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Moneta Continues to Intersect Significant Gold Mineralization at the Tower Gold Project

Press Release

Toronto, Ontario–(Newsfile Corp. – November 3, 2022) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) (“Moneta”) is pleased to announce assay results from fourteen (14) drill holes from resource infill and step-out drilling on the Westaway and South West gold deposits at the Tower Gold project, located 100 kilometres (“km”) east of Timmins, Ontario. The drilling was conducted as part of the current 70,000 metres (“m”) infill and resource upgrade drill program on the recently announced mineral resource estimate of 4.5 million (“M”) ounces (“oz”) indicated gold (“Au”) and 8.3 Moz inferred Au (see September 07, 2022 press release) at the Tower Gold project.

Drilling Highlights:
Westaway

  • MGH22-310 intersected 70.00 m @ 1.82 grams per tonne “g/t” Au, including 37.00 m @ 3.10 g/t Au, including 22.15 m @ 4.62 g/t Au, including 6.95 m @ 6.40 g/t Au, and 0.80 m @ 11.90 g/t Au
  • MGH22-320 intersected 29.00 m @ 3.34 g/t Au, including 2.12 m @ 12.60 g/t Au, including 0.92 m @ 22.70 g/t Au, and 5.00 m @ 5.05 g/t Au, and 3.90 m @ 5.32 g/t Au
  • MGH22-309 intersected 4.00 m @ 11.43 g/t Au, including 2.75 m @ 16.21 g/t Au, including 1.40 m @ 19.50 g/t Au
  • MGH22-299 intersected 27.00 m @ 2.23 g/t Au, including 7.10 m @ 7.70 g/t Au, including 3.05 m @ 15.49 g/t Au, and 0.95 m @ 23.30 g/t Au
  • MGH22-292 intersected 16.35 m @ 2.77 g/t Au, including 7.45 m @ 3.51 g/t Au, including 1.20 m @ 12.80 g/t Au, and 1.25 m @ 8.91 g/t Au
  • MGH22-292 intersected 6.00 m @ 7.47 g/t Au, including 1.30 m @ 14.62 g/t Au, including 0.60 m @ 20.20 g/t Au, and 1.00 m @ 16.50 g/t Au
  • MGH22-304 intersected 19.00 m @ 2.15 g/t Au, including 7.00 m @ 4.44 g/t Au, including 2.00 m @ 13.81 g/t Au, including 1.00 m @ 23.80 g/t Au
  • MGH22-300 intersected 13.10 m @ 2.59 g/t Au, including 8.10 m @ 3.05 g/t Au, including 1.00 m @ 7.41 g/t Au, and 1.00 m @ 5.75 g/t Au

South West

  • MGH22-293 intersected 56.50 m @ 1.10 g/t Au, including 10.00 M @ 3.30 g/t Au, including 3.00 m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au
  • MGH22-291 intersected 20.50 m @ 1.61 g/t Au, including 12.00 m @ 2.21 g/t Au, including 1.00 m @ 7.10 g/t Au
  • MGH22-291 intersected 3.70 m @ 3.34 g/t Au, including 1.00 m @ 9.52 g/t Au
  • MGH22-293 intersected 27.50 m @ 0.99 g/t Au, including 8.70 m @ 1.95 g/t Au, including 1.20 m @ 5.72 g/t Au

Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These latest infill assay drill results from Westaway and South West continue to confirm the continuity and extensions of the current mineral resource estimate, recently updated in September. These results support significant gold grades across wide widths of gold mineralization within the mostly underground mineral resources and have intersected extensions of mineralization outside the resource up to 150 metres to the west and at depth and up to 300 metres to the east. 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, set to commence in the first quarter of 2024.”

The latest assay results are from fourteen (14) drill holes for 8,309.0 m of diamond drilling, including 12 drill holes for 6,276.0 m from Westaway and 2 holes for 2,033.0 m from South West, completed as part of an initial 70,000 m drill program planned as resource infill and upgrade drilling. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes.

