Moneta Continues to Intersect Significant Gold Mineralization at Tower Gold
1
NEWS RELEASE – 26/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Continues to Intersect Significant Gold Mineralization at Tower Gold
Toronto, Ontario – December 15, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce assay results from seven (7) resource infill and step-out drill holes on
the Windjammer Central gold deposit at the Tower Gold project, located 100 kilometres (“km”) east of
Timmins, Ontario. The drilling was conducted as part of the current expanded 160,000 metres (“m”) infill
and resource upgrade drill program 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.
Drilling Highlights:
• MGH22-328 intersected 278.00 metres “m” @ 0.43 grams per tonne “g/t” Au, including 100.00
m @ 0.68 g/t Au, and 35.10 m @ 0.72 g/t Au, and 15.00 m @ 1.18 g/t Au
• MGH22-325 intersected 464.55 m @ 0.30 g/t Au, and 5.35 m @ 1.23 g/t Au, and 30.50 m @ 0.51
g/t Au, and 24.50 m @ 0.63 g/t Au
• MGH22-326 intersected 103.50 m @ 0.49 g/t Au, including 43.70 m @ 0.84 g/t Au, including
24.50 m @ 1.00 g/t Au, including 0.95 m @ 5.71 g/t Au, and 1.50 m @ 5.40 g/t Au
• MGH22-314 intersected 220.00 m @ 0.34 g/t Au, including 35.00 m @ 0.62 g/t Au, including
11.00 m @ 0.99 g/t Au, including 1.00 m @ 3.49 g/t Au
• MGH22-306 intersected 150.00 m @ 0.40 g/t Au, including 16.00 m @ 0.96 g/t Au, inc luding
7.00 m @ 1.48, including 1.00 m @ 4.21 g/t Au
• MGH22-326 intersected 209.00 m @ 0.32 g/t Au, including 11.80 m @ 0.93 g/t Au, including
1.00 m @ 5.79 g/t Au
Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These Windjammer infill
assay drill results continue to confirm the continuity and extensions of the current mineral resource
estimate, updated in September . These r esults support significant gold grades across wide widths of
continuous gold mineralization within the economic open pit mineral resources at Windjammer Central
as defined in the recent Preliminary Economic Assessment (“PEA”). Extensions of good gold mineralization
have also been intersected outside the resource and pit, highlighting the potential to continue to grow
the mineral resource and to expand 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 for the planned Pre-Feasibility Study
(“PFS”).”
The latest assay results are from seven (7) drill holes for 4,248.50 m of diamond drilling completed as part
of the expanded 160,000 m drill program of resource infill and upgrade drilling for the PFS as defined in
the positive PEA completed in September 2022. Drilling is being conducted on 50 m centres as step-outs
and infill of previous drill holes.
2
Figure 1: Tower Gold Project - General Location Map
Table 1: Windjammer - Selected Significant Drill Results
Hole From To Length Au Drill Gram Metres
(#) (m) (m) (m) (g/t) (Target) (g x m)
MGH22-306 158.00 196.50 38.50 0.31 Extension 11.9
includes 172.00 174.00 2.00 2.48 5.0
MGH22-306 219.00 239.00 20.00 0.56 Infill 11.2
includes 235.00 236.00 1.00 2.35 2.4
MGH22-306 219.00 369.00 150.00 0.40 Infill 60.0
includes 234.00 250.00 16.00 0.96 15.4
includes 243.00 250.00 7.00 1.48 10.4
includes 246.00 247.00 1.00 4.21 4.2
MGH22-314 269.00 489.00 220.00 0.34 Infill 74.8
includes 285.00 320.00 35.00 0.62 21.7
