Moneta Porcupine to start drilling Golden Highway Project

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Moneta Porcupine Mines Inc. [ME-TSX; MPUCF-OTC; MOP-XETRA] will start drilling on the Golden Highway Project, located 110 km east of Timmins, Ontario. Moneta holds a 100% interest in six 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, DeSantis East, Kayorum and Denton projects.

Gary O’Connor, CEO and Chief Geologist, said, “We are encouraged by our enhanced understanding of the geology of the Windjammer South and 55 deposits where we have identified the potential to expand the current resources. The new drill program will test the resource expansion potential at 55 and Windjammer South which occur adjacent to the South West, where we are currently updating the resource based on our 2019 (9,600 m) drill program.”

He added, “The current drill program will also test the Westaway and Halfway targets where mineralization was intersected historically and will target the area between West Block and Westaway which remains open. We look forward to drilling the expansion potential of our resources and to test new areas of mineralization. In addition, we will be releasing the updated South West resource estimate by the end of November.”

The planned drill program consists of an initial 10,000 metres to test the new resource potential and occurrence of mineralization at new targets, with additional drilling planned as warranted.

The Windjammer South Deposit hosts 0.35MM tonnes grading 4.19 g/t gold containing 34,500 ounces in the indicated category and 0.17MM tonnes at 4.59 g/t gold containing 25,500 ounces in the inferred category. The current drill program is designed to test newly identified potential both down-dip and up-dip of the current resource.

The “55” Deposit hosts 0.22MM tonnes of 5.11 g/t gold containing 35,400 ounces in the indicated category and 0.33MM tonnes of 4.31 g/t gold containing 45,300 ounces in the inferred category. Drilling is planned to test the depth and strike extensions of newly defined potential.

At the West Block Extensions, drilling conducted in the 2019 program intersected new veins which will not be included in the new resource update due to insufficient data.

This includes the WB-10 vein drilled in hole MGH19-121 which intersected 1.05 metres of 18.25 g/t gold. Drilling will test the continuity of the new veins and test for additional mineralization located between West Block and Westaway.

Drilling at the Westaway target is to test the newly interpreted mineralization potential intersected in historical drilling which returned up to 6.30 metres of 5.80 g/t gold, including 1.50 metres of 10.42 g/t gold in hole MN-96-178.

Drilling at Halfway is designed to test the mineralization potential intersected in historical hole MWJ11-43 which intersected 3.25 metres of 8.87 g/t gold, including 2.30 metres of 11.74 g/t gold.


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