Moneta Confirms Additional Gold Mineralization from Historical Drilling at Tower Gold
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NEWS RELEASE – 06/2023 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Confirms Additional Gold Mineralization from Historical Drilling at
Tower Gold
Toronto, Ontario – April 11, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) ( FSE: MOPA)
(“Moneta”) is pleased to announce assay results from the sampling of historical core not sampled by
previous property owners on the Garrcon and JonPol deposits at the Tower Gold project, located in the
Timmins Gold camp, Ontario. The sampling was conducted in addition to 76,000 metres (“m”) of infill and
resource upgrade drilling completed 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 in 2022.
Assay Highlights:
Garrcon
• C06-02 intersected 18.00 metres “m” @ 1.87 grams per tonne “g/t” Au, including 2.00 m @ 2.89
g/t Au, and 2.00 m @ 9.93 g/t Au
• C06-04 intersected 18.50 m @ 1.58 g/t Au, including 10.00 m @ 2.19 g/t Au, including 2.00 m @
4.61 g/t Au
• C06-04 intersected 14.00 m @ 2.01 g/t Au, including 2.00 m @ 6.24 g/t Au
• C06-02 intersected 18.00 m @ 1.10 g/t Au, including 6.00 m @ 1.75 g/t Au
JonPol
• N88-49 intersected 3.20 m @ 13.50 g/t Au, including 1.90 m @ 22.30 g/t Au
• N87-5 intersected 3.75 m @ 4.79 g/t Au, including 1.00 m @ 15.50 g/t Au
• N88-49 intersected 2.10 m @ 7.92 g/t Au
• N87-2 intersected 2.87 m @ 5.21 g/t Au
Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “The latest Garrcon and
JonPol assay results from previously unsampled historical drill core, have confirmed the continuity and
extensions of gold mineralized zones currently not included in the latest mineral resource estimate. These
zones are currently included in the drill database with no grade and support no gold ounces in the current
mineral resource model. The results have confirmed gold mineralization above the economic cut-off grade
within the early production years of the economic open pit resources at Garrcon and JonPol as defined in
the recent Preliminary Economic Assessment (“PEA”) . Extensions of good gold mineralization have also
been intersected outside the resource and pit, suggesting the potential to expand the mineral resource
and to extend 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 prior to the planned Pre-Feasibility Study (“PFS”).”
The latest assay results are from 6,025.4 m of previously unsampled sections of core from nineteen (19)
historical drill holes completed between 1987 and 2021. An additional 60,000 m open pit resource infill
and upgrade d rilling program is scheduled for 2023 . Additional assay results are still pending from the
2022 infill program and will be released upon receipt.
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Figure 1: Tower Gold Project - General Location Map
Table 1: Historical Core - Selected Significant Sample Results
Deposit Hole From To Length Au (gram metres)
(Name) (#) (m) (m) (m) (g/t) (g/t x m)
GAR C06-02 143.00 161.00 18.00 1.10 19.8
includes 155.00 161.00 6.00 1.75 10.5
GAR C06-02 167.00 179.00 12.00 0.66 7.9
GAR C06-02 193.00 201.00 8.00 1.15 9.2
includes 197.00 199.00 2.00 2.59 5.2
GAR C06-02 227.00 231.00 4.00 1.28 5.1
GAR C06-02 308.00 326.00 18.00 1.87 33.6
includes 312.00 314.00 2.00 2.89 5.8
and 316.00 318.00 2.00 9.93 19.9
GAR C06-02 401.00 403.00 2.00 2.88 5.8
GAR C06-04 128.00 138.00 10.00 0.94 9.4
includes 136.00 138.00 2.00 2.90 5.8
GAR C06-04 178.00 192.00 14.00 2.01 28.1
includes 180.00 182.00 2.00 6.24 12.5
GAR C06-04 214.00 218.00 4.00 1.47 5.9
GAR C06-04 219.50 222.50 3.00 4.70 14.1
GAR C06-04 242.50 248.00 5.50 1.42 7.8
GAR C06-04 249.00 253.00 4.00 2.02 8.1
GAR C06-04 254.00 272.50 18.50 1.58 29.2
includes 256.00 266.00 10.00 2.19 21.9
includes 258.00 260.00 2.00 4.61 9.2
GAR C06-08 186.00 190.00 4.00 1.32 5.3
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JP N87-2 154.53 157.40 2.87 5.21 14.9
JP N87-5 76.70 80.45 3.75 4.79 18.0
includes 76.70 77.70 1.00 15.50 15.5