Figure 1: Tower Gold Project – General Location Map

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4852/142858_7e6abbade4d7f913_002full.jpg

Table 1: Westaway: Selected Significant Drill Results

Hole From To Length Au Vein
(#) (m) (m) (m) (g/t) (Name)
MGH22-292 163.85 165.40 1.55 4.58 New
MGH22-292 195.50 204.00 8.50 1.39 New
includes 196.80 200.00 3.20 2.75
includes 198.00 199.00 1.00 5.15
MGH22-292 517.00 522.00 5.00 3.58 WA-18
includes 517.00 519.15 2.15 6.44
MGH22-292 573.00 578.20 5.20 1.87 WA-18A
includes 573.00 575.00 2.00 3.68
includes 573.00 574.00 1.00 4.68
MGH22-292 671.15 680.00 8.85 1.38 WA-15
includes 671.15 672.95 1.80 3.13
includes 672.15 672.95 0.80 4.05
MGH22-292 856.30 857.00 0.70 12.40 New
MGH22-292 918.65 935.00 16.35 2.77 WA-5/WA-6
includes 918.65 926.10 7.45 3.51 WA-6
includes 924.90 926.10 1.20 12.80
and 930.00 933.15 3.15 4.50 WA-5
includes 931.00 932.25 1.25 8.91
MGH22-292 959.00 965.00 6.00 7.47 WA-3
includes 959.00 960.30 1.30 14.62
includes 959.70 960.30 0.60 20.20
and 963.00 965.00 2.00 9.94
includes 964.00 965.00 1.00 16.50
MGH22-296 90.00 114.00 24.00 0.72 New
includes 90.00 94.00 4.00 2.22
MGH22-296 290.00 320.00 30.00 0.49 WA-16
includes 316.00 320.00 4.00 2.14
MGH22-296 506.00 516.00 10.00 1.29 WA-9
includes 509.00 512.00 3.00 3.43
includes 509.00 511.00 2.00 4.61
MGH22-299 114.50 141.50 27.00 2.23 WA-3
includes 131.60 138.70 7.10 7.70
includes 133.55 136.60 3.05 15.49
includes 133.55 134.50 0.95 23.30
MGH22-300 73.00 108.60 35.60 1.11 WA-19
includes 73.00 78.10 5.10 2.35
includes 73.00 75.00 2.00 4.87
and 90.00 102.00 12.00 1.86
includes 90.00 91.00 1.00 5.20
and 96.00 102.00 6.00 2.52
includes 101.00 102.00 1.00 6.86
MGH22-300 339.10 352.00 12.90 1.33 WA-11
includes 349.00 352.00 3.00 4.65
includes 350.00 351.00 1.00 8.30
MGH22-300 533.75 539.00 5.25 2.29 WA-7A
includes 538.00 539.00 1.00 4.47
MGH22-300 556.90 570.00 13.10 2.59 WA-6
includes 556.90 565.00 8.10 3.05
includes 558.00 559.00 1.00 7.41
MGH22-300 600.50 620.00 19.50 1.51 WA-4/WA-3
includes 600.50 602.50 2.00 4.09 WA-4
includes 601.50 602.50 1.00 6.69
and 613.00 620.00 7.00 2.33 WA-3
includes 614.00 615.00 1.00 4.85
MGH22-304 107.00 116.00 9.00 1.61
includes 113.00 114.00 1.00 5.15
MGH22-304 199.00 232.00 33.00 0.85 WA-9
includes 201.00 212.00 11.00 1.50
includes 208.00 211.00 3.00 3.29
includes 210.00 211.00 1.00 4.85
and 225.00 227.00 2.00 3.90
MGH22-304 245.00 250.00 5.00 2.41 WA-8
includes 245.00 248.00 3.00 3.44
MGH22-304 277.00 298.00 21.00 1.23 WA-7A
includes 288.00 293.00 5.00 3.70
includes 292.00 293.00 1.00 13.00
MGH22-304 311.00 330.00 19.00 2.15 WA-6/WA-7
includes 320.00 327.00 7.00 4.44
includes 320.00 323.00 3.00 9.84
includes 320.00 322.00 2.00 13.81
includes 321.00 322.00 1.00 23.80
MGH22-304 438.00 458.00 20.00 1.49 WA-2
and 452.00 458.00 6.00 4.20 WA-2
includes 453.00 456.00 3.00 7.20
includes 453.00 454.00 1.00 13.00
MGH22-305 120.00 149.00 29.00 1.07 WA-6
includes 145.00 149.00 4.00 5.62 WA-6
includes 145.00 146.00 1.00 7.12
and 147.00 148.00 1.00 11.40
MGH22-305 275.00 294.00 19.00 1.58 WA-1
includes 280.90 286.85 5.95 4.59 WA-1
includes 283.00 286.85 3.85 6.17 WA-1
includes 283.00 284.50 1.50 7.57 WA-1
MGH22-308 267.00 274.00 7.00 3.61 WA-1
includes 267.00 273.20 6.20 4.04
includes 268.00 270.00 2.00 7.06
includes 268.00 269.00 1.00 8.60
MGH22-309 395.50 399.50 4.00 11.43 New
includes 396.75 399.50 2.75 16.21
includes 398.10 399.50 1.40 19.50
MGH22-310 232.00 302.00 70.00 1.82 WA-3
includes 263.00 300.00 37.00 3.10
includes 277.85 300.00 22.15 4.62
includes 292.05 299.00 6.95 6.40
includes 298.20 299.00 0.80 11.90
MGH22-311 135.00 148.70 13.70 1.06 WA-15
includes 139.00 140.00 1.00 2.36
MGH22-311 231.00 258.00 27.00 0.61 WA-13
includes 241.00 243.00 2.00 3.19
MGH22-311 367.00 375.50 8.50 1.08 WA-10
includes 373.10 374.50 1.40 2.91
MGH22-311 440.00 461.00 21.00 0.57 WA-8
includes 444.70 447.70 3.00 2.34
MGH22-311 516.70 521.00 4.30 3.16 WA-7A
includes 516.70 517.70 1.00 12.20
MGH22-311 588.00 595.00 7.00 3.22 WA-3
includes 588.50 590.20 1.70 6.18
and 593.40 595.00 1.60 5.32
MGH22-311 615.00 630.50 15.50 0.97 WA-2
includes 615.00 617.00 2.00 2.61
MGH22-320 163.00 181.00 18.00 0.60 New
includes 164.00 171.00 7.00 1.22
includes 164.00 165.00 1.00 6.18
MGH22-320 270.50 280.00 9.50 0.97 WA-13
includes 271.00 274.00 3.00 2.71
includes 273.00 274.00 1.00 5.22
MGH22-320 430.00 442.00 12.00 0.81 New
includes 430.00 431.00 1.00 3.81
MGH22-320 575.70 604.70 29.00 3.34 WA-3
includes 579.58 581.70 2.12 12.60
includes 579.58 580.50 0.92 22.70
and 584.70 589.70 5.00 5.05
includes 588.00 588.70 0.70 8.13
and 600.80 604.70 3.90 5.32
includes 602.70 603.70 1.00 7.72
MGH22-320 622.00 625.70 3.70 2.42 WA-2
includes 622.00 624.00 2.00 3.95
includes 623.00 624.00 1.00 4.78

