Moneta Continues to Intersect Significant Gold Mineralization at Tower Gold
Toronto, December 15, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce assay results from seven (7) resource infill and step-out drill holes on the Windjammer Central gold deposit at the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was conducted as part of the current expanded 160,000 metres ("m") infill and resource upgrade drill program 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.
Drilling Highlights:
- MGH22-328 intersected 278.00 metres "m" @ 0.43 grams per tonne "g/t" Au, including 100.00 m @ 0.68 g/t Au, and 35.10 m @ 0.72 g/t Au, and 15.00 m @ 1.18 g/t Au
- MGH22-325 intersected 464.55 m @ 0.30 g/t Au, and 5.35 m @ 1.23 g/t Au, and 30.50 m @ 0.51 g/t Au, and 24.50 m @ 0.63 g/t Au
- MGH22-326 intersected 103.50 m @ 0.49 g/t Au, including 43.70 m @ 0.84 g/t Au, including 24.50 m @ 1.00 g/t Au, including 0.95 m @ 5.71 g/t Au, and 1.50 m @ 5.40 g/t Au
- MGH22-314 intersected 220.00 m @ 0.34 g/t Au, including 35.00 m @ 0.62 g/t Au, including 11.00 m @ 0.99 g/t Au, including 1.00 m @ 3.49 g/t Au
- MGH22-306 intersected 150.00 m @ 0.40 g/t Au, including 16.00 m @ 0.96 g/t Au, including 7.00 m @ 1.48, including 1.00 m @ 4.21 g/t Au
- MGH22-326 intersected 209.00 m @ 0.32 g/t Au, including 11.80 m @ 0.93 g/t Au, including 1.00 m @ 5.79 g/t Au
Gary O'Connor, Moneta's President and Chief Executive Officer commented, "These Windjammer infill assay drill results continue to confirm the continuity and extensions of the current mineral resource estimate, updated in September. These results support significant gold grades across wide widths of continuous gold mineralization within the economic open pit mineral resources at Windjammer Central as defined in the recent Preliminary Economic Assessment ("PEA"). Extensions of good gold mineralization have also been intersected outside the resource and pit, highlighting the potential to continue to grow the mineral resource and to expand the current mine life of the project. 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 seven (7) drill holes for 4,248.50 m of diamond drilling completed as part of the expanded 160,000 m drill program of resource infill and upgrade drilling for the PFS as defined in the positive PEA completed in September 2022. 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
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Table 1: Windjammer - Selected Significant Drill Results
| Hole | From | To | Length | Au | Drill | Gram Metres |
| (#) | (m) | (m) | (m) | (g/t) | (Target) | (g x m) |
| MGH22-306 | 158.00 | 196.50 | 38.50 | 0.31 | Extension | 11.9 |
| includes | 172.00 | 174.00 | 2.00 | 2.48 | 5.0 | |
| MGH22-306 | 219.00 | 239.00 | 20.00 | 0.56 | Infill | 11.2 |
| includes | 235.00 | 236.00 | 1.00 | 2.35 | 2.4 | |
| MGH22-306 | 219.00 | 369.00 | 150.00 | 0.40 | Infill | 60.0 |
| includes | 234.00 | 250.00 | 16.00 | 0.96 | 15.4 | |
| includes | 243.00 | 250.00 | 7.00 | 1.48 | 10.4 | |
| includes | 246.00 | 247.00 | 1.00 | 4.21 | 4.2 | |
| MGH22-314 | 269.00 | 489.00 | 220.00 | 0.34 | Infill | 74.8 |
| includes | 285.00 | 320.00 | 35.00 | 0.62 | 21.7 | |
| includes | 309.00 | 320.00 | 11.00 | 0.99 | 10.9 | |
| includes | 319.00 | 320.00 | 1.00 | 3.49 | 3.5 | |
| and | 392.00 | 399.00 | 7.00 | 0.86 | 6.0 | |
| MGH22-318 | 248.00 | 317.00 | 69.00 | 0.31 | Infill | 21.4 |
| includes | 248.00 | 250.00 | 2.00 | 1.06 | 2.1 | |
| MGH22-319 | 565.00 | 589.00 | 24.00 | 0.30 | Extension | 7.2 |
| includes | 574.00 | 589.00 | 15.00 | 0.46 | 6.9 | |
| MGH22-325 | 53.45 | 518.00 | 464.55 | 0.30 | Extension | 139.4 |
| includes | 101.00 | 107.00 | 6.00 | 0.84 | 5.0 | |
| and | 128.65 | 134.00 | 5.35 | 1.23 | 6.6 | |
