Moneta Continues to Intersect Significant Gold Mineralization at the Tower Gold Project
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NEWS RELEASE – 23/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Continues to Intersect Significant Gold Mineralization at the Tower
Gold Project
Toronto, Ontario – November 03, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce assay results from fourteen (14) drill holes from resource infill and
step-out drilling on the Westaway and South West gold deposits at the Tower Gold project, located 100
kilometres (“km”) east of Timmins, Ontario . The drilling was conducted as part of the current 70,000
metres (“m”) infill and resource upgrade drill program on the recently announced mineral resource
estimate of 4.5 million (“M”) ounces (“oz”) indicated gold (“Au”) and 8.3 Moz inferred Au (see September
07, 2022 press release) at the Tower Gold project.
Drilling Highlights:
Westaway
• MGH22-310 intersected 70.00 m @ 1.82 grams per tonne “g/t” Au, including 37.00 m @ 3.10
g/t Au, including 22.15 m @ 4.62 g/t Au, including 6.95 m @ 6.40 g/t Au, and 0.80 m @ 11.90
g/t Au
• MGH22-320 intersected 29.00 m @ 3.34 g/t Au, including 2.12 m @ 12.60 g/t Au, including 0.92
m @ 22.70 g/t Au, and 5.00 m @ 5.05 g/t Au, and 3.90 m @ 5.32 g/t Au
• MGH22-309 intersected 4.00 m @ 11.43 g/t Au, including 2.75 m @ 16.21 g/t Au, including 1.40
m @ 19.50 g/t Au
• MGH22-299 intersected 27.00 m @ 2.23 g/t Au, including 7.10 m @ 7.70 g/t Au, including 3.05
m @ 15.49 g/t Au, and 0.95 m @ 23.30 g/t Au
• MGH22-292 intersected 16.35 m @ 2.77 g/t Au, including 7.45 m @ 3.51 g/t Au, including 1.20
m @ 12.80 g/t Au, and 1.25 m @ 8.91 g/t Au
• MGH22-292 intersected 6.00 m @ 7.47 g/t Au, including 1.30 m @ 14.62 g/t Au, including 0.60
m @ 20.20 g/t Au, and 1.00 m @ 16.50 g/t Au
• MGH22-304 intersected 19.00 m @ 2.15 g/t Au, including 7.00 m @ 4.44 g/t Au, including 2.00
m @ 13.81 g/t Au, including 1.00 m @ 23.80 g/t Au
• MGH22-300 intersected 13.10 m @ 2.59 g/t Au, including 8.10 m @ 3.05 g/t Au, including 1.00
m @ 7.41 g/t Au, and 1.00 m @ 5.75 g/t Au
South West
• MGH22-293 intersected 56.50 m @ 1.10 g/t Au, including 10.00 M @ 3.30 g/t Au, including 3.00
m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au
• MGH22-291 intersected 20.50 m @ 1.61 g/t Au, including 12.00 m @ 2.21 g/t Au, including 1.00
m @ 7.10 g/t Au
• MGH22-291 intersected 3.70 m @ 3.34 g/t Au, including 1.00 m @ 9.52 g/t Au
• MGH22-293 intersected 27.50 m @ 0.99 g/t Au, including 8.70 m @ 1.95 g/t Au, including 1.20
m @ 5.72 g/t Au
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Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These latest infill assay drill
results from Westaway and South West continue to confirm the continuity and extensions of the current
mineral resource estimate, recently updated in September. These results support significant gold grades
across wide widths of gold mineralization within the mostly underground mineral resources and have
intersected extensions of mineralization outside the resource up to 150 metres to the west and at depth
and up to 300 metres to the east. 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, set to commence in the first quarter of
2024.”