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.

Table 2: South West: Selected Significant Drill Results

Hole From To Length Au Gram x metres
(#) (m) (m) (m) (g/t) (g x m)
MGH22-291 37.50 58.00 20.50 1.61 33.0
includes 39.00 51.00 12.00 2.21 26.5
includes 39.00 40.00 1.00 7.10 7.1
and 45.85 51.00 5.15 2.38 12.3
MGH22-291 368.30 372.00 3.70 3.34 12.4
includes 369.15 370.15 1.00 9.52 9.5
MGH22-291 630.00 644.35 14.35 0.87 12.5
includes 630.00 632.00 2.00 4.18 8.4
MGH22-291 672.00 676.50 4.50 1.85 8.3
includes 673.00 676.50 3.50 2.10 7.4
includes 676.00 676.50 0.50 4.46 2.2
MGH22-291 895.00 896.00 1.00 7.22 7.2
MGH22-291 950.00 956.00 6.00 1.71 10.3
includes 955.00 956.00 1.00 8.40 8.4
MGH22-291 963.00 967.50 4.50 2.56 11.5
includes 963.50 966.45 2.95 3.39 10.0
includes 965.60 966.45 0.85 4.60 3.9
MGH22-293 619.50 647.00 27.50 0.99 27.2
includes 633.80 642.50 8.70 1.95 17.0
includes 633.80 635.00 1.20 5.72 6.9
MGH22-293 976.00 1032.50 56.50 1.10 62.2
includes 1013.00 1023.00 10.00 3.30 33.0
includes 1013.00 1016.00 3.00 6.70 20.1
includes 1014.00 1015.00 1.00 11.20 11.2