JP N87-5 132.00 144.17 12.17 0.54 6.6
includes 138.00 140.00 2.00 1.23 2.5
JP N87-14 131.00 136.45 5.45 0.98 5.4
JP N88-105 257.00 265.00 8.00 0.90 7.2
JP N88-105 302.00 312.00 10.00 1.13 11.3
includes 302.00 304.00 2.00 2.48 5.0
JP N88-49 298.00 300.10 2.10 7.92 16.6
JP N88-49 301.80 305.00 3.20 13.50 43.2
includes 301.80 303.70 1.90 22.30 42.4
JP N88-139 142.00 150.00 8.00 0.68 5.4
Note: Drill intercepts above 5 g/t Au x m are reported as significant intercepts. 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 Historical Drill Core Sampling Results
The sampling of previously unsampled drill core from hist orical drill holes used in the current mineral
resource estimate has infilled mineralized zones and confirmed continuity of mineralization in areas
currently not attributed any gold ounces, due to the lack of gold assays as a result of the selective sampling
procedures applied on the historical core. The current results from Garrcon and JonPol have the potential
to connect and infill gold mineralized zones currently classified as waste in the PEA mine plan of the Tower
Gold project. The sampling of historical core was completed as part of the 2022 exploration program and
the current results are in ad dition to assays released from sampling of previously unsampled core (see
January 12, 2023 press release) on the Windjammer and 903 deposits.
Figure 2: Garrcon and JonPol Historical Core: Sampling Results Location Map - Tower Gold
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Garrcon
A total of six (6) drill holes for 1,926.3 m of sampling of previously unsampled core from historical holes
drilled between 198 8 and 2021 was completed from the Garrcon deposit area. The Garrcon open pit
currently hosts an indicated resource of 26.79 million tonnes (“Mt”) @ 1.01 g/t Au containing 872,000 oz
gold and an inferred resource of 0.97 Mt @ 0.83 g/t Au containing 26,000 oz gold (see September 07, 2022
press release). The drill holes predominantly tested the gold mineralization associated with stockwork
quartz veining hosted within Timiskaming age meta-sediments located between the Munro and Destor-
Porcupine Fault Zone in the Garrison area.
Figure 3: Garrcon Historical Core: Sampling Results Cross Section - Tower Gold
JonPol
Sampling and a ssaying of 4,099.1 m of previously unsampled core was completed from thirteen (13)
historical holes drilled between 1987 and 2013 from the JonPol area. The JonPol open pit currently hosts
an indicated resource of 8.90 Mt @ 1.34 g/t Au containing 383,000 oz gold and an inferred resource of
4.96 Mt @ 0.94 g/t Au containing 151,000 oz gold (see September 07, 2022 press release). The historical
drill holes predominantly tested mineralized zones hosted within the Tisdale and Kid-Munro volcanics
along the Munro fault, which is a splay from the regional Destor-Porcupine Fault.
Figure 4: JonPol Historical Core: Sampling Results Cross Section - Tower Gold
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Quality Control Procedures
NQ drill core is ori ented 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 Commodities Ltd.
Qualified Person
Jason Dankowski (APEGM #35155), Vice President 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 explo ration 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, PEA study outlined a combined open pit and underground mini ng 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:
Gary V. O’Connor, CEO
416-357-3319
Ardem Keshishian, VP Corporate Development
416-471-5463
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].
Certain statements in this press release including certain information about Moneta’s business outlook, objectives, strategie s,
plans, strategic priorities and results of operations, as well as othe r statements which are not current statements or historical
facts, constitute “forward -looking information” or “forward -looking statements” (collectively “forward -looking statements”)
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