Moneta Confirms Additional Gold Mineralization from Historical Drilling at Tower Gold
Press Release
Toronto, Ontario–(April 11, 2023) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (“Moneta”) is pleased to announce assay results from the sampling of historical core not sampled by previous property owners on the Garrcon and JonPol deposits at the Tower Gold project, located in the Timmins Gold camp, Ontario. The sampling was conducted in addition to 76,000 metres (“m”) of infill and resource upgrade drilling completed on the 4.5 million (“M”) ounces (“oz”) indicated gold (“Au”) and 8.3 Moz inferred Au mineral resource estimate (see September 07, 2022 press release) at the Tower Gold project in 2022.
Assay Highlights:
Garrcon
- C06-02 intersected 18.00 metres “m” @ 1.87 grams per tonne “g/t” Au, including 2.00 m @ 2.89 g/t Au, and 2.00 m @ 9.93 g/t Au
- C06-04 intersected 18.50 m @ 1.58 g/t Au, including 10.00 m @ 2.19 g/t Au, including 2.00 m @ 4.61 g/t Au
- C06-04 intersected 14.00 m @ 2.01 g/t Au, including 2.00 m @ 6.24 g/t Au
- C06-02 intersected 18.00 m @ 1.10 g/t Au, including 6.00 m @ 1.75 g/t Au
JonPol
- N88-49 intersected 3.20 m @ 13.50 g/t Au, including 1.90 m @ 22.30 g/t Au
- N87-5 intersected 3.75 m @ 4.79 g/t Au, including 1.00 m @ 15.50 g/t Au
- N88-49 intersected 2.10 m @ 7.92 g/t Au
- N87-2 intersected 2.87 m @ 5.21 g/t Au
Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “The latest Garrcon and JonPol assay results from previously unsampled historical drill core, have confirmed the continuity and extensions of gold mineralized zones currently not included in the latest mineral resource estimate. These zones are currently included in the drill database with no grade and support no gold ounces in the current mineral resource model. The results have confirmed gold mineralization above the economic cut-off grade within the early production years of the economic open pit resources at Garrcon and JonPol as defined in the recent Preliminary Economic Assessment (‘PEA’). Extensions of good gold mineralization have also been intersected outside the resource and pit, suggesting the potential to expand the mineral resource and to extend the current mine life of the project. As we continue to de-risk and advance the Tower Gold project, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update prior to the planned Pre-Feasibility Study (‘PFS’).”
The latest assay results are from 6,025.4 m of previously unsampled sections of core from nineteen (19) historical drill holes completed between 1987 and 2021. An additional 60,000 m open pit resource infill and upgrade drilling program is scheduled for 2023. Additional assay results are still pending from the 2022 infill program and will be released upon receipt.
Figure 1: Tower Gold Project – General Location Map
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Table 1: Historical Core – Selected Significant Sample Results
| Deposit | Hole | From | To | Length | Au | (gram metres) |
| (Name) | (#) | (m) | (m) | (m) | (g/t) | (g/t x m) |
| GAR | C06-02 | 143.00 | 161.00 | 18.00 | 1.10 | 19.8 |
| includes | 155.00 | 161.00 | 6.00 | 1.75 | 10.5 | |
| GAR | C06-02 | 167.00 | 179.00 | 12.00 | 0.66 | 7.9 |
| GAR | C06-02 | 193.00 | 201.00 | 8.00 | 1.15 | 9.2 |
| includes | 197.00 | 199.00 | 2.00 | 2.59 | 5.2 | |
| GAR | C06-02 | 227.00 | 231.00 | 4.00 | 1.28 | 5.1 |
| GAR | C06-02 | 308.00 | 326.00 | 18.00 | 1.87 | 33.6 |
| includes | 312.00 | 314.00 | 2.00 | 2.89 | 5.8 | |
| and | 316.00 | 318.00 | 2.00 | 9.93 | 19.9 | |
| GAR | C06-02 | 401.00 | 403.00 | 2.00 | 2.88 | 5.8 |
| GAR | C06-04 | 128.00 | 138.00 | 10.00 | 0.94 | 9.4 |
| includes | 136.00 | 138.00 | 2.00 | 2.90 | 5.8 | |
| GAR | C06-04 | 178.00 | 192.00 | 14.00 | 2.01 | 28.1 |
| includes | 180.00 | 182.00 | 2.00 | 6.24 | 12.5 | |
| GAR | C06-04 | 214.00 | 218.00 | 4.00 | 1.47 | 5.9 |
| GAR | C06-04 | 219.50 | 222.50 | 3.00 | 4.70 | 14.1 |
| GAR | C06-04 | 242.50 | 248.00 | 5.50 | 1.42 | 7.8 |
| GAR | C06-04 | 249.00 | 253.00 | 4.00 | 2.02 | 8.1 |
| GAR | C06-04 | 254.00 | 272.50 | 18.50 | 1.58 | 29.2 |
| includes | 256.00 | 266.00 | 10.00 | 2.19 | 21.9 | |
| includes | 258.00 | 260.00 | 2.00 | 4.61 | 9.2 | |
| GAR | C06-08 | 186.00 | 190.00 | 4.00 | 1.32 | 5.3 |
| JP | N87-2 | 154.53 | 157.40 | 2.87 | 5.21 | 14.9 |
| JP | N87-5 | 76.70 | 80.45 | 3.75 | 4.79 | 18.0 |
| includes | 76.70 | 77.70 | 1.00 | 15.50 | 15.5 | |
| JP | N87-5 | 132.00 | 144.17 | 12.17 | 0.54 | 6.6 |
| includes | 138.00 | 140.00 | 2.00 | 1.23 | 2.5 | |
