Moneta Porcupine Mines Inc. (TSX:ME) (OTC:MPUCF) (XETRA:MOP) is pleased to provide an updated mineral resource estimate for the gold deposits within its 100% owned Golden Highway Project, located 110 km east of Timmins, Ontario (see Table 1).

Highlights of Updated Mineral Resource Estimate:

• A total of 383,400 ounces (oz) at a grade of 4.61 grams per tonne (g/t) Gold (Au) in the indicated category
• A total of 873,200 oz at a grade of 4.21 g/t Au in the inferred category
• Significant increase in the grade of the Golden Highway Project mineral resource estimate over previous estimates
• All new mineral resources reported are estimated using a cut-off grade of 3.00 g/t Au, assuming underground extraction
• The updated resource estimate is constrained within wireframes based on the new geological interpretation

The updated mineral resource was independently prepared by Micon International in accordance with National Instrument 43-101 effective January 16, 2019. A compliant technical report will be filed within 45 days of the date of this release. The deposits have shown a significant improvement in grade over the previous resource estimate and remain open. Moneta has identified several adjacent targets at surface displaying the same style and tenor of mineralization within the Golden Highway Project which were not included in this mineral resource update. 

Gary O’Connor, CEO & Chief Geologist commented, “We are encouraged by the significant increase in grade and the overall size of the updated mineral resource estimate based on the new geological interpretation for the Golden Highway Project. The program has been successful in defining higher value ounces in high-grade resources able to be extracted by underground methods. Previous resources were designed for large open pit extraction and not geologically constrained. The new initial resource will form an excellent basis to continue to expand and increase the quality of the resources. Most of the veins modelled remain open and are not fully drill defined. Internal high-grade plunging zones have been identified within veins that require drill testing. New near surface targets have been located with historical drilling which have intersected the same style of mineralization in numerous locations. We are confident of the ability to continue to increase the grade and size of the resource.”

Table 1: Mineral Resource Estimate by Deposit- Golden Highway Project

Table 2: Mineral Inventory Sensitivity by Cut-Off Grade- Golden Highway Project

Note: The mineral inventory used in the sensitivity analysis table at various cut-off grades have not been corrected to remove isolated blocks which do not have a reasonable chance of extraction. The removal of isolated blocks has been conducted for the mineral resource estimate reported at a 3.00 g/t Au cut-off (Table 1) resulting in a loss of 9.8% of tonnes and 7.6% of ounces from the mineral inventory at this cut-off grade.   

A total of 71 geological wireframes were constructed to constrain the resource estimate based on detailed geological and structural interpretation with a minimum true thickness of 1.50 m. The estimate only considered mineralized zones potentially minable by underground methods at a cut-off grade of 3.0 g/t Au. The cut-off calculation is based on the parameters listed in Table 3 below:

Table 3: Golden Highway Project, Parameters Used for Underground Mineral Resource Estimate

Figure 1: Golden Highway Project, Mineral Resource Location Map

http://www.monetaporcupine.com/i/maps/2019-01-17_NR-Fig1.jpg 

Figure 2: Golden Highway Project, Cross Section along BIF contact

http://www.monetaporcupine.com/i/maps/2019-01-17_NR-Fig2.jpg

Qualified Persons

The technical content of this press release has been reviewed and approved by B. Terrence Hennessey, P.Geo. of Micon International Limited and Gary O’Connor, FAusIMM of Moneta who are deemed qualified persons as defined by National Instrument 43-101. Mr. Hennessey, P.Geo. of Micon is responsible for the completion of the updated mineral resource estimation.

QA/QC Procedures

All core drilling conducted by Moneta is oriented. Half sawn drill core is sent to ALS Canada Inc. for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). 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 with the samples, as well as completing third-party check assays at Activation Laboratories Ltd.

About Moneta

The Company holds a 100% interest in 5 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, Kayorum and Denton projects. The Golden Highway Project covers 12 kilometres of prospective banded iron formation in contact with Timiskaming clastic sediments within a transgressive basin located along the DPFZ.