Moneta Continues to Expand Gold Mineralization at Windjammer South, Tower Gold Project
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NEWS RELEASE – 05/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Continues to Expand Gold Mineralization at Windjammer South, Tower
Gold Project
Toronto, Ontario – February 10, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce the final assay results of eleven (11) previously announced and four
(4) new drill holes, testing the resource expansion potential of the Windjammer South mineral resource,
located within the Golden Highway area of the Tower Gold project . The drilling is part of the 2020/2021
72,500 metre (“m”) program in 130 drill holes 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 other zones in this drill program remain pending.
Drilling successfully intersected wide zones of gold mineralization on the extensions of the Windjammer
South gold deposit within and as extensions to the current economic open pit at Windjammer South.
Drilling was testing an area over a strike length of 1,000 m and a width of 400 m.
Highlights from the drill results include:
• MWJ11-36x intersected 2.00 m @ 27.05 grams per tonne “g/t” gold “Au” , including 1.00 m @
53.90 g/t Au
• MGH18-105x intersected 62.00 m @ 0.58 g/t Au, including 12.00 m @ 1.54 g/t Au, including
1.00 m @ 6.34 g/t Au
• MGH21-240 intersected 53.70 m @ 0.52 g/t Au, including 8.00 m @ 1.46 g/t Au, including 2.00
m @ 2.86 g/t Au
• MGH21-250 intersected 22.35 m @ 0.80 g/t Au, including 2.40 m @ 4.31 g/t Au, including 1.40
m @ 5.63 g/t Au
• MGH18-105x intersected 17.00 m @ 0.91 g/t Au, including 5.00 m @ 1.86 g/t Au, including 1.00
m @ 3.27 g/t Au
• MGH21-236 intersected 4.50 m @ 3.01 g/t Au, including 0.65 m @ 18.80 g/t Au
• MGH18-105x intersected 26.00 m @ 0.48 g/t Au, including 1.15 m @ 1.89 g/t Au
Gary O’Connor, Moneta’s Chief Executive Officer commented, “The latest drill results from Windjammer
South have confirmed gold mineralization in large step outs to the current gold resource, both within the
current Windjammer South economic open pit and as extensions to mineralization beyond the open pit.
Importantly, these extensions have the potential to significantly improve the economics in areas within
the current open pits outside of the current mineral resources. 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 Windjammer South resource expansion drill program include the final
assay results from eleven (11) previously drill holes, as well as assay results from an additional four (4)
new drill holes , including one drill hole extension (MGH18 -105x), for 1,897.0 m. The drill program was
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conducted to test a large area to the south of the Windjammer South deposits within and as extensions
to the economic open pit in an area with little historical drillin g. 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 31 drill holes for 13,002 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)
MWJ11-36x 543.80 545.80 2.00 27.05 54.1
includes 543.80 544.80 1.00 53.90 53.9
MGH18-105x 396.00 458.00 62.00 0.58 36.0
includes 445.00 457.00 12.00 1.54 18.5
includes 445.00 446.00 1.00 6.34 6.3
MGH18-105x 464.00 481.00 17.00 0.91 15.5
includes 468.00 479.00 11.00 1.18 13.0
includes 471.00 476.00 5.00 1.86 9.3
includes 471.00 472.00 1.00 3.27 3.3
MGH18-105x 491.50 515.00 23.50 0.34 8.0
MGH18-105x 534.00 560.00 26.00 0.48 12.5
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includes 551.15 552.30 1.15 1.89 2.2
MGH21-227 380.00 412.00 32.00 0.32 10.2
MGH21-227 387.00 400.00 13.00 0.62 8.1
includes 398.00 400.00 2.00 2.02 4.0
MGH21-233 403.00 413.00 10.00 0.81 8.1
includes 403.00 409.00 6.00 1.22 7.3
includes 408.00 409.00 1.00 3.27 3.3
MGH21-233 431.00 438.00 7.00 0.63 4.4
includes 431.00 433.00 2.00 1.57 3.1
MGH21-235 88.00 94.00 6.00 0.61 3.7
includes 93.00 94.00 1.00 2.53 2.5
MGH21-236 412.00 419.00 7.00 1.07 7.5
includes 417.00 418.00 1.00 4.95 5.0
MGH21-236 372.00 376.50 4.50 3.01 13.5
includes 374.35 375.00 0.65 18.80 12.2
MGH21-240 138.20 149.00 10.80 0.62 6.7
includes 144.00 145.00 1.00 1.90 1.9
MGH21-240 294.30 348.00 53.70 0.52 27.9
includes 304.00 312.00 8.00 1.46 11.7
includes 304.00 306.00 2.00 2.86 5.7
MGH21-240 378.85 416.00 37.15 0.26 9.7
includes 378.85 380.00 1.15 1.39 1.6
and 396.00 410.00 14.00 0.34 4.8
includes 396.00 398.00 2.00 0.92 1.8
MGH21-241 200.00 204.00 4.00 1.28 5.1
includes 202.00 204.00 2.00 2.38 4.8
MGH21-241 330.00 344.00 14.00 0.46 6.4
includes 332.00 334.00 2.00 1.05 2.1
MGH21-250 87.65 110.00 22.35 0.80 17.9
includes 92.00 110.00 18.00 0.91 16.4
includes 96.00 98.40 2.40 4.31 10.3
includes 97.00 98.40 1.40 5.63 7.9
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.
Discussion of Drill Results
Drilling was targeting Timiskaming age clastic sediment hosted 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 beyond the current Windjammer
South 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.
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Figure 2: Windjammer South: Drill Hole Location Map
Drill results from the current program at Windjammer South confirmed 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 up to 500 m. Additional results from the
Windjammer Central open pit infill drilling program north of the BIF A unit are pending, as are drill results
for the open pit expansion drilling to the east in the Halfway area.
Previous partial assay results from fourteen (14) drill holes for a total of 6,974.0 m, drilled as part of the
current resource expansion drill program at Windjammer South were released in December 2021 (see
December 16, 2021 press release) and returned the following drill highlights;
• MGH21-227 intersected 18.40 m @ 2.22 g/t 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
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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.
Figure 3: Windjammer South Drilling- Cross Section
Table 2: New Drill Hole Details- Windjammer South
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH18-105x* 571663 5370203 327 91 -54 750.0
MGH21-235 572275 5370141 330 70 -60 603.0
MGH21-241 572594 5370232 349 65 -60 504.0
MGH21-248 572226 5370045 330 75 -60 412.0
*Extended from 372.0m
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 revie wed
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 Assessment study
encompassing the entire Tower Gold Project will be announced in the first half of 2022. Moneta is committed to
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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 othe r
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Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information
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exploration and development, fluctuating commodity prices, competiti ve risks and the availability of financing, as described in
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