Moneta’s Resource Expansion Drilling on the Windjammer Open Pit Gold Deposit Continues to Intersect Significant Gold Mineralization
1
NEWS RELEASE – 20/2021 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta’s Resource Expansion Drilling on the Windjammer Open Pit Gold
Deposit Continues to Intersect Significant Gold Mineralization
Toronto, Ontario – December 16, 2021 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce assay results from fourteen (14) drill holes at the Windjammer South
open pit gold deposit, located within the Golden Highway area of the Tower Gold project. The drilling is
part of the 20 20/2021 72,500 m program in 130 drill holes designed to test extensions of the current
mineral resource estimate of 4.0M ounces indicated gold and 4.4M ounces inferred gold ( see February
24, 2021 press release) on the Tower Gold project, located 100 kms east of Timmins, Ontario. Additional
holes and assays from this drill program remain pending.
Drilling successfully intersected gold mineralization over a strike length of 1,000 m and a width of 400 m
within the Windjammer South economic open pit as extensions to the Windjammer South gold resource.
Continuous gold mineralization has been confirmed over wide zones outside of the current gold resource
in the southern part of the open pit. Today’s results confirm significant extensions of gold mineralization
to the current gold resource at Windjammer South.
Highlights from the drilling include:
• MGH21-227 intersected 18.40 m @ 2.22 grams per tonne “g/t” gold “Au” , including 7.00 m @
2.71 g/t Au, including 1.00 m @ 9.49 g/t Au
• MWJ11-48x intersected 88.55 m @ 0.61 g/t Au, including 25.50 m @ 1.05 g/t Au, including 10.50
m @ 1.64 g/t Au, including 4.50 m @ 2.40 g/t Au
• MGH21-227 intersected 36.00 m @ 0.83 g/t Au, including 3.00 @ 7.09 g/t Au, including 1.50 m
@ 13.50 g/t Au
• MGH19-124x intersected 9.45 m @ 4.01 g/t Au, including 2.90 m @ 11.87 g/t Au, including 1.00
m @ 19.80 g/t Au
• MGH21-233 intersected 66.00 m @ 0.62 g/t Au, including 1.50 m @ 2.49 g/t Au
• MWJ11-48x intersected 42.00 m @ 0.42 g/t Au, including 22.50 m @ 0.89 g/t Au, 13.50 m @
1.07 g/t Au, including 1.50 m @ 4.16 g/t Au
• MGH21-240 intersected 47.70 m @ 0.45 g/t Au, including 8.00 m @ 1.46 g/t Au, including 2.00
m @ 2.86 g/t Au
Gary O’Connor, Moneta’s CEO commented, “The latest drill results from our 2021/2022 program from the
resource expansion drilling at Windjammer South confirm the potential to continue to expand the open
pit resources in an area not previously drill tested and beyond the current gold resource estimate. The
drilling program was designed to test for extensions of gold mineralization over a large area located within
the southern part of the current economic open pit at Windjammer South . Drilling has also targeted the
South West extensions in the Gap area , the northern Windjammer South area, the 55 mineral resource
areas, the new Halfway discovery east of Windjammer South , the Garrcon underground potential and
2
Garrcon open pit extensions in the Garrison area . We look forward to r eleasing these drill results when
they become available and updating the mineral resource estimate for the Tower Gold project in 2022.”
The latest assay results from the Windjammer South resource expansion drill program include assay
results from fourteen (14) new drill holes, including four (4) drill hole extensions (MWJ11-36x, MWJ11-
40x, MWJ11-48x and MGH19-124x), for a total of 6,974.25 m. The drill program was conducted to infill
areas of the Windjammer South economic open pit not previously drill tested . The Windjammer South
open pit gold deposit currently hosts 1.10 Moz gold at a grade of 0.84 g/t gold in indicated resources and
1.03 Moz at a grade of 1.10 g/t Gold in the inferred category at a cut -off grade of 0.30 g/t Gold (see
December 10, 2020 press release). Full assays from an additional 66 drill holes for 31,209 m from the full
drill program remain pending.
