STLR.TO · 2022-02-03 12:00:00

Moneta Confirms Additional Gold Mineralization at Gap, Tower Gold Project

Drill Results

NEWS RELEASE – 04/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE

Toronto, Ontario – February 03, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)

(“Moneta”) is pleased to announce the final assay results of eight (8) previously announced and three (3)

new drill holes , testing the resource expansion potential of the Gap Zone, located between the

Windjammer South and South West gold deposits within the Golden Highway area of the Tower Gold

project. The drilling is part of the 20 20/2021 72,500 metre (“m”) program in 130 drill hol es designed to

test extensions of the current mineral resource estimate of 4.0 million (“M”) ounces indicated gold and

4.4M ounces inferred gold (see February 24, 2021 press release ) on the Tower Gold project, located 100

kilometres (“km”) east of Timmins, Ontario . Additional holes and assays from this drill program remain

pending.

Drilling successfully intersected wide zones of gold mineralization in the Gap area located between the

Windjammer South open pit gold resource and the South West gold resource over a distance of 700 m

and a width of 350 m.

Highlights from the drilling include:

• MGH21-212 intersected 99.00 m @ 0.62 grams per tonne “g/t” gold “Au” , including 6.00 m @

1.56 g/t Au, including 0.80 m @ 3.21 g/t Au

• MGH21-224 intersected 31.70 m @ 0.95 g/t Au, including 5.00 m @ 3.38 g/t Au, including 1.00

m @ 8.08 g/t Au

• MGH21-214 intersected 23.00 m @ 0.80 g/t Au, including 9.50 m @ 1.33 g/t Au, including 0.50

m @ 3.04 g/t Au

• MGH21-204 intersected 28.60 m @ 0.57 g/t Au, including 1.00 m @ 6.14 g/t Au

• MGH21-224 intersected 39.00 m @ 0.57 g/t Au, including 1.50 m @ 4.58 g/t Au

• MGH21-224 intersected 19.20 m @ 0.69 g/t Au, including 5.00 m @ 1.11 g/t Au, including 1.00

m @ 2.38 g/t Au

• MGH21-211 intersected 19.30 m @ 0.61 g/t Au, including 2.00 m @ 2.84 g/t Au, including 1.00

m @ 3.56 g/t Au

Gary O’Connor, Moneta’s Chief Executive Officer commented, “The latest drill results from the Gap Zone

have confirmed gold mineralization over a large area between the Windjammer South open pit through

to the near surface South West, potentially c onnecting the two large deposits . We look forward to

releasing the remaining outstanding drill results when they become available and updating the mineral

resource estimate for the Tower Gold project in the first half of 2022.”

The latest assay results from the Gap zone resource expansion drill program include the final assay results

from eight (8) previously drill holes, as well as assay results from an additional three (3) new drill holes ,

including one redrill, for 1,512.0 m. The drill program was conducted to test a large area to the west of

the Windjammer South economic open pit in an area with little historical drilling. 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 35 drill holes for 14,899 m from the drill

program remain pending.

Figure 1: Tower Gold Project: General Location Map

Table 1: Selected Significant Drill Results

Hole From To Length Au Gram

metres

(#) (m) (m) (m) (g/t) (g x m)