| and | 303.50 | 334.00 | 30.50 | 0.51 | 15.6 | |
| and | 372.50 | 397.00 | 24.50 | 0.63 | 15.4 | |
| MGH22-326 | 119.00 | 222.50 | 103.50 | 0.49 | Extension | 50.7 |
| includes | 140.00 | 142.00 | 2.00 | 3.34 | 6.7 | |
| and | 161.30 | 205.00 | 43.70 | 0.84 | 36.7 | |
| includes | 167.50 | 192.00 | 24.50 | 1.00 | 24.5 | |
| includes | 167.50 | 168.45 | 0.95 | 5.71 | 5.4 | |
| and | 188.00 | 189.00 | 1.00 | 5.67 | 5.7 | |
| and | 203.50 | 205.00 | 1.50 | 5.40 | 8.1 | |
| MGH22-326 | 228.00 | 437.00 | 209.00 | 0.32 | Infill | 66.9 |
| includes | 304.20 | 316.00 | 11.80 | 0.93 | 11.0 | |
| includes | 304.20 | 305.20 | 1.00 | 5.79 | 5.8 | |
| MGH22-328 | 147.00 | 220.00 | 73.00 | 0.24 | Infill | 17.5 |
| includes | 147.00 | 161.00 | 14.00 | 0.53 | 7.4 | |
| MGH22-328 | 258.00 | 536.00 | 278.00 | 0.43 | Infill/Extend | 119.5 |
| includes | 285.00 | 385.00 | 100.00 | 0.68 | 68.0 | |
| includes | 285.00 | 289.00 | 4.00 | 1.48 | 5.9 | |
| and | 319.50 | 354.60 | 35.10 | 0.72 | 25.3 | |
| includes | 319.50 | 333.00 | 13.50 | 0.86 | 11.6 | |
| and | 347.40 | 354.60 | 7.20 | 1.30 | 9.4 | |
| and | 370.00 | 385.00 | 15.00 | 1.18 | 17.7 | |
| and | 426.00 | 431.00 | 5.00 | 1.28 | 6.4 | |
| MGH22-328 | 549.00 | 603.00 | 54.00 | 0.35 | Extension | 18.9 |
| includes | 549.00 | 589.00 | 40.00 | 0.44 | 17.6 | |
| includes | 552.00 | 553.50 | 1.50 | 5.29 | 7.9 | |
| MGH22-328 | 630.00 | 704.00 | 74.00 | 0.30 | Extension | 22.2 |
| includes | 679.00 | 694.50 | 15.50 | 0.53 | 8.2 | |
| includes | 688.00 | 694.50 | 6.50 | 0.90 | 5.9 |
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
Infill drilling at Windjammer was focused on infilling and extending the mineral resource located within the current open pit gold resource from surface to vertical depths of up of 500 m below surface at Windjammer Central. The drill results confirmed continuity of the resource estimate and extended gold mineralization to the east and at depth by widths of up to 200 m. Drill holes MGH22-318, MGH22-314, MGH22-328, and MGH22-306 confirmed good continuity of the resource within the open pit as well as extensions of the resource below the pit with MGH22-306 intersecting wide zones of continuous gold mineralization up to 400 m to the east and below the pit. MGH22-325 and MGH22-326 extended the resource within the pit and have confirmed extensions near to surface as well as extensions below and to the east of the current pit constrained resources. Hole MGH22-319 confirmed new extensions to the resource within the pit to the east as well as extensions outside the current pit boundaries. 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 to the south of the main splay of the regional Destor Porcupine Fault zone ("DPFS").
Figure 2: Windjammer - Tower Gold: Infill Drill Location Map
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Figure 3: Windjammer - Tower Gold: Infill Drilling Cross Section
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Table 2: Windjammer - Resource Infill Drill Hole Details
| Hole | Easting | Northing | Elevation | Azimuth | Inclination | Depth |
| (#) | (mE) | (mN) | (masl) | (°) | (°) | (m) |
| MGH22-306 | 572244 | 5370694 | 332 | 75 | -60 | 726.0 |
| MGH22-314 | 572245 | 5370647 | 333 | 75 | -60 | 498.8 |
| MGH22-318 | 572233 | 5370584 | 331 | 85 | -60 | 599.7 |
| MGH22-319 | 572498 | 5370820 | 361 | 75 | -60 | 600.0 |
| MGH22-325 | 572233 | 5370842 | 333 | 75 | -60 | 606.0 |
| MGH22-326 | 572319 | 5370768 | 336 | 75 | -60 | 513.0 |
| MGH22-328 | 572211 | 5370742 | 331 | 75 | -60 | 705.0 |
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 Laboratories Pty 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 info@monetagold.com.
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