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Moneta Continues to Report Significant Infill Results at the Tower Gold Project, Including 42.55 m @ 4.03 g/t Gold from Westaway

Press Release

Toronto, Ontario–June 20, 2023) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (“Moneta” or the “Company”) is pleased to announce assay results from fifty-four (54) resource infill and step-out drill holes on the Westaway deposit at the Tower Gold project (the “Project”), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of an initial 76,000 metres (“m”) drilling program, completed in 2022, and an additional 60,000 m drilling program that is currently underway. Both drilling programs are designed for resource upgrade and infill of 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).

Drilling Highlights:

  • MGH23-388 intersected 42.55 m @ 4.03 grams per tonne “g/t” Au, including 19.25 m @ 6.74 g/t Au, including 4.00 m @ 12.89 g/t Au
  • MGH22-336 intersected 29.83 m @ 2.62 g/t Au, including 19.83 m @ 3.73 g/t Au
  • MGH23-359 intersected 29.00 m @ 2.47 g/t Au, including 9.00 m @ 5.67 g/t Au, including 3.00 m @ 11.31 g/t Au
  • MGH23-357 intersected 27.00 m @ 1.94 g/t Au, including 10.00 m @ 2.50 g/t Au, and 5.00 m @ 5.09 g/t Au
  • MGH23-352 intersected 26.50 m @ 1.69 g/t Au, including 5.00 m @ 4.00 g/t Au, and 3.00 m @ 2.70 g/t Au
  • MGH23-385 intersected 23.80 m @ 1.86 g/t Au, including 1.00 m @ 7.28 g/t Au, and 6.40 m @ 3.92 g/t Au, including 3.00 m @ 6.44 g/t Au
  • MGH23-350 intersected 4.45 m @ 9.56 g/t Au
  • MGH23-393 intersected 10.65 m @ 3.64 g/t Au, including 1.00 m @ 18.65 g/t Au
  • MGH23-350 intersected 14.00 m @ 2.38 g/t Au, including 8.45 m @ 3.52 g/t Au

Gary O’Connor, Moneta’s President and Chief Executive Officer, commented, “These latest assay results from infill and step-out drilling continue to confirm the continuity and extensions of gold mineralization at Westaway, on the Tower Gold project. The drilling has been focussed on the open pit portions of the mineral resources as defined in the current Preliminary Economic Assessment (“PEA”) study during the first 11 years of production. Continuity of good gold mineralization have also been intersected within the underground and outside the initial open pit areas. As we continue to grow, de-risk, and advance the Project, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update for planned optimization studies.”

A total of 10,888.0 m of drilling was completed in fifty-four (54) drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. All assays are now released from 2022 drilling. Additional assays from 2023 drilling are pending and will be released upon receipt of assays.

Figure 1: Tower Gold Project – General Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/170555_cc9a8758345a5962_002full.jpg

Table 1: Westaway – Drill Intercepts (above 10 g/t x m Au)