MGH21-175 273.00 297.00 24.00 0.31 7.4

includes 279.00 280.00 1.00 1.38 1.4

and 286.00 286.70 0.70 2.31 1.6

MGH21-204* 734.40 763.00 28.60 0.57 16.3

includes 740.00 741.00 1.00 6.14 6.1

and 756.00 759.00 3.00 1.22 3.7

MGH21-207 412.90 420.00 7.10 1.28 9.1

includes 414.00 416.00 2.00 2.70 5.4

includes 415.00 415.50 0.50 4.78 2.4

MGH21-211* 133.00 152.30 19.30 0.61 11.8

includes 139.00 141.00 2.00 2.84 5.7

includes 139.00 140.00 1.00 3.56 3.6

MGH21-212 455.00 554.00 99.00 0.62 61.4

includes 488.00 494.00 6.00 1.56 9.4

includes 488.70 489.50 0.80 3.21 2.6

and 514.00 515.10 1.10 2.19 2.4

MGH21-214 418.00 427.00 9.00 0.57 5.1

includes 424.00 424.50 0.50 5.13 2.6

MGH21-214 475.00 498.00 23.00 0.80 18.4

including 482.00 491.50 9.50 1.33 12.6

including 491.00 491.50 0.50 3.04 1.5

MGH21-224 96.10 110.65 14.55 0.70 10.2

includes 101.30 103.00 1.70 2.09 3.6

MGH21-224 118.00 137.20 19.20 0.69 13.2

includes 122.00 127.00 5.00 1.11 5.6

includes 122.00 123.00 1.00 2.38 2.4

MGH21-224 620.30 652.00 31.70 0.95 30.1

includes 621.00 626.00 5.00 3.38 16.9

includes 625.00 626.00 1.00 8.08 8.1

MGH21-224 660.00 699.00 39.00 0.57 22.2

includes 661.50 663.00 1.50 4.58 6.9

and 691.50 694.35 2.85 1.47 4.2

Intercepts are calculated using a 0.20 g/t Au cut-off, 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.

Figure 2: Gap Zone Exploration Drill Program: Drill Hole Location Map

Discussion of Drill Results

Drilling was targeting clastic sediment hosted gold mineralized stacked quartz veins in the Gap zone

located south of the Banded Iron Formation “A” (“BIF A”) unit over a large area located between the

current Windjammer South open pit gold resource and the South West underground gold resource. The

current drilling was conducted as follow -up to a four (4) hole drill program completed in April 2021 ( see

April 08, 2021 press release) which confirmed significant gold mineralization across the zone with results

of up to 32.00 m @ 1.63 g/t Au, including 6.35 m @ 3.21 g/t Au in drill hole MGH21-174.

Previous partial assay results from eight (8) drill holes for a total of 5,491.0 m, drilled as part of the current

resource expansion drill program at Gap were released in November 2021 (see November 23, 2021 press

release) and returned the following drill highlights;

• MGH21-204 intersected 56.55 m @ 1.05 g/t Au, including 26.00 m @ 1.76 g/t Au, including 9.00

m @ 2.87 g/t Au, and including 1.00 m @ 5.83 g/t Au

• MGH21-212 intersected 70.00 m @ 0.85 g/t Au, including 4.15 m @ 3.15 g/t Au, and 16.00 m @

1.49 g/t Au, including 3.00 m @ 2.62 g/t

• MGH21-224 intersected 27.70 m @ 1.02 g/t Au, including 5.00 @ 3.38 g/t Au, including 1.00 m

@ 8.08 g/t Au

• MGH21-204 intersected 13.87 m @ 1.66 g/t Au, including 6.00 m @ 2.51 g/t Au, including 1.00

m @ 6.54 g/t Au and 2.00 m @ 3.63 g/t Au

• MGH19-120x intersected 19.00 m @ 0.89 g/t Au, including 3.50 m @ 1.74 g/t Au, including 1.30

m @ 5.47 g/t Au

Figure 3: Gap Exploration Drilling- Cross Section

Drill results from the current program at Gap confirmed the occurrence of shallow west dipping stacked

quartz veins sets and associated ankerite -albite-sericite-pyrite alteration haloes. The latest assay results

confirmed gold mineralization over an area 700 m long, 350 m wide, and down to depths of up to 500 m,

between the Windjammer South open pit through to the near surface South West, potentially connecting

the two large deposits.

Table 2: New Drill Hole Details- Gap Zone

Hole Easting Northing Elevation Azimuth Inclination Depth

(#) (mE) (mN) (masl) (°) (°) (m)

MGH21-232 571840 5369848 329 50 -60 711.0

MGH21-249a 571719 5369602 327 50 -60 96.0

MGH21-249 571719 5369602 327 50 -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 mater ial 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 r eviewed

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 was designed to test extensions of mineralization and expand the current

mineral resource . An updated mineral resource estimate and Preliminary Economic Asse ssment study

encompassing the entire Tower Gold Project will be announced in the first half of 2022. Moneta is committed to

creating shareholder value through the strategic allocation of capital and a focus on the current resource expansion

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 [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

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 other

stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and soc ial

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, competitive risks and the availability of financing, as descri bed 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.

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