Figure 1: Tower Gold Project: General Location Map
Table 1: Selected Significant Drill Results
Target Hole From To Length Au
Name # (m) (m) (m) (g/t)
WJS MWJ11-36x 677.50 683.45 5.95 0.76
includes 681.50 682.50 1.00 2.80
WJS MWJ-11-40x 468.00 487.00 19.00 0.59
3
includes 474.00 475.65 1.65 2.59
includes 474.00 474.75 0.75 3.26
and 484.00 487.00 3.00 1.36
includes 484.00 485.00 1.00 2.89
WJS MWJ11-48x 708.00 750.00 42.00 0.42
includes 726.00 748.50 22.50 0.89
includes 726.00 739.50 13.50 1.07
includes 738.00 739.50 1.50 4.16
WJS MWJ11-48x 754.45 843.00 88.55 0.61
includes 792.00 817.50 25.50 1.05
includes 807.00 817.50 10.50 1.64
includes 811.50 816.00 4.50 2.40
includes 811.50 813.00 1.50 3.07
WJS MGH19-124x 407.00 416.45 9.45 4.01
includes 412.10 415.00 2.90 11.87
includes 413.00 414.00 1.00 19.80
WJS MGH19-124x 429.00 437.00 8.00 0.64
includes 432.00 434.00 2.00 1.34
WJS MGH19-124x 479.00 486.10 7.10 0.51
includes 485.00 486.10 1.10 2.68
WJS MGH21-227 69.00 87.40 18.40 2.22
includes 70.00 77.00 7.00 2.71
includes 75.00 76.00 1.00 9.49
and 83.00 87.40 4.40 4.01
includes 83.00 85.00 2.00 7.15
WJS MGH21-227 106.00 136.50 30.50 0.47
includes 114.50 116.00 1.50 1.65
WJS MGH21-227 174.00 210.00 36.00 0.83
includes 198.00 201.00 3.00 7.09
includes 199.50 201.00 1.50 13.50
WJS MGH21-227 388.00 400.00 12.00 0.59
includes 388.00 390.00 2.00 1.13
and 398.00 400.00 2.00 2.02
WJS MGH21-228 146.00 162.00 16.00 0.70
includes 160.00 162.00 2.00 4.96
WJS MGH21-229 306.95 313.40 6.45 0.43
WJS MGH21-229 380.40 383.00 2.60 1.96
WJS MGH21-229 424.00 431.00 7.00 0.98
includes 426.00 428.00 2.00 2.55
includes 426.00 427.00 1.00 3.20
4
WJS MGH21-233 82.50 96.00 13.50 0.51
includes 82.50 84.00 1.50 3.24
WJS MGH21-233 118.50 184.50 66.00 0.62
includes 168.00 169.50 1.50 2.49
WJS MGH21-233 193.50 208.50 15.00 0.52
includes 207.00 208.50 1.50 1.81
WJS MGH21-233 228.00 241.50 13.50 0.55
includes 232.50 234.00 1.50 3.01
WJS MGH21-234 367.00 384.00 17.00 0.66
includes 373.00 374.50 1.50 3.47
WJS MGH21-234 418.00 433.00 15.00 0.93
includes 430.40 432.00 1.60 2.50
includes 430.40 430.95 0.55 3.14
WJS MGH21-234 438.00 449.80 11.80 0.53
includes 443.00 444.00 1.00 2.04
WJS MGH21-236 256.00 260.00 4.00 0.98
includes 259.70 260.00 0.30 8.20
WJS MGH21-240 294.30 342.00 47.70 0.45
includes 304.00 312.00 8.00 1.46
includes 304.00 306.00 2.00 2.86
Intercepts are calculated using geological boundaries, a maximum of 3m internal dilution and no top cap applied. Drill
intercepts are not true widths, are reported as drill widths, and are estimated to be 80% to 95% of true width.