| JP | N87-14 | 131.00 | 136.45 | 5.45 | 0.98 | 5.4 |
| JP | N88-105 | 257.00 | 265.00 | 8.00 | 0.90 | 7.2 |
| JP | N88-105 | 302.00 | 312.00 | 10.00 | 1.13 | 11.3 |
| includes | 302.00 | 304.00 | 2.00 | 2.48 | 5.0 | |
| JP | N88-49 | 298.00 | 300.10 | 2.10 | 7.92 | 16.6 |
| JP | N88-49 | 301.80 | 305.00 | 3.20 | 13.50 | 43.2 |
| includes | 301.80 | 303.70 | 1.90 | 22.30 | 42.4 | |
| JP | N88-139 | 142.00 | 150.00 | 8.00 | 0.68 | 5.4 |
Note: Drill intercepts above 5 g/t Au x m are reported as significant intercepts. All intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 75% to 95% of true width.
Discussion of Historical Drill Core Sampling Results
The sampling of previously unsampled drill core from historical drill holes used in the current mineral resource estimate has infilled mineralized zones and confirmed continuity of mineralization in areas currently not attributed any gold ounces, due to the lack of gold assays as a result of the selective sampling procedures applied on the historical core. The current results from Garrcon and JonPol have the potential to connect and infill gold mineralized zones currently classified as waste in the PEA mine plan of the Tower Gold project. The sampling of historical core was completed as part of the 2022 exploration program and the current results are in addition to assays released from sampling of previously unsampled core (see January 12, 2023 press release) on the Windjammer and 903 deposits.
Figure 2: Garrcon and JonPol Historical Core: Sampling Results Location Map – Tower Gold
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Garrcon
A total of six (6) drill holes for 1,926.3 m of sampling of previously unsampled core from historical holes drilled between 1988 and 2021 was completed from the Garrcon deposit area. The Garrcon open pit currently hosts an indicated resource of 26.79 million tonnes (“Mt”) @ 1.01 g/t Au containing 872,000 oz gold and an inferred resource of 0.97 Mt @ 0.83 g/t Au containing 26,000 oz gold (see September 07, 2022 press release). The drill holes predominantly tested the gold mineralization associated with stockwork quartz veining hosted within Timiskaming age meta-sediments located between the Munro and Destor-Porcupine Fault Zone in the Garrison area.
Figure 3: Garrcon Historical Core: Sampling Results Cross Section – Tower Gold
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JonPol
Sampling and assaying of 4,099.1 m of previously unsampled core was completed from thirteen (13) historical holes drilled between 1987 and 2013 from the JonPol area. The JonPol open pit currently hosts an indicated resource of 8.90 Mt @ 1.34 g/t Au containing 383,000 oz gold and an inferred resource of 4.96 Mt @ 0.94 g/t Au containing 151,000 oz gold (see September 07, 2022 press release). The historical drill holes predominantly tested mineralized zones hosted within the Tisdale and Kid-Munro volcanics along the Munro fault, which is a splay from the regional Destor-Porcupine Fault.
Figure 4: JonPol Historical Core: Sampling Results Cross Section – Tower Gold
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Quality Control Procedures
NQ drill core is oriented and cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Bureau Veritas Commodities Ltd.
Qualified Person
Jason Dankowski (APEGM #35155), Vice President Technical Services & Geology for Moneta, who is a QP as defined by NI 43-101, has reviewed, and approved the technical contents of this press release.
About Moneta Gold
Moneta is a Canadian-based gold exploration company focused on advancing its 100% wholly owned Tower Gold project, located in the Timmins region of Northeastern Ontario, Canada’s most prolific gold producing camp. The September 2022, PEA study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach operation over a 24-year mine life, with 4.6 Moz of recovered gold, generating an after-tax NPV5% of $1,066M, IRR of 31.7%, and a 2.6-year payback at a gold price US$1,600/oz. Tower Gold hosts an estimated gold mineral resource of 4.5 Moz indicated and 8.3 Moz inferred. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource upgrade drilling program, while conducting all business activities in an environmentally and socially responsible manner.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO
416-357-3319
[email protected]
Ardem Keshishian, VP Corporate Development
416-471-5463
[email protected]
IBF4
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