Toronto, Ontario–(Newsfile Corp. – December 10, 2020) –  Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) (“Moneta” or the “Firm”) is happy to supply an up to date mineral useful resource estimate for the 100% owned Golden Freeway Challenge, situated 100 km east of Timmins, Ontario. The replace relies on the newest drill program accomplished through the first half of 2020 (see Determine 1 and Desk 1).

Highlights of Up to date Golden Freeway Mineral Useful resource Estimate:

• 217% improve in complete contained gold (Au) to 2,144,200 ounces (oz) (mixed underground and open pit) within the indicated class on the Golden Freeway Challenge
• 141% improve in complete contained Au to three,335,300 oz (mixed underground and open pit) within the inferred class at Golden Freeway
• A maiden inferred underground useful resource of 661,900 ozat a grade of 4.71 grams per tonne (g/t) Au on the new Westaway/West Block discovery at a 3.00 g/t Au cut-off
• Whole indicated underground useful resource of 632,300 ozat a grade of 4.05 g/t Au on the Golden Freeway Challenge
• Whole inferred underground useful resource of two,128,100 ozat a grade of 4.21 g/t Au on the Golden Freeway Challenge
• Features a new open pit useful resource of 1,511,900 ozindicated at 0.93 g/t Au and 1,207,200 ozinferred at 1.10 g/t Au at Windjammer South and 55 at a 0.30 g/t Au cut-off

The up to date mineral useful resource was independently ready by Micon Worldwide Restricted in accordance with Nationwide Instrument 43-101 (“NI43-101“), with an efficient date of December 08, 2020 and utilizing a database present as of October 06, 2020. The Golden Freeway mission has proven a big enchancment in measurement over the September 2020 useful resource estimate and stays open. The vast majority of the brand new sources are attributed to the brand new Westaway excessive grade discovery and the definition of close to floor gold mineralization in open pits. Moneta has recognized a number of adjoining targets displaying the identical model and tenor of gold mineralization inside the Golden Freeway Challenge which weren’t included on this mineral useful resource replace and are the main target of the present drill program. Moneta can even be drill testing the extensions of the present gold deposits inside the Golden Freeway Challenge within the winter 2020/2021 drill program.

Gary O’Connor, CEO, commented; “We’re extraordinarily happy with the numerous improve within the measurement of the up to date Golden Freeway mineral useful resource estimate growing our indicated useful resource base by 217% to 2,144,200 ozand our inferred sources by 141% to three,335,300 oz, including a maiden useful resource at Westaway and open pit sources at Windjammer South and 55. Primarily based on the newest drill program accomplished in Q2, 2020 on the newly found Westaway/West Block deposit, we now have developed a brand new maiden underground useful resource of 661,900 ozinferred at a grade of 4.71 g/t Au. We now have additionally recognized and confirmed close to floor mineralized buildings at Windjammer South and 55 based mostly on the re-logging of historic core and confirmed in step out drill holes accomplished within the 2019/2020 winter drill program leading to new open pit sources of 1,099,300 ozindicated and 1,027,700 ozinferred at Windjammer South and 412,600 ozindicated and 179,500 ozinferred at 55. We additionally elevated the dimensions of the Discovery and Windjammer North underground deposits to 39,100 ozindicated and 191,200 ozinferred mixed. We’re assured of the power to proceed to extend the dimensions of the deposits and targets situated inside the mission. We now have mobilized drill rigs to check regional targets in addition to take a look at the extensions of the present sources in our winter 2020/2021 drill program.”

Desk 1: NI 43-101 Mineral Useful resource Estimate by Deposit- Golden Freeway Challenge

Notes:

