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Moneta Confirms Significant Gold Mineralization from Historical Drilling at Tower Gold

Press Release

Toronto, Ontario–(January 12, 2023) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (“Moneta”) is pleased to announce assay results from the sampling of historically drilled, but never assayed, core from fifty-five (55) drill holes on the Windjammer and 903 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.

Drilling Highlights:
903

  • 903-13-05 intersected 21.75 m @ 1.23 grams per tonne “g/t” Au, including 4.50 m @ 3.85 g/t Au, including 1.50 m @ 6.20 g/t Au
  • OSK-G16-305 intersected 27.70 m @ 0.82 g/t Au, including 10.00 m @ 1.28 g/t Au, including 2.00 m @ 2.92 g/t Au
  • 903-13-05 intersected 24.00 m @ 0.73 g/t Au, including 14.00 m @ 1.09 g/t Au, including 2.00 m @ 2.44 g/t Au
  • 903-13-04x intersected 21.00 m @ 0.55 g/t Au, including 2.00 m @ 1.94 g/t Au
  • GE88-14 intersected 6.00 m @ 1.27 g/t Au, including 2.00 m @ 2.29 g/t Au
  • GE88-14 intersected 1.37 m @ 5.20 g/t Au

Windjammer

  • MWJ08-14x intersected 28.00 m @ 0.51 g/t Au, including 10.00 m @ 0.71 g/t Au, including 1.50 m @ 2.00 g/t Au
  • MWJ11-59 intersected 28.00 m @ 0.50 g/t Au, including 1.60 m @ 5.93 g/t Au
  • MWJ11-59 intersected 44.00 m @ 0.32 g/t Au, including 18.00 m @ 0.47 g/t Au
  • MWJ12-79 intersected 8.00 m @ 1.00 g/t Au, including 2.00 m @ 3.65 g/t Au
  • WJ88-18x intersected 8.00 m @ 0.62 g/t Au, including 1.50 m @2.87 g/t Au
  • MI-91-148x intersected 5.50 m @ 0.79 g/t Au, including 2.00 m @ 1.37 g/t Au

Gary O’Connor, Moneta’s President and Chief Executive Officer, commented, “These Windjammer and 903 assay results from historical drill core, not previously sampled, confirm the continuity and extensions of the current mineral resource estimate, updated in September 2022. These drill hole zones intercepts 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 continuous gold mineralization within the economic open pit mineral resources at Windjammer and 903 as defined in the recent Preliminary Economic Assessment (“PEA”) and will support additional gold ounces above the cut-off grade. Extensions of good gold mineralization have also been intersected outside the resource and pit, suggesting the potential to continue to grow the mineral resource and to expand the current mine life of the project as also highlighted in recent drilling. 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 for the planned Pre-Feasibility Study (“PFS”).”

The latest assay results are from previously unsampled sections of core from fifty-five (55) historical drill holes completed between 1987 and 2021 for 9,287.4 m. An additional 190,000 m resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

Figure 1: Tower Gold Project – General Location Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4852/151071_65faac64e4b8faf2_002full.jpg

