Moneta Intersects Further Significant Gold Mineralization at Tower Gold

Press Release

Toronto, Ontario–(Newsfile Corp. – December 6, 2022) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) (“Moneta”) is pleased to announce assay results from eleven (11) resource infill and step-out drill holes on the 903 gold deposit at the Tower Gold project, located 100 kilometres (“km”) east of Timmins, Ontario. The drilling was conducted as part of an initial 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:

• MGA22-022 intersected 25.00 m @ 3.31 grams per tonne “g/t” Au, including 11.50 m @ 5.85 g/t Au, including 3.41 m @ 12.02 g/t Au, including 1.00 m @ 19.40 g/t Au, and 0.90 m @ 18.40 g/t Au
• MGA22-019 intersected 11.75 m @ 4.23 g/t Au, including 6.00 m @ 7.60 g/t Au, including 3.00 m @ 14.01 g/t Au, including 1.00 m @ 35.00 g/t Au
• MGA22-021 intersected 7.81 m @ 4.09 g/t Au, including 1.50 m @ 5.96 g/t Au
• MGA22-030 intersected 29.90 m @ 1.23 g/t Au, including 12.10 m @ 2.53 g/t Au, including 2.75 m @ 6.08 g/t Au, including 1.00 m @ 10.80 g/t Au
• MGA22-021 intersected 25.76 m @ 1.35 g/t Au, including 12.83 m @ 1.75 g/t Au, including 1.73 m @ 5.98 g/t Au
• MGA22-019 intersected 35.00 m @ 0.96 g/t Au, including 2.40 m @ 4.04 g/t Au, and 13.20 m @ @ 1.36 g/t Au, including 0.66 m @ 5.66 g/t Au, 0.40 m @ 9.62 g/t Au
• MGA22-034 intersected 69.35 m @ 0.70 g/t Au, including 34.70 m @ 1.04 g/t Au, including 6.75 m @ 2.26 g/t Au, including 1.40 m @ 6.78 g/t Au

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.

Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These latest infill assay drill results from 903 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 economic open pit mineral resources at 903 as defined in the recent Preliminary Economic Assessment (“PEA”) study. Extensions of good gold mineralization have been intersected outside the resource and pit, in an area contained during the pay-back period in the first 5 years of production as defined in the PEA. 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 eleven (11) drill holes for 3,918.0 m of diamond drilling completed as part of the planned initial 70,000 m drill program of resource infill and upgrade drilling. With the receipt of the positive PEA in September 2022, the resource infill and upgrade drill program has now been expanded to 160,000 m to form part of the PFS. 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/4852/146814_ca3361d234cc885b_002full.jpg

Table 1: 903: Selected Significant Drill Results

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

Drilling at 903 was focused on infilling and extending the current open pit gold resource from surface to vertical depths of up to 400 m within the current economic pits. The drill results from the western part of the deposit have confirmed good continuity of the resource estimate and extended gold mineralization beyond the current economic pits, as defined in the PEA. Drill hole MGA22-022 intersected significant gold mineralization as extensions to the current resource in the central area of the open pit by up to 150 m, intersecting up to 25.00 m @ 3.31 g/t Au, including 3.41 m @ 12.02 g/t Au. Drill hole MGA22-019 intersected the same zone another 100 m to the west of the current resource with 11.75 m @ 4.23 g/t Au, including 6.00 m @ 7.60 g/t Au, including 3.00 m @ 14.01 g/t Au, including 1.00 m @ 35.00 g/t Au. Drill hole MGA22-034 intersected 34.70 m @ 1.04 g/t Au, including 6.75 m @ 2.26 g/t Au below the current open pit as resource expansion drilling. The 903 deposit currently hosts an open pit 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 continuity and extensions of gold resources associated with quartz veining within syenites hosted in Timiskaming age meta-sediments north of ultramafic volcanics 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 – Tower Gold: Infill Drill Location Map

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4852/146814_ca3361d234cc885b_003full.jpg

Figure 3: 903 – Tower Gold: Infill Drilling Cross Section

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4852/146814_ca3361d234cc885b_004full.jpg

Table 2: 903 – Resource Infill Drill Hole Details

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

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