includes 309.00 320.00 11.00 0.99 10.9
includes 319.00 320.00 1.00 3.49 3.5
and 392.00 399.00 7.00 0.86 6.0
MGH22-318 248.00 317.00 69.00 0.31 Infill 21.4
includes 248.00 250.00 2.00 1.06 2.1
MGH22-319 565.00 589.00 24.00 0.30 Extension 7.2
includes 574.00 589.00 15.00 0.46 6.9
MGH22-325 53.45 518.00 464.55 0.30 Extension 139.4
3
includes 101.00 107.00 6.00 0.84 5.0
and 128.65 134.00 5.35 1.23 6.6
and 303.50 334.00 30.50 0.51 15.6
and 372.50 397.00 24.50 0.63 15.4
MGH22-326 119.00 222.50 103.50 0.49 Extension 50.7
includes 140.00 142.00 2.00 3.34 6.7
and 161.30 205.00 43.70 0.84 36.7
includes 167.50 192.00 24.50 1.00 24.5
includes 167.50 168.45 0.95 5.71 5.4
and 188.00 189.00 1.00 5.67 5.7
and 203.50 205.00 1.50 5.40 8.1
MGH22-326 228.00 437.00 209.00 0.32 Infill 66.9
includes 304.20 316.00 11.80 0.93 11.0
includes 304.20 305.20 1.00 5.79 5.8
MGH22-328 147.00 220.00 73.00 0.24 Infill 17.5
includes 147.00 161.00 14.00 0.53 7.4
MGH22-328 258.00 536.00 278.00 0.43 Infill/Extend 119.5
includes 285.00 385.00 100.00 0.68 68.0
includes 285.00 289.00 4.00 1.48 5.9
and 319.50 354.60 35.10 0.72 25.3
includes 319.50 333.00 13.50 0.86 11.6
and 347.40 354.60 7.20 1.30 9.4
and 370.00 385.00 15.00 1.18 17.7
and 426.00 431.00 5.00 1.28 6.4
MGH22-328 549.00 603.00 54.00 0.35 Extension 18.9
includes 549.00 589.00 40.00 0.44 17.6
includes 552.00 553.50 1.50 5.29 7.9
MGH22-328 630.00 704.00 74.00 0.30 Extension 22.2
includes 679.00 694.50 15.50 0.53 8.2
includes 688.00 694.50 6.50 0.90 5.9
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
Infill drilling at Windjammer was focused on infilling and extending the mineral resource located within
the current open pit gold resource from surface to vertical depths of up of 5 00 m below surface at
Windjammer Central. The drill results confi rmed continuity of the resource estimate and extended gold
mineralization to the east and at depth by widths of up to 200 m. Drill holes MGH22-318, MGH22-314,
MGH22-328, and MGH22-306 confirmed good continuity of the resource within the open pit as well as
extensions of the resource below the pit with MGH22 -306 intersecting wide zones of continuous gold
mineralization up to 400 m to the east and below the pit. MGH22 -325 and MGH22 -326 extended the
resource within the pit and have confirmed extensions near to surface as well as extensions below and to
the east of the current pit constrained resources. Hole MGH22 -319 confirmed new extensions to the
resource within the pit to the east as well as extensions outside the current pit boundaries. T he
Windjammer open pit currently hosts an indicated resource of 42.05 million tonnes (“Mt”) @ 0.78 g/t Au
containing 1,058,000 oz gold and an inferred resource of 34.46 Mt @ 0.97 g/t Au containing 1,074,000 oz
4
gold at Windjammer South and 28.50 Mt @ 0.63 g/t Au for 581,000 o z gold indicated and 77.83 Mt @
0.64 g/t Au for 1,595,000 oz gold inferred at Windjammer Central (see September 07, 2022 press release).
The drill holes predominantly tested the areas north of the regional banded iron formation units (“BIF”)
within altered clastic sediments hosting wide stacked extensional quartz vein sets in the Windjammer
Central area, located to the south of the main splay of the regional Destor Porcupine Fault zone (“DPFS”).