The latest assay results are from fourteen (14) drill holes for 8,309.0 m of diamond drilling, including 12
drill holes for 6,276.0 m from Westaway and 2 holes for 2,033.0 m from South West, completed as part
of an initial 70,000 m drill program planned as resource infill and upgrade drilling. 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
Table 1: Westaway: Selected Significant Drill Results
Hole From To Length Au Vein
(#) (m) (m) (m) (g/t) (Name)
MGH22-292 163.85 165.40 1.55 4.58 New
MGH22-292 195.50 204.00 8.50 1.39 New
includes 196.80 200.00 3.20 2.75
includes 198.00 199.00 1.00 5.15
MGH22-292 517.00 522.00 5.00 3.58 WA-18
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includes 517.00 519.15 2.15 6.44
MGH22-292 573.00 578.20 5.20 1.87 WA-18A
includes 573.00 575.00 2.00 3.68
includes 573.00 574.00 1.00 4.68
MGH22-292 671.15 680.00 8.85 1.38 WA-15
includes 671.15 672.95 1.80 3.13
includes 672.15 672.95 0.80 4.05
MGH22-292 856.30 857.00 0.70 12.40 New
MGH22-292 918.65 935.00 16.35 2.77 WA-5/WA-6
includes 918.65 926.10 7.45 3.51 WA-6
includes 924.90 926.10 1.20 12.80
and 930.00 933.15 3.15 4.50 WA-5
includes 931.00 932.25 1.25 8.91
MGH22-292 959.00 965.00 6.00 7.47 WA-3
includes 959.00 960.30 1.30 14.62
includes 959.70 960.30 0.60 20.20
and 963.00 965.00 2.00 9.94
includes 964.00 965.00 1.00 16.50
MGH22-296 90.00 114.00 24.00 0.72 New
includes 90.00 94.00 4.00 2.22
MGH22-296 290.00 320.00 30.00 0.49 WA-16
includes 316.00 320.00 4.00 2.14
MGH22-296 506.00 516.00 10.00 1.29 WA-9
includes 509.00 512.00 3.00 3.43
includes 509.00 511.00 2.00 4.61
MGH22-299 114.50 141.50 27.00 2.23 WA-3
includes 131.60 138.70 7.10 7.70
includes 133.55 136.60 3.05 15.49
includes 133.55 134.50 0.95 23.30
MGH22-300 73.00 108.60 35.60 1.11 WA-19
includes 73.00 78.10 5.10 2.35
includes 73.00 75.00 2.00 4.87
and 90.00 102.00 12.00 1.86
includes 90.00 91.00 1.00 5.20
and 96.00 102.00 6.00 2.52
includes 101.00 102.00 1.00 6.86
MGH22-300 339.10 352.00 12.90 1.33 WA-11
includes 349.00 352.00 3.00 4.65
includes 350.00 351.00 1.00 8.30
MGH22-300 533.75 539.00 5.25 2.29 WA-7A
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includes 538.00 539.00 1.00 4.47
MGH22-300 556.90 570.00 13.10 2.59 WA-6
includes 556.90 565.00 8.10 3.05
includes 558.00 559.00 1.00 7.41
MGH22-300 600.50 620.00 19.50 1.51 WA-4/WA-3
includes 600.50 602.50 2.00 4.09 WA-4
includes 601.50 602.50 1.00 6.69
and 613.00 620.00 7.00 2.33 WA-3
includes 614.00 615.00 1.00 4.85
MGH22-304 107.00 116.00 9.00 1.61
includes 113.00 114.00 1.00 5.15
MGH22-304 199.00 232.00 33.00 0.85 WA-9
includes 201.00 212.00 11.00 1.50
