Drilling intersected gold mineralisation in the Halfway, Halfway Lake and East Fold target areas over a 1.6km strike length to the east of Golden Highway.

Highlights included 10m grading 2.85 grams per tonne at Halfway, which is outside the Windjammer open pit and up to 400m east of the current resource. Drilling at Halfway Lake, up to 700m east of the Windjammer South resource intersected 10m grading 0.47g/t, while drilling at East Fold, up to 1.6km east of current resources, intersected 12.40m grading 1.13g/t.

"The results highlight the potential to continue to add gold resources beyond our current open pit hosted resources over a significant strike length," said Moneta Porcupine Mines president and CEO, Gary O'Conner.

The Windjammer South open pit resource hosts 1.1 million ounces of indicated resources and 1Moz of inferred resources within the global Golden Highway resource of 2.7Moz indicted and 2.8Moz inferred.

Moneta is in the process of acquiring the neighbouring Garrison project from O3 Mining which would bring its our total resource endowment to 4Moz indicated and 4.4Moz inferred.

Shares in Moneta Porcupine Mines are trading at C36c, valuing the company at $125 million.