Figure 2: Windjammer - Tower Gold: Infill Drill Location Map
Figure 3: Windjammer - Tower Gold: Infill Drilling Cross Section
5
Table 2: Windjammer - Resource Infill Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH22-306 572244 5370694 332 75 -60 726.0
MGH22-314 572245 5370647 333 75 -60 498.8
MGH22-318 572233 5370584 331 85 -60 599.7
MGH22-319 572498 5370820 361 75 -60 600.0
MGH22-325 572233 5370842 333 75 -60 606.0
MGH22-326 572319 5370768 336 75 -60 513.0
MGH22-328 572211 5370742 331 75 -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 indepe ndent 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 Laboratories Pty Ltd. Jason Dankowski, P.Geo. V.P. 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 exploration 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, Preliminary Economic Assessment study outlined a combined open pit and underground mining
and a 7.0 mill ion tonne per annum conventional leach/CIL 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 mi neral 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
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].
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 other statements which are not current statements or histor ical
facts, constitute “forward -looking information” or “forward -looking statements” (collectively “forward -looking statements”)
within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that add ress
activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (without
limitation, statements regarding exploration programs, potential mineralization, future plans and objectives of the Company,
updated to the mineral resources, and the timing and results thereof) are forward -looking statements. Sentences and phrases
containing words such as “believe”, “estimate”, “anticipate”, “plan”, “will”, “intend”, “predict”, “outlook”, “goal”, “target ”,
“forecast”, “project”, “scheduled”, “proposed”, “expect”, “potential”, “strategy”, and the negative of any of these words, or
variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicativ e of
forward-looking statements. These forward- looking statements reflect the current expectations or beliefs of the Company based
on information currently available to the Company.
6
Forward-looking statements are subject to inherent risks and uncertainties, and are bas ed on several assumptions, both general
and specific, which give rise to the possibility that actual results or events could differ materially from Moneta’s expectat ions
expressed in or implied by such forward -looking statements and that Moneta’s business outlook, objectives, plans and strategic
priorities may not be achieved. These statements are not guarantees of future performance or events, and Moneta cautions you
against relying on any of these forward-looking statements. Forward-looking statements are provided in this press release for the
purpose of assisting investors and others in understanding Moneta’s objectives, strategic priorities and business outlook, an d in
obtaining a better understanding of Moneta’s anticipated operating environment. Reader s are cautioned that such information
may not be appropriate for other purposes. Examples of forward -looking statements in this press release include, but are not
limited to: information with respect to the future performance of the business, its operation s and financial performance and
condition; statements relating to Moneta’s plans for the Project; the Corporation’s drilling program and the timing and resul ts
thereof; the timing and scope and focus of the Corporation’s pre-feasibility study (“PFS”); statements regarding the environmental
impact assessment and community engagement activities; and the Corporation’s financing initiatives.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward -looking statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Compan y.
Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the
forward-looking statements contained in this press release include, but are not limited to: uncertainties relating to the availability
and costs of financing needed in the future; changes in commodity prices; changes in equity markets; changes to regulations
affecting the Company’s activities; the uncertainties involved in interpreting exploration results and other geological data and the
other risks involved in the mineral exploration industry; 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 social impacts from COVID -19 and responses to COVID
19 and the ability of the Corporation to finance and carry out its anticipated goals and objectives; international conflicts and other
geopolitical risks, including war, military action, terrorism, trade and financial sanctions, which have historically led to, and may
in the future lead to, uncertainty or volatility in global commodity and financial markets and s upply chains; and the impact of
Russia’s invasion of Ukraine and the widespread international condemnation has had a significant destabilizing effect on worl d
commodity prices, supply chains, inflation risk, and global economies more broadly, may adversely affect the Corporation's
business, financial condition, and results of operations. Additional risks and uncertainties not currently known to Moneta or that
Moneta currently deems to be immaterial may also have a material adverse effect on Moneta’s financi al position, financial
performance, cash flows, business or reputation.
Forward-looking statements made in this press release are based on a number of assumptions that Moneta believed were
reasonable at the time it made each forward-looking statement. The assumptions, although considered reasonable by Moneta on
the day it made the forward-looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially
from our expectations. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of
the date on which it is made and, except as may be required by a pplicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due
to the inherent uncertainty therein.