includes 208.00 211.00 3.00 3.29
includes 210.00 211.00 1.00 4.85
and 225.00 227.00 2.00 3.90
MGH22-304 245.00 250.00 5.00 2.41 WA-8
includes 245.00 248.00 3.00 3.44
MGH22-304 277.00 298.00 21.00 1.23 WA-7A
includes 288.00 293.00 5.00 3.70
includes 292.00 293.00 1.00 13.00
MGH22-304 311.00 330.00 19.00 2.15 WA-6/WA-7
includes 320.00 327.00 7.00 4.44
includes 320.00 323.00 3.00 9.84
includes 320.00 322.00 2.00 13.81
includes 321.00 322.00 1.00 23.80
MGH22-304 438.00 458.00 20.00 1.49 WA-2
and 452.00 458.00 6.00 4.20 WA-2
includes 453.00 456.00 3.00 7.20
includes 453.00 454.00 1.00 13.00
MGH22-305 120.00 149.00 29.00 1.07 WA-6
includes 145.00 149.00 4.00 5.62 WA-6
includes 145.00 146.00 1.00 7.12
and 147.00 148.00 1.00 11.40
MGH22-305 275.00 294.00 19.00 1.58 WA-1
includes 280.90 286.85 5.95 4.59 WA-1
includes 283.00 286.85 3.85 6.17 WA-1
includes 283.00 284.50 1.50 7.57 WA-1
MGH22-308 267.00 274.00 7.00 3.61 WA-1
includes 267.00 273.20 6.20 4.04
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includes 268.00 270.00 2.00 7.06
includes 268.00 269.00 1.00 8.60
MGH22-309 395.50 399.50 4.00 11.43 New
includes 396.75 399.50 2.75 16.21
includes 398.10 399.50 1.40 19.50
MGH22-310 232.00 302.00 70.00 1.82 WA-3
includes 263.00 300.00 37.00 3.10
includes 277.85 300.00 22.15 4.62
includes 292.05 299.00 6.95 6.40
includes 298.20 299.00 0.80 11.90
MGH22-311 135.00 148.70 13.70 1.06 WA-15
includes 139.00 140.00 1.00 2.36
MGH22-311 231.00 258.00 27.00 0.61 WA-13
includes 241.00 243.00 2.00 3.19
MGH22-311 367.00 375.50 8.50 1.08 WA-10
includes 373.10 374.50 1.40 2.91
MGH22-311 440.00 461.00 21.00 0.57 WA-8
includes 444.70 447.70 3.00 2.34
MGH22-311 516.70 521.00 4.30 3.16 WA-7A
includes 516.70 517.70 1.00 12.20
MGH22-311 588.00 595.00 7.00 3.22 WA-3
includes 588.50 590.20 1.70 6.18
and 593.40 595.00 1.60 5.32
MGH22-311 615.00 630.50 15.50 0.97 WA-2
includes 615.00 617.00 2.00 2.61
MGH22-320 163.00 181.00 18.00 0.60 New
includes 164.00 171.00 7.00 1.22
includes 164.00 165.00 1.00 6.18
MGH22-320 270.50 280.00 9.50 0.97 WA-13
includes 271.00 274.00 3.00 2.71
includes 273.00 274.00 1.00 5.22
MGH22-320 430.00 442.00 12.00 0.81 New
includes 430.00 431.00 1.00 3.81
MGH22-320 575.70 604.70 29.00 3.34 WA-3
includes 579.58 581.70 2.12 12.60
includes 579.58 580.50 0.92 22.70
and 584.70 589.70 5.00 5.05
includes 588.00 588.70 0.70 8.13
and 600.80 604.70 3.90 5.32
includes 602.70 603.70 1.00 7.72
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MGH22-320 622.00 625.70 3.70 2.42 WA-2
includes 622.00 624.00 2.00 3.95
includes 623.00 624.00 1.00 4.78
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.
