moneta Porcupine and the Golden Highway Deposit, timmins, Ontario: a new vision and a rapidly expanding gold resource

By Gary O’Connor, Bsc, fausimm, CeO and Chief Geologist

Moneta Porcupine is rapidly advancing their South West deposit, the major focus of the Golden Highway Project near Timmins, Ont. The project is located on the Destor Porcupine Fault Zone (“DPFZ”), the most prolific Archean gold-bearing structure in the world that has historically produced over 80 million ounces of gold.

In 2017, Gary O’Connor was asked to evaluate the potential of Moneta’s 100-per cent owned Golden Highway Project. O’Connor, formerly vice-president of Dundee Resources, had previously evaluated the economic and investment potential of hundreds of projects including technical due diligence on resource projects across all continents covering gold, diamonds, base metals, energy metals, bulk commodities and uranium.

After reviewing and verifying Barrick Gold’s 1996 and 1997 resource models and all of the core samples which are catalogued and well-stored at their Timmins facility, Moneta was able to confirm that an economic deposit was quite likely and that underground mining could be more profitable in comparison to previous open pit mining strategies.

Moneta’s land position is one of the largest in the Timmins Camp after the three main gold producers, Newmont-Goldcorp, Kirkland Lake Gold and Pan American Silver, and includes the highly prospective Golden

Highway Project, which covers 12 kilometres of and contains four branches of the DPFZ.

The Golden Highway Project hosts a gold NI 43-101 Resource Estimate (November 2019) of 556,500 ounces indicated (3.8Mt at 4.53 g/t Au) plus 1,174,000 ounces inferred (8.5 Mt at 4.31 g/t Au). The property covers over 200 square kilometres and is adequate in size to support milling infrastructure. In addition, there are currently six existing mills within trucking distance that have excess capacity for toll milling. Indicated resources increased 58 per cent in 2019 and inferred resources increased by 40 per cent during the same period. Moneta’s 2020 resource expansion and exploration drill program at 18,000 metres is double the size of the drilling conducted in 2019.

The Timmins Camp has first-rate infrastructure with excellent off-highway access via an extensive network of logging and drilling roads. Communications and power are available along Highway 101 and cellphone coverage extends to the property. A skilled labour force for mining and exploration is available in Matheson, Kirkland Lake and Timmins. Timmins and Kirkland Lake are also major supply and service centres for the mining industry.

Moneta’s updated mineral resource was independently prepared by Micon International Limited in accordance with National Instrument 43-101 (“NI 43-101”), with an effective date of Nov. 15, 2019 and using a database current as of Oct. 14, 2019. The South West deposit has shown a significant improvement in size over the January 2019 resource estimate and remains open in all directions. Moneta has identified several new targets displaying the same style and tenor of gold mineralization within the Golden Highway Project, which were not included in this mineral resource update and are the focus of its current drill program. Moneta is also drilling the extensions of adjacent gold deposits within the Golden Highway Project.

sUMMarY

Moneta is one of only three junior mining companies that are exploring in the Timmins camp surrounded by major mining firms. Moneta is conducting an active drill program, which this year is twice the size of last year’s program.

Moneta is currently conducting a preliminary economic assessment (“PEA”) on the South West deposit due to be completed in the third quarter of 2020.

Due to the excellent infrastructure and short timeline to potential production, this is definitely one junior to keep your eye on. l

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