Moneta Intersects 0.95 g/t Au over 105.87 m and 1.49 g/t Au over 81.70 m at Tower Gold

Press Release

Toronto, Ontario–( – October 19, 2023) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (“Moneta” or the “Company”) is pleased to announce a project update and assay results from twenty-five (25) drill holes for a total of 5,534.0 metres (“m”) on the Windjammer South deposit at the Tower Gold project (the “Project”), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of a 140,000 m drilling program, started in 2022, 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).

Project Update:

• 115,000 m, in 426 drill holes, of 140,000 m infill drill program completed, with remaining drill holes to be executed during the winter season
• Thirteen (13) drill holes completed, totaling 3,665 m, for open pit geomechanical and hydrogeological testing, including packer testing. Two drill holes remain and are planned for the winter season. Downhole televiewer surveys are planned for December
• Overburden geotechnical drilling is 50% complete and is ongoing
• Metallurgical drilling and sample collection are ongoing. Lab analysis, including communition and variability test work, starting in Q4 2023

Windjammer South Drilling Highlights:

• MGH23-463 intersected 0.95 grams per tonne “g/t” Au over 105.87 m, including 2.20 g/t Au over 14.15 m
• MGH23-463 intersected 1.49 g/t Au over 81.70 m, including 2.90 g/t Au over 18.00 m
• MGH23-441 intersected 0.91 g/t Au over 124.00 m, including 1.43 g/t Au over 10.00 m, and 1.45 g/t Au over 22.00 m
• MGH23-458 intersected 0.87 g/t Au over 120.00 m, including 1.39 g/t Au over 24.65 m
• MGH23-435 intersected 2.47 g/t Au over 20.00 m, including 5.25 g/t Au over 8.00 m, including 11.55 g/t Au over 2.00 m

Josef Vejvoda, Moneta’s Chairman and interim President and Chief Executive Officer commented, “I am very pleased with the team’s progress as we advance towards a pre-feasibility study. These most recent assay results continue to confirm the continuity of gold mineralization at the Tower Gold project, while the completed open pit geomechanical and hydrogeological testing, with the data currently being analysed, has the potential to increase resources by steepening the open-pit wall slope angle, presently designed at a conservative 46 degrees in the September 2022 PEA.”

Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. 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 Figure 1, please visit:
https://images.newsfilecorp.com/files/4852/184443_df3989e9542ba8ae_002full.jpg

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

Note: 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 Drill Results

The Windjammer South deposit currently hosts an open pit indicated resource of 42.05 million tonnes (“Mt”) @ 0.78 g/t Au containing 1.06 Moz gold and an inferred resource of 34.46 Mt @ 0.97 g/t Au containing 1.07 Moz 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 300 m below surface. Mineralization at Windjammer South 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.

Windjammer

The drill results in section A-B targeted the continuity and extensions of mineralization along the southern boundary of the banded iron formations separating Windjammer Central and Windjammer South. Drillholes MGH23-463, MGH23-458, and MGH23-441 confirmed continuity in the central area of the deposit, whereas mineralization extensions were constrained to the west as seen in drillhole MGH23-482.

The drill results in the southern region of Windjammer South (section C-D) confirmed continuity in the central area as seen in drill holes MGH23-430 and MGH23-435. While drill holes targeting extensions in the southern region of the deposit constrained mineralization, as seen in drill holes MGH23-485 and MGH23-469.

Seven (7) of twenty-five (25) 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 all of the holes.

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

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4852/184443_df3989e9542ba8ae_003full.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 3: Windjammer – Tower Gold: Infill Drilling Cross Section “A-B”

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4852/184443_df3989e9542ba8ae_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: Windjammer – Tower Gold: Infill Drilling Cross Section “C-D”

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/4852/184443_df3989e9542ba8ae_005full.jpg

Table 2: Tower Gold: Resource Infill Drill Hole Details

Quality Control Procedures

NQ drill core is oriented and cut with half sent to ALS Laboratories Inc. (ALS) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). ALS 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 for Moneta, who is a Qualified Person 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 whose primary focus is 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:
Ardem Keshishian, VP Corporate Development & Investor Relations
416-471-5463
akeshishian@monetagold.com

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