Moneta Porcupine (ME-T) achievements in 2019 and plans for 2020
Apr 21, '20
Moneta Porcupine progress throughout 2019 and our plans for continuing to advance our flagship asset, the Golden Highway Project located in the prolific high-grade gold mining camp of Timmins, Ontario.
Moneta is one of only three junior mining companies located in the district with a large land position, advancing resources to production and the only company with an active drilling program.
2019 HIGHLIGHTS
Ø Completed financings for proceeds of $6.2M. Mr. Eric Sprott increases holdings of Moneta to 9%
Ø Strong balance sheet at the end of 2019 - $4.7M and no debt or royalties
Ø Completed a 10,000 metre drill program that expanded total resources by 58% in the indicated category and by 40% in the inferred category.
Ø Current resource at South West increased by 473,800 gold ounces in 2019 (+173,100 ounces indicated and +300,700 ounces inferred). This resource is now demonstrating economic scale to be strongly considered as a stand-alone operation.
Ø Signed and executed an exploration agreement with Wahgoshig First Nations
Ø Environmental base-line study commenced
2020 Plans & Objectives
Ø 2020 drill program has been completed and is almost double the size of our 2019 program at 18,000 metres
Ø Assay results are pending and will be announced as soon as available in the coming weeks
Ø Commenced Preliminary Economic Assessment study on the South West deposit which will be completed in 2020
Ø Drill the extensions of West Block resource to the west
Ø Drill the resource expansion potential at “55” and Windjammer South deposits
Ø Test new Halfway and Westaway targets: Discovered gold mineralization at both targets
Ø Test new exploration targets
Ø Update the metallurgical gold recoveries: Improved gold recoveries (94%-95.5%)
Ø Continue to de-risk project
Ø Update new resources as required: 55, Windjammer south and new Westaway discovery
Ø Moneta also holds a 50% stake in the Garrison JV with Kirkland Lake Gold in the Golden Highway Camp
I am also pleased to enclose the B-TV interview that I conducted at the PDAC this year which highlights the advancements of the company. This interview will be broadcast on several financial and investor websites in the coming days and weeks. In addition, the interview will be aired on Business News Network – BNN in the coming months.
I thank you for your interest in our company and appreciate the loyalty of our shareholders.
Regards,
Gary O’Connor
CEO and Chief Geologist
416-357-3319
Regards,
Linda Armstrong, BA, CPIR
Investor Relations
Moneta Porcupine Mines Inc.
65 Third Avenue, Timmins, Ontario, P4N 1C2, Canada
Cell: (647) 456-9223
E-Mail: larmstrong@monetaporcupine.com
Website: www.monetaporcupine.com
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