1. Mineral Useful resource Estimates are reported at three completely different cut-off grades; 0.3 g/t Au for the floor mining state of affairs, 2.6 g/t Au for the South West PEA underground mine plan portion of the sources and three.00 g/t Au for the underground mining state of affairs. The cut-off grade was decided at a gold value of US$1,500 per ounce and an trade fee of USD$/CDN$ of 0.77.
2. The useful resource estimate is supported by statistical evaluation with completely different high-grade capping utilized to every of the deposits starting from 6.0 g/t Au to 37.0 g/t Au utilized on uncooked assays after which composited into one (1) metre composites.
3. The mineral sources introduced right here have been estimated with a block measurement of 10mx5mx10m using sub-blocks as required and constrained inside geological wire-frames with a minimal width of 1.50m. The cells are estimated by Extraordinary Kriging utilizing the suitable variogram mannequin of every construction with particular person search ellipsoids usually various from 60x50x20m to 150x100x20m inside every construction. The search ellipse was constrained to deciding on composites flagged to every vein.
4. The mineral sources introduced right here have been estimated by Micon Worldwide utilizing the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Requirements on Mineral Sources and Reserves definitions and tips.
5. Mineral sources which aren’t mineral reserves do not need demonstrated financial viability. The estimate of mineral sources could also be materially affected by environmental, allowing, authorized, title, market or different related points.
6. Indicated Mineral sources have been decided utilizing a 60 to 90 m search ellipse and a minimal of 4 drill holes, along with digitized clipping polygons outlining areas of contiguous drill spacing alongside strike and down dip.
7. The amount and grade of reported Inferred Sources are unsure in nature and there has not been enough work to outline these Inferred Sources as Indicated or Measured Sources.
8. There aren’t any historic underground voids from mining together with shafts, ramps or drifts in any of the deposit areas.
9. Tonnage estimates are based mostly on bulk densities individually measured and calculated for every of the deposit areas, averaging 2.77 tonnes per cubic metre for the entire useful resource. Sources are introduced as undiluted and in situ.
10. This mineral useful resource estimate is dated December 8, 2020. The efficient date for the drill-hole database used to supply this up to date mineral useful resource estimate is October 6, 2020. Tonnages and ounces within the tables are rounded to the closest thousand and hundred, respectively. Numbers might not complete on account of rounding.
11. A brand new NI 43-101 report is to be produced because the class of useful resource has modified by greater than 100%.
12. Westaway consists of the West Block deposit

Desk 2: NI43-101 Mineral Useful resource Estimate Comparability – December 2020 vs September 2020

Useful resource Growth
The mineral sources are constrained inside geological wire frames developed as the results of the winter 2019/2020 drill program mixed with re-logging and resampling of historic drill core. Two stacked vein units have been acknowledged and modelled inside the Timiskaming age clastic sediment host rocks, an earlier vast (as much as 50m) shallow dipping white quartz vein set related to specular hematite-chlorite alteration and a steeper increased grade and customarily narrower (as much as 30 m) set of usually gray quartz related to ankerite-albite-sericite-silica-pyrite alteration.

A complete of 26 extensional vein buildings have been modelled on the brand new Westaway/West Block deposit which stays open to the south and at depth. The vein buildings dip steeply to the south-west and are hosted inside Timiskaming age clastic sediments. No nicely developed flat mendacity veins units have been recognized at Westaway/West Block leading to an underground useful resource solely.

At Windjammer South and 55 geological wireframes have been developed for the high-grade steep vein set and the broader shallow dipping veins. For the useful resource estimate steep veins have been modelled with a minimal true thickness of 1.50 m and the flat veins with a minimal true thickness of 5.00 m. Underground sources at Windjammer South and 55 embody the sources which happen exterior the open pits and above 3.0 g/t Au constrained inside modelled geological wire frames. The strip ratio for the up to date open pit sources at Windjammer South and 55 was 6.3:1 and eight.5:1 respectively. There was no useful resource replace carried out at South West the place shallow dipping gold mineralization happens however haven’t been modelled and the place the Hole sequence of veins stay open to the south. The cut-off calculations are based mostly on the parameters listed in Desk 3 and Desk 4 beneath:

Desk 3: Golden Freeway Challenge, Parameters Used for Underground Mineral Useful resource Estimate

The calculated cut-off was beneath 3.00 g/t Au however this quantity was chosen for conservatism in reporting the underground mineral sources besides at South West the place a preliminary financial evaluation has established the cut-off grade at 2.60 g/t Au.

Desk 4: Golden Freeway Challenge, Parameters Used for Open Pit Mineral Useful resource Estimate

The calculated cut-off of 0.30 g/t Au was chosen in reporting the open pit mineral sources.

Moneta Exploration Plans
Moneta has commenced its winter 2020/2021 program, comprised of an preliminary 20,000 m of drilling, to check new exploration targets for gold mineralization potential, together with the Midway, Twin Creeks and South Basin targets, and to drill the useful resource growth potential of the brand new up to date useful resource the place it stays open, together with the Westaway/West Block deposit to the south and at depth, the Hole space of the South West deposit to the south, and the down plunge extensions of the Discovery deposit to the west.