 

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 Drill Results

Westaway
Drilling at Westaway was focused on infilling and extending the wide stacked extensional quartz veins hosting the current open pit and underground gold resource from surface to vertical depths of up to 700 m. The drill results confirmed good continuity of the resource estimate and extended gold mineralization to the west and at depth. Drill hole MGH22-292 intersected significant gold mineralization over 150m to depth and to the west, intersecting up to 6.00 m @ 7.47 g/t Au, including 1.30 m @ 14.62 g/t Au in step-out drilling. The Westaway open pit currently hosts an indicated resource of 0.75 million tonnes (“Mt”) @ 2.20 g/t Au containing 53,000 oz gold and an inferred resource of 22.11 Mt @ 1.95 g/t Au containing 1,383,000 oz gold and an underground resource of 2.35 Mt @ 4.23 g/t Au for 320,000 oz gold inferred (see September 07, 2022 press release). The drill holes predominantly tested the areas south of the regional banded iron formation “A” and “B” units (“BIF”) and north of the BIF “C” unit within altered clastic sediments hosting stacked vein sets.

South West
At South West, drilling was targeted to extend and infill the stacked extensional quartz vein sets hosting the current underground gold resource from surface to vertical depths of up to 800 m. The drill results confirmed continuity of the resource estimate and extended gold mineralization to the west, east, and at depth of the current resource. MGH22-293 intersected gold mineralization up to 300 m to the east of the current resource assaying up to 3.00 m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au. The South West underground resource currently hosts 0.21 million Mt @ 4.53 g/t Au containing 31,000 oz gold indicated and 6.73 Mt @ 4.26 g/t Au containing 920,000 oz gold inferred (see September 07, 2022 press release). The drill holes predominantly tested the areas south of the regional BIF A” and B units (“BIF”) on the eastern areas of the South West deposit located within stacked vein sets hosted in altered clastic sediments.

Figure 2: Westaway-South West – Tower Gold: Infill Drill Location Map

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4852/142858_7e6abbade4d7f913_003full.jpg

Figure 3: Westaway-South West – Tower Gold: Infill Drilling Cross Section

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4852/142858_7e6abbade4d7f913_004full.jpg

Table 3: Westaway and South West – Resource Infill Drill Hole Details

Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH22-292 569292 5368690 318 70 -62 1068.0
MGH22-296 569741 5368796 318 70 -60 780.0
MGH22.299 570224 5369149 327 50 -60 240.0
MGH22-300 569818 5368816 318 80 -60 768.0
MGH22-303 570276 5370541 328 50 -60 132.0
MGH22-304 570024 5368918 319 55 -59 501.0
MGH22-305 570178 5369028 323 50 -61 321.0
MGH22-308 570197 5369049 321 75 -60 303.0
MGH22-309 570098 5368935 319 65 -60 456.0
MGH22-310 570193 5369048 322 87 -59 330.0
MGH22-311 569815 5368883 322 64 -60 726.0
MGH22-320 569875 5368813 318 76 -60 651.0
MGH22-291* 571068 5369504 323 60 -70 996.0
MGH22-293* 571200 5369702 323 50 -60 1037.0

*Drilled at South West

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 Activation Laboratories 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, Preliminary Economic Assessment study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach/CIL 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

Linda Armstrong, Investor Relations
647-456-9223

The Company’s public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetagold.com or email us at [email protected]

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