More Ounces Toronto, Ontario--(Newsfile Corp. - September 3, 2020) - Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) ("Moneta" or the "Company") is pleased to announce the results from historical drilling along the new South Basin trend, including the South BIF target, on the Company's Golden Highway Project, 110 km east of Timmins, Ontario (Figure 1).
Highlights:
Historical drilling along the new South Basin trend on the southern margins of the regional sedimentary basin has confirmed significant gold mineralization:
- MSW10-270: Intersected 2.20 metres "m" @ 15.76 grams per tonne "g/t" including 0.60 m @ 39.63 g/t Au
- MSW10-267: Intersected 7.09 m @ 2.76 g/t Au including 1.00 m @ 6.79 g/t Au
- MGH18-093: Intersected 3.00 m @ 3.28 g/t Au including 1.00 m @ 7.03 g/t Au
- MGH18-093A: Intersected 10.00 m @ 2.11 g/t Au including 1.00 m @ 4.46 g/t Au
- Historical drilling has confirmed gold mineralized veins over 1.2 kilometre "Km" of strike length, east of South BIF along the South Basin trend
"We are excited to have discovered additional significant gold mineralization results on the South Basin trend from historical drilling," commented CEO, Gary O'Connor. "We have intersected mineralized gold veins over 1.2 km of strike length on the southern margins of the basin east of the recently recognized favourable BIF A host contact in numerous historical drill holes. The gold occurs south of and as possible extensions of the Westaway/West Block and South West gold deposits. The assay results are from previously un-released assays which have not been used for historical resource estimates. The South Basin represents a new regional trend of prospective ground at the Golden Highway Project where no systematic exploration has been conducted previously. We look forward to exploring the trend further."
The latest assay results are from ten (10) historical drill holes completed along the South Basin contact, and drill hole MGH20-148 which was drilled at the South BIF target in the recent winter 2019/2020 drill program. MGH20-148 successfully intersected significant mineralization adjacent to an occurrence of the favourable BIF A on the southern margins of the basin (see press release ME PR 09-2020 dated May 21, 2020; Drilling intersected 3.50 m @ 8.09 g/t Au, including 0.55 m @ 30.40 g/t Au). This prompted a review of the 10 historical drill holes which had tested the newly recognized trend. The drill assay intercepts from historical holes were not previously included in any historical resource estimate and represent a new mineralized trend.
South Basin Drill Results
The ten (10) historical drill holes reviewed were drilled over more than 1.2 km of strike length along the southern contact of the Timiskaming sedimentary basin primarily to test the depth extensions of the South West deposit located to the north. The newly recognized gold mineralization was intersected at shallower depths near the southern contact of the basin with the Lower Blake River mafic volcanic unit. The gold assay results intersected along the South Basin contact have not been included in any historical resource estimate and are now recognized to be new mineralized zones located in the same geological setting as the gold mineralization intersected recently in drill hole MGH20-148.
Please click on the link shown here for a complete table of all drill results.
https://www.monetaporcupine.com/south-basin/
Table 1: South Basin: Selected Significant Drill Results
| Hole | From | To | Length | Au |
| # | (m) | (m) | (m) | (g/t) |
| MGH13-078 | 94.00 | 105.70 | 11.70 | 1.79* |
| and | 102.50 | 105.70 | 3.20 | 3.40 |
| MGH17-077 | 610.00 | 611.00 | 1.00 | 5.29 |
| MGH18-093 | 168.00 | 173.00 | 5.00 | 2.08 |
| includes | 172.04 | 173.00 | 0.96 | 4.08 |
| MGH18-093 | 251.00 | 254.00 | 3.00 | 3.28 |
| includes | 251.00 | 252.00 | 1.00 | 7.03 |
| MGH18-093A | 151.75 | 154.00 | 2.25 | 2.08 |
| MGH18-093A | 164.00 | 174.00 | 10.00 | 2.11 |
| includes | 170.85 | 174.00 | 3.15 | 3.24 |
| includes | 172.00 | 173.00 | 1.00 | 4.46 |
| MGH18-094 | 168.00 | 171.50 | 3.50 | 2.11 |
| MGH20-148 | 378.50 | 382.00 | 3.50 | 8.09 |
| includes | 379.00 | 382.00 | 3.00 | 9.22 |
| and | 380.35 | 380.90 | 0.55 | 30.40 |
| MGH20-148 | 446.45 | 448.60 | 2.15 | 2.66 |
| includes | 446.45 | 446.90 | 0.45 | 4.72 |
| MSW10-267 | 284.90 | 285.32 | 0.42 | 3.22 |
| MSW10-267 | 453.54 | 460.63 | 7.09 | 2.76 |
| includes | 456.00 | 460.63 | 4.63 | 3.53 |
| includes | 456.60 | 457.60 | 1.00 | 6.79 |
| MSW10-268 | 581.00 | 583.60 | 2.60 | 2.56 |
| includes | 582.80 | 583.60 | 0.80 | 5.60 |
| MSW10-268 | 764.75 | 765.10 | 0.35 | 13.10 |
| MSW10-270 | 204.00 | 206.20 | 2.20 | 15.76 |
| includes | 204.40 | 205.60 | 1.20 | 25.97 |
| includes | 205.00 | 205.60 | 0.60 | 39.63 |
| MSW11-279 | 175.80 | 176.30 | 0.50 | 6.00 |
| MSW11-285 | 117.25 | 118.70 | 1.45 | 4.68 |
Intercepts are calculated using a 2.0 g/t Au cut-off unless noted (*), a maximum of 2m internal dilution and no top cap applied. All intercepts are reported as drill widths and estimated to be 50% to 95% of true width.
Drill hole MGH20-148 was drilled to test a section of the favourable coarse grain sandstone host located adjac