Determine 1: Golden Freeway Challenge; Mineral Useful resource Location Map

Determine 2: Golden Freeway Challenge; Windjammer South Open Pit 

Determine 3: Golden Freeway Challenge; 55 Open Pit Cross Part View

Webcast Particulars
Administration will host a webcast and convention name to debate the outcomes of the useful resource replace on Friday December 11, 2020 at 11:00 am ET.

Convention name quantity
Toll Free Dial-In Quantity: (833) 772-0367
Worldwide Dial-In Quantity: (343) 761-2596

Webcast Hyperlink
https://onlinexperiences.com/Launch/QReg/ShowUUID=E9EEA06B-3A4E-4267-AD01-89510F9F2E2C

A replay of the convention name might be obtainable at 2:00 pm on the Firm’s web site and by calling (800) 585-8367 or (416) 621-4642

Additional particulars on the mineral useful resource replace and the entire useful resource replace research doc might be discovered on the Firm’s web site at www.monetaporcupine.com/investors inside 45 days and on sedar.com.

Certified Individuals
The technical content material of this press launch has been reviewed and accepted by B. Terrence Hennessey, P.Geo. of Micon Worldwide Restricted and Kevin Montgomery, P.Geo. of Moneta, who’re deemed certified individuals as outlined by Nationwide Instrument 43-101. Mr. Hennessey, P.Geo. of Micon is chargeable for the completion of the up to date mineral useful resource estimation.

QA/QC Procedures
All core drilling performed by Moneta is oriented. Drill core is lower with half despatched to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg break up pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g cost is Fireplace Assayed and analyzed utilizing an AAS end for Gold. Samples above 10.00 g/t Au are analyzed by Fireplace Assay with a gravimetric end and chosen samples with seen gold or high-grade mineralization are assayed by Metallic Display screen Fireplace Assay on a 1.00 kg pattern. Moneta inserts impartial licensed reference materials and blanks with the samples and assays routine pulp repeats and coarse reject pattern duplicates, in addition to finishing routine third-party test assays at Activation Laboratories Ltd.

About Moneta
The Firm holds a 100% curiosity in 6 core gold tasks strategically situated alongside the Destor-Porcupine Fault Zone within the Timmins Gold Camp with over 85 million ounces of previous gold manufacturing. The primary Golden Freeway Challenge covers 12 km of potential floor alongside the DPFZ of which 2 km hosts the September 2020 43-101 mineral useful resource estimate comprised of an indicated useful resource of 676,900 ounces gold contained inside 5.11 Mt @ 4.12 g/t Au and a complete of 1,386,600 ounces gold contained inside 10.78 Mt @ 4.00 g/t Au within the inferred class at a 2.60 g/t Au at South West and three.00 g/t Au cut-off for the opposite deposits. The brand new useful resource will replace September 2020 mineral useful resource estimate. A PEA research accomplished on the September 2020 South West Deposit, considered one of 6 deposits situated on the Golden Freeway mission, highlighted an 11-year mine life with an after-tax NPV5% of C$236MM, IRR of 30% and a 3.4 12 months payback, producing C$371MM LOM after-tax free money stream. The mission envisaged underground mining producing 76,000 ozpa at a money price of US$590/oz.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO
416-357-3319

Linda Armstrong, Investor Relations
647-456-9223

The Firm’s public paperwork could also be accessed at www.sedar.com. For additional data on the Firm, please go to our web site at www.monetaporcupine.com or electronic mail us at This electronic mail tackle is being shielded from spambots. You want JavaScript enabled to view it..

This information launch consists of sure forward-looking data and forward-looking statements, collectively “forward-looking statements” inside the which means of relevant Canadian securities laws. Ahead-looking statements are ceaselessly recognized by such phrases as “might”, “will”, “plan”, “count on”, “anticipate”, “estimate”, “intend” and comparable phrases referring to future occasions and outcomes. Ahead-looking statements embody, however are usually not restricted to data with respect to the longer term efficiency of the enterprise, its operations and monetary efficiency and situation such because the Firm’s drilling program and the timing and outcomes thereof; and the power of the Firm to finance and perform its anticipated targets and aims.

Ahead-looking statements are based mostly on the present opinions and expectations of administration. All forward-looking data is inherently unsure and topic to quite a lot of assumptions, dangers and uncertainties, together with the speculative nature of mineral exploration and improvement, fluctuating commodity costs, aggressive dangers and the supply of financing, as described in additional element in our current securities filings obtainable at www.sedar.com. Precise occasions or outcomes might differ materially from these projected within the ahead looking-statements and we warning towards putting undue reliance thereon. We assume no obligation to revise or replace these forward-looking statements.