Table 1: Windjammer Historical Core – Selected Significant Drill Results

Deposit Hole From To Length Au gram metres
(Name) (#) (m) (m) (m) (g/t) (g/t x m)
903 GE88-14 44.00 50.00 6.00 1.27 7.6
includes 48.00 50.00 2.00 2.29 4.6
903 GE88-14 76.63 78.00 1.37 5.20 7.1
903 903-13-01 308.45 316.50 8.05 0.84 6.8
includes 308.45 313.00 4.55 1.19 5.4
903 903-13-04X 330.00 351.00 21.00 0.55 11.6
includes 338.00 344.00 6.00 1.04 6.2
includes 342.00 344.00 2.00 1.94 3.9
903 903-13-05 37.00 58.75 21.75 1.23 26.8
includes 37.00 41.50 4.50 3.85 17.3
includes 37.00 38.50 1.50 6.20 9.3
903 903-13-05 50.50 58.75 8.25 0.45 3.7
903 903-13-05 77.00 84.25 7.25 0.38 2.8
903 903-13-05 231.45 265.50 34.05 0.27 9.2
includes 259.00 265.50 6.50 0.90 5.9
includes 261.00 262.50 1.50 1.48 2.2
903 903-13-05 305.00 329.00 24.00 0.73 17.5
includes 305.00 319.00 14.00 1.09 15.3
includes 317.00 319.00 2.00 2.44 4.9
903 OSK-G16-305 167.00 194.70 27.70 0.82 22.7
includes 169.00 179.00 10.00 1.28 12.8
includes 169.00 171.00 2.00 2.92 5.8
WJ WJ88-18X 182.50 190.50 8.00 0.62 5.0
includes 182.50 184.00 1.50 2.87 4.3
WJ MWJ08-14X 221.00 295.00 74.00 0.28 20.7
includes 253.00 281.00 28.00 0.51 14.3
includes 269.00 279.00 10.00 0.71 7.1
includes 275.00 276.50 1.50 2.00 3.0
WJ MWJ08-14X 333.30 337.30 4.00 0.49 2.0
WJ MWJ09-29 60.00 62.00 2.00 1.05 2.1
WJ MI-91-148X 228.50 231.85 3.35 0.98 3.3
WJ MI-91-148X 263.45 265.90 2.45 0.48 1.2
WJ MI-91-148X 348.50 354.00 5.50 0.79 4.3
includes 348.50 350.50 2.00 1.37 2.7
WJ MWJ12-77 269.00 281.00 12.00 0.37 4.4
includes 269.00 275.00 6.00 0.59 3.5
includes 269.00 271.00 2.00 1.07 2.1
WJ MWJ12-79 355.00 363.00 8.00 1.00 8.0
includes 355.00 357.00 2.00 3.65 7.3
WJ MWJ11-52 284.00 297.00 13.00 0.41 5.3
WJ MWJ11-59 62.00 90.00 28.00 0.50 14.0
includes 86.40 88.00 1.60 5.93 9.5
WJ MWJ11-59 146.00 165.00 19.00 0.31 5.9
WJ MWJ11-59 228.00 272.00 44.00 0.32 14.1
includes 244.00 262.00 18.00 0.47 8.5
WJ MWJ12-67 228.68 266.54 37.86 0.20 7.6
includes 248.00 254.00 6.00 0.45 2.7

 

Note: Intercepts are calculated using a 0.20 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 has infilled zones, within the current resource model, with no attributed gold grades, and consequently no gold ounces, due to the lack of historical sampling of core. The current results from 903 and Windjammer have the potential to connect and infill gold mineralized zones currently classified as waste in the PEA mine plan of the Tower Gold project. This has the potential to increase ounces and lower the strip-ratio. The sampling work was completed as part of the 2022 exploration program.

903

A total of twelve (12) drill holes for 2,946.8 m of sampling of previously unsampled core from historical holes drilled between 1988 and 2016 was completed from the 903 deposit area. The 903 open pit currently hosts an indicated resource of 18.09 million tonnes (“Mt”) @ 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13 Mt @ 0.75 g/t Au containing 581,000 oz gold (see September 07, 2022 press release). The drill holes predominantly tested the gold mineralization associated with quartz veining within syenites hosted in Timiskaming age meta-sediments north of ultramafic volcanic units of the Kid-Munro Formation to the south, located between 2 major splays of the Destor-Porcupine Fault Zone in the Garrison area of the Tower Gold Project.

Figure 2: 903 Historical Core: Sampling Results Location Map – Tower Gold

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4852/151071_65faac64e4b8faf2_003full.jpg

Figure 3: 903 Historical Core: Sampling Results Cross Section – Tower Gold

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4852/151071_65faac64e4b8faf2_004full.jpg

Windjammer

Assaying of 6,340.5 m of previously unsampled core was completed from forty-three (43) historical holes drilled between 1987 and 2021 from the Windjammer area. The Windjammer open pit currently hosts an indicated resource of 42.05 million tonnes (“Mt”) @ 0.78 g/t Au containing 1,058,000 oz gold and an inferred resource of 34.46 Mt @ 0.97 g/t Au containing 1,074,000 oz gold at Windjammer South and 28.50 Mt @ 0.63 g/t Au for 581,000 oz gold indicated and 77.83 Mt @ 0.64 g/t Au for 1,595,000 oz gold inferred at Windjammer Central (see September 07, 2022 press release). The drill holes predominantly tested the areas north of the regional banded iron formation units (“BIF”) within altered clastic sediments hosting wide stacked extensional quartz vein sets in the Windjammer Central area, located south of the main splay of the regional Destor-Porcupine Fault zone (“DPFS”).

Figure 4: Windjammer Historical Core: Sampling Location Map – Tower Gold

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/4852/151071_65faac64e4b8faf2_005full.jpg

Figure 5: Windjammer Historical Core: Sampling Results Cross Section – Tower Gold

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/4852/151071_65faac64e4b8faf2_006full.jpg

QA/QC Procedures

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. Jason Dankowski, P.Geo. V.P. 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 $1,07 billion, 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

Linda Armstrong, Investor Relations
647-456-9223

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