the updated November, 2019, NI 43-101 mineral resource estimate. West Block is located 1 km west of the company’s main gold deposit at South West, which is currently undergoing a preliminary economic assessment study with results to be released later in 2020. The drill holes are part of the 2019/2020 winter drill program on the company’s Golden Highway Project, 110 km east of Timmins, northeastern Ontario.

Drilling intersected new gold mineralization to the south of and confirmed the extensions of mineralized veins at West Block.

New areas of gold mineralization were confirmed over 300 metres south of West Block and confirmed depth extensions of veins by 200 metres in drilling west of and below the current resource.

Hole MGH20-156 intersected 1.6 metres of 14.98 g/t gold, including 0.9 metres of 21.3 g/t gold, intersecting new gold mineralization over 300 metres south of West Block. The hole also intersected kimberlite, the host rock of diamonds, from 69.30 to 95.20 metres, although any diamond potential would need more exploration.

Hole MGH20-137 intersected 3 metres of 4.03 g/t gold, including 2 metres of 5.49 g/t gold, extending the strike length of veins to the south and 200 metres to depth at West Block.

Hole MGH20-152 intersected 3.27 metres of 3.51 g/t gold, including 1.49 metres at 7.19 g/t gold, intersecting new gold mineralization over 200 metres to the south of West Block.

“Our latest drill program at West Block has intersected new gold mineralization and successfully extended gold-mineralized veins to the south in step-out holes over large distances,” commented CEO Gary O’Connor. “We have intersected new gold mineralization south of the gabbro and BIF ‘C’ units, which has added significantly to the strike potential in an area not previously included in the resource model. The 2019/2020 winter drill program continues to be successful at intersecting new areas of gold mineralization as well as expanding our resources at Windjammer South and West Block including the extensions of the new discovery at Westaway.”

The 2019/2020 winter drill program consisting of 36 holes for 18,159 m was successfully completed with the processing and assaying of core continuing under COVID-19 work safety protocols. The drill results for additional step-out holes at Westaway and the 55 deposit are still pending and will be released once received.

Moneta Porcupine has 100% interests in six gold projects 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, DeSantis East, Kayorum and Denton projects.

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