Table 2: South West: Selected Significant Drill Results
Hole From To Length Au Gram x metres
(#) (m) (m) (m) (g/t) (g x m)
MGH22-291 37.50 58.00 20.50 1.61 33.0
includes 39.00 51.00 12.00 2.21 26.5
includes 39.00 40.00 1.00 7.10 7.1
and 45.85 51.00 5.15 2.38 12.3
MGH22-291 368.30 372.00 3.70 3.34 12.4
includes 369.15 370.15 1.00 9.52 9.5
MGH22-291 630.00 644.35 14.35 0.87 12.5
includes 630.00 632.00 2.00 4.18 8.4
MGH22-291 672.00 676.50 4.50 1.85 8.3
includes 673.00 676.50 3.50 2.10 7.4
includes 676.00 676.50 0.50 4.46 2.2
MGH22-291 895.00 896.00 1.00 7.22 7.2
MGH22-291 950.00 956.00 6.00 1.71 10.3
includes 955.00 956.00 1.00 8.40 8.4
MGH22-291 963.00 967.50 4.50 2.56 11.5
includes 963.50 966.45 2.95 3.39 10.0
includes 965.60 966.45 0.85 4.60 3.9
MGH22-293 619.50 647.00 27.50 0.99 27.2
includes 633.80 642.50 8.70 1.95 17.0
includes 633.80 635.00 1.20 5.72 6.9
MGH22-293 976.00 1032.50 56.50 1.10 62.2
includes 1013.00 1023.00 10.00 3.30 33.0
includes 1013.00 1016.00 3.00 6.70 20.1
includes 1014.00 1015.00 1.00 11.20 11.2
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
Westaway
Drilling at Westaway was focused on infilling and extending the wide stacked extensional quartz veins
hosting the current open pit and underground gold resource from surface to vertical depths of up to 700
m. The drill results confirmed good continuity of the resource estimate and extended gold mineralization
to the west and at depth. Drill hole MGH22-292 intersected significant gold mineralization over 150m to
depth and to the west, intersecting up to 6.00 m @ 7.47 g/t Au, including 1.30 m @ 14.62 g/t Au in step-
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out drilling. The Westaway open pit currently hosts an indicated resource of 0.75 million tonnes (“Mt”) @
2.20 g/t Au containing 53,000 oz gold and an inferred resource of 22.11 Mt @ 1.95 g/t Au containing
1,383,000 oz gold and an underground resource of 2.35 Mt @ 4.23 g/t Au for 320,000 oz gold inferred
(see September 07, 2022 press release ). The drill holes predominantly tested the areas south of the
regional banded iron formation “A” and “B” units (“BIF”) and north of the BIF “C” unit within altered clastic
sediments hosting stacked vein sets.
South West
At South West, drilling was targeted to extend and infill the stacked extensional quartz vein sets hosting
the current underground gold resource from surface to vertical depths of up to 800 m. The drill results
confirmed continuity of the resource estimate and extended gold mineralization to the west, east, and at
depth of the current resource. MGH22-293 intersected gold mineralization up to 300 m to the east of the
current resource assaying up to 3.00 m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au. The South West
underground resource currently hosts 0.21 million Mt @ 4.53 g/t Au containing 31,000 oz gold indicated
and 6.73 Mt @ 4.26 g/t Au containing 920,000 oz gold inferred (see September 07, 2022 press release).
The drill holes predominantly tested the areas south of the regional BIF A” and B units (“BIF”) on the
eastern areas of the South West deposit located within stacked vein sets hosted in altered clastic
sediments.
Figure 2: Westaway-South West - Tower Gold: Infill Drill Location Map
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Figure 3: Westaway-South West - Tower Gold: Infill Drilling Cross Section
Table 3: Westaway and South West - Resource Infill Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH22-292 569292 5368690 318 70 -62 1068.0
MGH22-296 569741 5368796 318 70 -60 780.0
MGH22.299 570224 5369149 327 50 -60 240.0
MGH22-300 569818 5368816 318 80 -60 768.0
MGH22-303 570276 5370541 328 50 -60 132.0
MGH22-304 570024 5368918 319 55 -59 501.0
MGH22-305 570178 5369028 323 50 -61 321.0
MGH22-308 570197 5369049 321 75 -60 303.0
MGH22-309 570098 5368935 319 65 -60 456.0
MGH22-310 570193 5369048 322 87 -59 330.0
MGH22-311 569815 5368883 322 64 -60 726.0
MGH22-320 569875 5368813 318 76 -60 651.0
MGH22-291* 571068 5369504 323 60 -70 996.0
MGH22-293* 571200 5369702 323 50 -60 1037.0
*Drilled at South West
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