Discussion of Drill Results
Drilling was targeting Timiskaming age clastic sediment host ed gold mineralized stacked quartz veins in
the Windjammer South area located south of the regional Banded Iron Formation “A” (“BIF A”) unit. The
drilling was testing a large area within the economic open pit occurring outside of the current
Windjammer South open pit gold resource in areas not previously drill tested . The Windjammer South
area occurs as the largest open pit gold resource within the Golden Highway portion of the Tower Gold
project.
Drill results from the current program at Windjammer South con firmed the occurrence of shallow west
dipping stacked quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes in large
step-outs beyond the current gold resource . The latest assay results confirmed gold mineralization over
an area 1,000 m long , 400 m wide, and down to depths of over 600 m. Additional results from the
Windjammer South open pit infill drilling program are pending as are drill results for the open pit infill
drilling north of the BIF A unit.
The extensions to the gold resource at Windjammer South have the potential to significantly improve the
economics in areas within the current open pits currently containing no mineral resources.
5
Figure 2: Windjammer South Resource Expansion Drill Program: Drill Hole Location Map
Figure 3: Windjammer South Resource Expansion Drilling- Cross Section
6
Table 2: New Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MWJ11-36x* 572194 5370034 330 36 -54 732.0
MWJ11-40x** 572054 5369976 331 35 -56 675.0
MWJ11-48x*** 572224 5370102 329 55 -60 900.0
MGH19-124x**** 572296 5370443 339 91 -61 576.0
MGH21-227 572313 5370230 352 70 -55 714.0
MGH21-228 572428 5370283 347 70 -55 600.0
MGH21-229 572525 5370327 346 65 -55 519.0
MGH21-233 572204 5370209 341 70 -55 663.0
MGH21-234 572488 5370197 348 70 -60 498.0
MGH21-236 572383 5370160 339 70 -60 504.0
MGH21-238 572454 5370094 338 70 -60 543.0
MGH21-239 572343 5370055 333 70 -60 501.0
MGH21-240 571928 5370050 339 60 -60 732.0
MGH21-248 573005 5370514 366 65 -55 412.0
Assay results for the reported holes are not complete. Additional assay results from drill holes will be released upon receipt. All
intercepts are reported as drill widths and not true widths. *Extended from 457.75 m, **extended from 432.0 m, ***extended
from 363.0 m, ****extended from 342.0 m.
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. Randall Salo, P.Geo. is a qualified person under NI 43 -101 and has reviewed
and approved the technical contents of this press release.
About Moneta
Moneta is a Canadian based gold exploration company focussed on advancing its 100% wholly owned Tower Gold
project, which currently hosts a gold mineral resource estimate of 4.0M ounces indicated and 4.4M ounces inferred.
The Company’s 2020/2021 drill program is designed to test extensions of mineralization and expand the current
mineral resource. An updated mineral resource estimate will be announced in the first half of 2022, followed by an
updated Preliminary Economic Assessment study on the entire Tower Gold Project. Moneta is committed to creating
shareholder value through the strategic allocation of capital and its focus on the current resource expansion drilling
program 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].
This news release includes certain forward -looking information and forward -looking statements, collectively “forward -looking
statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequently
7
identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future
events and results. Forward-looking statements include, but are not limited to information with respect to the future performance
of the business, its operations and financial performance and condition such as the Company’s drilling program and the timing
and results thereof; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID -19 related
disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and othe r
stakeholders; uncertainties and risk that have arisen and may arise in relation to trav el, and other financial market and social
impacts from COVID-19 and responses to COVID 19. and the ability of the Company to finance and carry out its anticipated goals
and objectives.
Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information
is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices, competiti ve risks and the availability of financing, as described in
more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those
projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to
revise or update these forward-looking statements.