Hole From To Length Au (gram metres)
(#) (m) (m) (m) (g/t) (g/t x m)
MGH22-336 272.00 275.00 3.00 5.94 17.8
includes 272.00 274.00 2.00 8.00 16.0
MGH22-336 294.17 324.00 29.83 2.62 78.3
includes 294.17 314.00 19.83 3.73 73.9
MGH22-343 61.40 67.00 5.60 3.10 17.4
includes 61.40 65.00 3.60 4.63 16.7
MGH22-343 83.00 97.00 14.00 1.04 14.6
includes 89.00 97.00 8.00 1.42 11.4
MGH23-349 142.25 147.00 4.75 2.84 13.5
MGH23-349 157.00 163.00 6.00 2.99 17.9
includes 158.50 159.50 1.00 9.81 9.8
and 161.00 163.00 2.00 3.57 7.1
MGH23-349 272.65 275.80 3.15 4.39 13.8
MGH23-349 496.00 500.00 4.00 4.02 16.1
includes 496.00 499.20 3.20 4.89 15.6
MGH23-350 224.30 231.40 7.10 1.94 13.8
includes 229.65 231.40 1.75 3.25 5.7
MGH23-350 279.50 298.00 18.50 1.23 22.8
includes 286.00 288.00 2.00 3.07 6.1
and 296.75 298.00 1.25 2.11 2.6
MGH23-350 534.00 548.00 14.00 2.38 33.3
includes 534.00 542.45 8.45 3.52 29.8
MGH23-350 597.75 602.20 4.45 9.56 42.5
MGH23-352 195.50 199.50 4.00 5.23 20.9
includes 196.50 198.50 2.00 9.54 19.1
MGH23-352 210.50 237.00 26.50 1.69 44.8
includes 225.00 230.00 5.00 4.00 20.0
and 234.00 237.00 3.00 2.70 8.1
MGH23-352 346.50 357.50 11.00 2.68 29.5
MGH23-353 176.90 185.30 8.40 3.45 29.0
includes 176.90 179.60 2.70 5.42 14.6
and 180.40 181.30 0.90 6.78 6.1
MGH23-353 225.30 229.00 3.70 3.97 14.7
includes 226.20 229.00 2.80 5.11 14.3
includes 228.00 229.00 1.00 10.20 10.2
MGH23-357 77.00 104.00 27.00 1.94 52.5
includes 83.00 93.00 10.00 2.50 25.0
and 97.00 102.00 5.00 5.09 25.4
MGH23-359 162.00 191.00 29.00 2.47 71.8
includes 170.00 179.00 9.00 5.67 51.0
includes 173.00 176.00 3.00 11.31 33.9
MGH23-361 117.00 127.90 10.90 2.60 28.3
includes 120.00 123.40 3.40 3.25 11.1
and 125.00 127.00 2.00 4.98 10.0
MGH23-363 107.65 110.00 2.35 4.71 11.1
MGH23-365 200.55 205.00 4.45 4.60 20.5
includes 201.15 205.00 3.85 5.18 19.9
MGH23-368 131.00 135.00 4.00 4.89 19.6
includes 132.00 135.00 3.00 6.27 18.8
MGH23-369 126.00 133.00 7.00 2.21 15.5
includes 126.00 128.00 2.00 4.65 9.3
MGH23-379 104.50 107.50 3.00 4.07 12.2
includes 104.50 106.50 2.00 5.65 11.3
MGH23-385 233.00 239.70 6.70 2.36 15.8
includes 233.00 237.00 4.00 3.49 14.0
includes 235.00 237.00 2.00 5.48 11.0
MGH23-385 261.60 285.40 23.80 1.86 44.2
includes 270.00 271.00 1.00 7.28 7.3
and 278.00 284.40 6.40 3.92 25.1
includes 278.00 281.00 3.00 6.44 19.3
MGH23-388 220.00 262.55 42.55 4.03 171.5
Includes 239.40 258.65 19.25 6.74 129.8
includes 244.00 248.00 4.00 12.89 51.6
MGH23-393 261.80 272.45 10.65 3.64 38.7
includes 261.80 262.80 1.00 18.65 18.7
and 271.30 272.45 1.15 9.40 10.8
MGH23-395 69.55 88.00 18.45 0.71 13.1
includes 78.00 81.00 3.00 1.31 3.9
and 84.00 88.00 4.00 1.39 5.6
MGH23-397 63.00 76.45 13.45 1.30 17.6
includes 63.00 67.00 4.00 2.48 9.9

Note: All intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of 5 m 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.

Figure 2: Westaway – Tower Gold: Infill Drill Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/170555_cc9a8758345a5962_003full.jpg

Discussion of Drill Results

The Westaway deposit currently hosts an open pit 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 (see September 07, 2022 press release). The drill holes in this release focused on infill and extensions of the mineral resource within the current open pit PEA mine shells from surface to vertical depths of up to 450 m below surface. Mineralization at Westaway is associated with extensional and stockwork-type quartz veining within Timiskaming age meta-sediments, located between 2 major splays of the Destor-Porcupine Fault Zone (“DPFZ”) in the Golden Highway area of the Project.

The drill results confirmed the continuity and expanded the resource estimate in the central core area of the Westaway deposit, within the PEA open pit, as highlighted in drill holes MGH23-357, MGH23-359, MGH23-369, and MGH23-388. Additionally, significant intercepts at depth, below the bottom of the PEA pit indicate potential expansion opportunities as seen in drill holes MGH22-336, MGH23-385, MGH23-394, and MGH23-393.

Twenty-eight (28) drill holes did not intersect mineralization above 10 “g/t Au x m”; however, gold mineralization was intersected above a 0.3 g/t Au economic cut-off in sixteen (16) of these holes. Twelve (12) drill holes did not intersect mineralization above 0.3 g/t Au cut-off, of which: MGH22-301 confirmed the location of the banded iron formation that constrains mineralization in the north; MGH23-374, MGH23-376, MGH23-382, MGH23-386, MGH23-390, MGH23-391, MGH23-392, and MGA2H-398 constrain mineralization in the south; and MGH23-364, MGH23-367, and MGH23-383 laterally constrain a vein corridor in the west-central area of the Westaway deposit.

