Moneta Porcupine Mines Inc. - QwikReport

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Golden Highway Camp

Golden Highway Project

In Q4 2009, Moneta acquired the remaining 50% interest in the former Michaud Joint Venture and now owns a 100% interest in each of the 55 Zone and Western Zone and a 75% interest in Dyment 3 (press release December 8, 2009).

The Golden Highway Project ("Project") consists of a 100% interest in 665 claim units (approx. 10,600 hectares) concentrated in the Golden Highway Camp in Guibord, Michaud, Barnet, and Garrison Townships with additional property interests in Hislop, Guibord, Holloway, and Marriott Townships.

The Project covers mafic to ultramafic volcanic assemblages containing or bounded by sedimentary basins and straddles the Destor Porcupine Fault/Deformation Zone ("Destor"), the most prolific gold-bearing structure in the western Archean Abitibi Greenstone Belt in northeastern Ontario, and is located approximately 35 kilometres east along Highway 101 from Matheson.

Access to the Project is very good by way of an extensive network of logging and drilling roads of varying quality directly off paved Highway 101. Communications and power are available along Highway 101 and cell phone 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 centers for the mining industry.

The Project is surrounded by mill infrastructure: current production activity in the Golden Highway area is dominated by the Holloway-Holt Complex of St Andrew Goldfields ("St Andrew") located 25km to the east and the Black Fox operations of Apollo Gold located 25 km to the west.

In Q4 2009 the Holt Mill, owned by St Andrew, completed a custom milling arrangement with Apollo Gold Corporation processing approximately 110,000 tonnes. Thereafter, and also in Q4 2009, St. Andrews commenced production on the Blacktop Zone of the Holloway Mine at a rate of approximately 1,000 tonnes per day.

Past production from the Holt-McDermott Mine is 1.37 million ounces gold production to 2004/2006 (from 7.28 million tonnes grading 5.84 g/t) and the Holloway Mine is 930,000 ounces gold production to April 2006 (from 4.94 million tonnes grading 5.87 g/t). The Holt-McDermott Mine was developed and operated by Barrick Gold, and placed on care and maintenance in 2004, to be subsequently sold to Newmont Canada. The Holloway-Holt Mine Complex including surrounding mining lands were sold to St Andrew Goldfields in late 2006.

The Project hosts two distinctive geological settings or parallel corridors: the Northern Corridor consisting of volcanics and local felsic intrusives, and the Southern Corridor defined by Timiskaming sediments and iron formation. An extensive digital geological database covering the area has been built and is updated and refined on an ongoing basis facilitating Moneta's activities on the Golden Highway Project.

The Northern Corridor has similarities to the volcanics setting of the Holloway Mine and potential to host Lightning Zone type gold mineralization, approximately 20 kilometres east along the Destor. Lightning Zone type mineralization is hosted in pyritic sericite/albite altered variolitic Fe tholeiite in contact with ultramafics. It hosts the Windjammer North, Landing, Twin Creeks and Last Chance zones.

The Southern Corridor is well defined by the belt of Timiskaming sediments trending along the Destor and includes most of the gold mineralization discovered to date on the property. This corridor has a strike length of approximately 12 kilometres crossing Michaud and continuing north-easterly into Garrison Townships. It hosts the Windjammer South, Southwest, 55, Dyment3, and Western and gold zones.

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Windjammer South

The Windjammer South zone hosts a NI 43-101 resource estimate, completed by D. George Cargill, Ph.D. P.Eng., ("Cargill"), of 305,379 indicated plus 211,951 inferred ounces of gold.

Cut-Off Grade (g/t Au)	Category	Tonnes	Grade (g/t Au)	Oz Au
0.7	Indicated	7,786,000	1.22	305,379
0.7	Inferred	5,834,000	1.13	211,951

Southwest Zone

The Southwest Zone has an inferred historical resource of 624,500 ounces gold (non NI 43-101 compliant) as modeled by Barrick Gold (2003 - 2004 Drilling Report On The Michaud Gold Property Michaud Township, Ontario, by Henry M. Meixner, P.Geo. April 8, 2004 filed by Moneta on SEDAR, April 22, 2005).

Cut-Off Grade (g/t Au)	Non 43-101 Compliant	Tonnes	Grade (g/t Au)	Oz Au
3.0	Historical inferred resource	3,250,000	5.98	624,500

Detailed information on the Golden Highway Project is available on SEDAR and referenced as follows;

Geological Report On The Michaud Gold Property Michaud Township, Ontario, by Henry M. Meixner, P.Geo. , dated November 5, 2001;
2002 Drilling Report On The Michaud Gold Property Michaud Township, Ontario by Henry M. Meixner, P.Geo. , dated March 28, 2003;
2003-2004 Drilling Report On The Michaud Gold Property Michaud Township, Ontario, by Henry M. Meixner, P.Geo., dated April 8, 2004, filed by Moneta on SEDAR April 22, 2005;

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This page was created on Tue Sep 7, 2010 at 10:23:06 AM Pacific Time.