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Moneta Discovers New Gold Mineralization at Halfway with 500 Metre Step-Out Drilling

Press Releases

Toronto, Ontario – December 11, 2019 – Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) (“Moneta” or the “Company”) is pleased to announce the results from the first drill hole tesJng gold mineralizaJon on the new Halfway target located 500 m east of the updated November 2019 NI 43-101 mineral resource esJmate. The drilling is part of the 2019/2020 winter drill program currently underway on the Company’s Golden Highway Project, 110 km east of Timmins, Ontario, (see Figure 1).

Highlights:

New Halfway Target Drill Discovery

  • Drill discovery of new gold mineralized zones at Halfway target
  • Located 500 m east of Windjammer South and NI 43-101 resource es_mate
  • MGH19-123: New vein zone intersected 1.80 metres (“m”) @ 7.48 grams per tonne Gold (“g/t Au”) including 0.77 m @ 15.50 g/t Au at 210.20 m
  • MGH19-123: Second new vein intersected 1.50 m @ 3.13 g/t Au including 0.75 m @ 4.17 g/t Au at 232.00 m
  • MGH19-123: Third vein zone intersected 1.28 m @ 7.79 g/t Au at 288.00 m

Gary O’Connor, CEO & Chief Geologist commented, “We are pleased to have intersected mulJple zones of gold mineralizaJon at the new Halfway target returning results of up to 0.77 m @ 15.50 g/t Au from our first drill hole. The Halfway target is located 500m east of the updated November 2019 Resource EsJmate and is hosted within the same geological sebng. Our recently announced drill program to test the new Halfway and Westaway targets as well as drill test the resource expansion potenJal at West Block (South West), 55 and Windjammer South deposits is ongoing and will conJnue over the winter”.

The latest assay results are from the first drill hole, MGH19-123 from the 2019/2020 winter drill program drilled to a depth of 501.00 m at the Halfway Target to test the potenJal of historical high-grade gold intercepts. The first drill hole was drilled to test the up-dip and southern extensions of the previously intersected mineralized vein zones.

Halfway Target Drill Results

Drill Hole MGH19-123 was drilled to follow-up on historical drill hole MJ11-43 which intersected 3.25 m

  • 87 g/t Au at 410.75 m drill depth, including 2.30 m @ 11.74 g/t Au and including 1.47 m @ 16.86 g/t Au (see press release ME-PR-18-2018 dated December 05, 2018). The hole was designed to test and confirm the occurrence of a mineralized vein system 500 m east of Windjammer South. The drill hole intersected a number of structural zones with varying vein density and intensity. Three (3) main structural zones intercepted zones of 7.70 m @ 2.02 g/t Au including 1.80 m @ 7.48 g/t Au, including 0.77 m @ 15.50 g/t Au at 210.20 m drill depth, 6.50 m @ 1.46 g/t Au including 1.50 m @ 3.13 g/t Au including 0.75 m @ 4.17 g/t Au at 232.00 m drill depth and 1.28 m @ 7.79 g/t Au at 288.00 m drill depth.

Table 1: “55” and Windjammer South: Selected Significant Drill Results

Hole From To Length Au Vein
(#) (m) (m) (m) (g/t) (Name)
MGH19-123 210.20 217.90 7.70 2.02 New
includes 210.20 212.00 1.80 7.48 New
includes 211.23 212.00 0.77 15.50 New
MGH19-123 232.00 238.50 6.50 1.46* New
includes 235.00 236.50 1.50 3.13 New
includes 235.00 235.75 0.75 4.17 New
MGH19-123 288.00 289.28 1.28 7.79 New

Intercepts are calculated using a 2.0 g/t Au cut-off unless noted (*), a maximum of 2m internal dilu?on and no top cap applied. All intercepts are reported as drill widths and es?mated to be 70% to 85% of true width.

Halfway Target

The Halfway target is located within a similar geological sebng as the South West, 55 and Windjammer South deposits (See Figure 1). Gold mineralizaJon is seen to occur as a series of mineralized vein structures which occur adjacent to the regional Timiskaming age banded iron formaJon “A” unit (“BIF-A”) and hosted within an overlying briile coarse grain sandstone. The mineralized quartz-pyrite veins occur as extensional vein structures associated with ankerite-sericite-silica-pyrite alteraJon haloes. The veins appear to be oriented ENE-SSW and dip steeply to the west.

Figure 1: Halfway Target Loca_on Map- Golden Highway Project

Figure 2: Halfway: Schema_c Geology Cross-Sec_on

Table 2: Drill Hole Details

Hole EasJng Northing ElevaJon Azimuth InclinaJon Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH19-123 572570 5370532 356 70 -55 501.00

QA/QC Procedures

All core drilling conducted by Moneta was 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 mineralizaJon are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent cerJfied reference material and blanks with the samples and assays rouJne pulp repeats and coarse reject sample duplicates, as well as compleJng third-party check assays at AcJvaJon Laboratories Ltd. Gary O’Connor, FAusIMM is a qualified person under NI 43-101 and has reviewed and approved the contents of this press release.

About Moneta

The Company holds a 100% interest in 6 core gold projects strategically located along the Destor-Porcupine Fault Zone in the Timmins Gold Camp with over 85 million ounces of past gold producJon. The projects consist of the Golden Highway, North Tisdale, Nighthawk Lake, DeSanJs East, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospecJve ground along the DPFZ of which 4 km hosts the current 43-101 mineral resource esJmate comprised of an indicated resource of 556,500 ounces gold contained within 3.82 Mt @ 4.53 g/t Au and a total of 1,174,000 ounces gold contained within 8.47 Mt @ 4.31 g/t Au in the inferred category at a 3.00 g/t Au cut-off.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Gary V. O’Connor, CEO

416-357-3319

Ian C. Peres, President

416-579-3040

The Company’s public documents may be accessed at www.sedar.com. For further informaJon on the Company, please visit our website at www.monetaporcupine.com or email us at [email protected].

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