Figure 3: Westaway – Tower Gold: North Infill Drilling Cross Section “A-B”

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/170555_cc9a8758345a5962_004full.jpg

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Figure 4: Westaway – Tower Gold: North-Central Infill Drilling Cross Section “C-D”

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/170555_cc9a8758345a5962_005full.jpg

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Figure 5: Westaway – Tower Gold: South-Central Infill Drilling Cross Section “E-F”

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/170555_cc9a8758345a5962_006full.jpg

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Table 2: Westaway – Tower Gold: Resource Infill Drill Hole Details

Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH22-301 570224 5369217 327 50 -60 201.0
MGH22-336 570224 5368943 319 63 -65 336.0
MGH22-336A 570223 5368945 329 60 -65 141.0
MGH22-340 570353 5368966 321 70 -50 225.0
MGH22-341 570316 5369086 321 50 -60 225.0
MGH22-342 570357 5369143 322 50 -60 126.0
MGH22-343 570429 5369115 320 55 -60 150.0
MGH23-349 569925 5368923 320 59 -58 531.0
MGH23-350 569929 5368884 319 59 -58 606.0
MGH23-352 569744 5368791 318 59 -53 534.0
MGH23-353 570297 5369050 321 60 -51 240.0
MGH23-354 570240 5369031 320 60 -51 282.0
MGH23-355 570411 5369048 320 65 -51 198.0
MGH23-356 570560 5368978 321 60 -51 147.0
MGH23-357 570521 5369039 320 25 -50 111.0
MGH23-358 570581 5369004 321 60 -50 117.0
MGH23-359 570324 5369020 320 60 -51 252.0
MGH23-360 570534 5369048 320 45 -51 144.0
MGH23-361 570382 5369049 320 60 -51 201.0
MGH23-362 570529 5369011 320 60 -51 156.0
MGH23-363 570554 5369032 320 60 -51 129.0
MGH23-364 570275 5369013 320 60 -51 177.0
MGH23-365 570365 5369030 320 360 -76 270.0
MGH23-366 570488 5369027 320 25 -51 141.0
MGH23-367 570281 5369042 321 60 -51 147.0
MGH23-368 570326 5369096 321 60 -50 198.0
MGH23-369 570483 5369039 319 60 -74 186.0
MGH23-370 570368 5369160 321 60 -51 147.0
MGH23-372 570365 5369030 320 0 -61 225.0
MGH23-373 570451 5369000 320 60 -74 222.0
MGH23-374 570522 5368951 320 60 -51 147.0
MGH23-375 570406 5369161 321 60 -51 126.0
MGH23-376 570522 5368926 321 60 -51 147.0
MGH23-377 570349 5368989 320 60 -51 255.0
MGH23-378 570472 5369029 320 60 -51 147.0
MGH23-379 570351 5369120 321 60 -51 177.0
MGH23-380 570218 5368951 319 60 -52 345.0
MGH23-382 570492 5368907 320 60 -51 126.0
MGH23-383 570475 5369036 320 60 -73 105.0
MGH23-383A 570475 5369037 325 60 -73 81.0
MGH23-384 570399 5369128 321 60 -51 150.0
MGH23-385 570308 5368942 320 60 -60 306.0
MGH23-386 570458 5368910 320 60 -51 147.0
MGH23-387 570440 5369122 320 60 -51 138.0
MGH23-388 570241 5368985 320 60 -52 321.0
MGH23-390 570495 5368985 320 60 -51 141.0
MGH23-391 570493 5369121 320 90 -51 132.0
MGH23-392 570472 5368938 320 60 -51 126.0
MGH23-393 570318 5368949 320 60 -51 285.0
MGH23-395A 570467 5369124 331 100 -50 54.0
MGH23-395 570467 5369124 321 100 -50 108.0
MGH23-396 570478 5368962 320 60 -51 219.0
MGH23-397 570331 5368937 320 90 -75 150.0
MGH23-398 570449 5368941 320 60 -51 190.0

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
goconnor@monetagold.com

Ardem Keshishian, VP Corporate Development
416-471-5463
akeshishian@monetagold.com

IBF4

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