Moneta Expands Loveland Nickel Property in Timmins Region
1
NEWS RELEASE – 14/2023 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Expands Loveland Nickel Property in Timmins Region
Toronto, Ontario – August 23, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) ( FSE: MOPA)
(“Moneta” or the “Company”) is pleased to announce that the Company has completed 2 separate
transactions and acquired 2 land packages adjacent to its wholly owned Loveland Nickel property (the
“Property”), approximately 45 kilometres (“km”) northwest of Timmins, Ontario. One of the land packages
includes the Cominco zone, which has historical drilling, is open along strike and at depth , and together
with the Hollinger zone, located within the original Loveland Nickel property, forms a 10 km prospective
exploration corridor within the consolidated property.
Highlights:
• Acquisition of 187 single-cell mining claims and 1 multi -cell mining claim for a total of 3,920
hectares, bringing the consolidated Loveland Nickel property land package to 6,244 hectares.
• Significant historical intercepts at the Cominco zone include:
• AMDG07-3 intersected 45.0 metres (“m”) of 0.70% Ni and 0.75% Cu
• LL08-05 intersected 22.80 m of 0.53% Ni and 0.88% Cu, including 11.20 m of 0.65% Ni
and 1.0% Cu, and 2.70 m of 1.0% Ni and 1.92% Cu
• LL08-11 intersected 37.60 m of 0.33% Ni and 0.38% Cu, including 8.50 m of 0.59% Ni and
0.73% Cu, and 6.00 m of 0.85% Ni and 0.78% Cu
• The Cominco zone is situated 2 km from, and on-trend, the Hollinger zone, which is located
within the original Moneta owned Loveland Nickel property. The Hollinger zone contains a
historical resource estimate from 1974 of 401,000 tonnes grading 0.71% Ni and 0.42% Cu. Note
that this estimate was developed prior to the introduction of National Instrument 43 -101 (“NI
43-101”), has not been independently verified by a qualified person and investors are cautioned
not to treat this estimate as reliable or current. The Company is not treating the historical
estimate as current.1
• The Cominco and Hollinger zones are both open along strike and at depth and align to form an
exploration corridor with a 10 km strike length, located within the Loveland Nickel property.
• Historical work within the newly acquired land package includes various geophysical surveys
which delineated several geophysical targets, many of which remain to be drill tested.
Josef Vejvoda, Moneta’s Chairman and interim President & Chief Executive Officer commented, “We are
very excited to announce this strategic land consolidation around our highly prospective Loveland Nickel
property, which now hosts the Cominco and Hollinger zones and together highlight a 10 km exploration
corridor within the consolidated property. Additionally, these properties have provided the Company with
a significant contiguous land package, w here numerous identified geophysical anomalies remain
untested. In the coming months, the Company will consolidate its understanding of th is land package,
1 Source: Geological Report, Rousseau Loveland Property, Loveland Township, authored by W. C. Kerr dated February
1992, citing data provided by Hollinger Mines Limited from 1974. See Statement Regarding Historical Resource
Estimates on page 6 of this press release for further details.
2
with the goal of producing an initial NI 43-101 compliant technical report. This will allow Moneta to assess
the potential value of the land package and decide on next steps to increase returns for our shareholders.
Moneta’s primary focus will remain advancing the Tower Gold project.”
In the first purchase agreement, a 100% ownership was acquired for 186 single-cell mining claims for
consideration consisting of a cash payment of $100,000, 456,213 common shares of the Company , and
incurring total exploration expenditures of $0.5 million over a four-year period. The vendor will retain a
2.0% Net Smelter Royalty (“ NSR”), with a 1.00% buy -back for $1 million . In the second purchase
agreement, a 100% ownership was acquired for 1 multi-cell claim and 1 single-cell mining claim for
consideration consisting of 54,746 common shares of the Company. The vendor will retain a 1.0% NSR,
with a 1.00% buy-back for $1.5 million.
Figure 1: Loveland Nickel Property - General Location Map
Loveland Nickel Property
The Loveland Nickel property is located in the Byers, Loveland, Thorburn, and Moberly townships, in the
Porcupine Mining Division. The Property lies within the Superior Province of Archean basement rocks, in
the Eastern Canadian Shield. It is situated in the northwest region of the Abitibi Greenstone belt. The local
3
geology consists of Intercalated mafic to intermediate volcanic flows. These flows are locally intruded by
feldspar porphyries and gabbro. The gabbroic rocks have similarities to the Kamiskotia gabbroic complex.
Mineralization consists of chalcopyrite , pentlandite, and pyrrhotite. Sulphides occur as inter -granular
mineralization within a gabbro, transitioning to fracture -controlled and semi-massive lenses along the
contact between the gabbro and mafic to intermediate volcanic flows. The mineral concentration occurs
as trace to semi-massive (up to 75%) pyrrhotite, with minor pyrite and local concentrations of 6% to 8%
chalcopyrite and pentlandite.
Figure 2: Loveland Nickel Property – Regional Geology
Cominco Zone
The Cominco zone was discovered by Cominco in 1972 . The zone was drill tested to a depth of
approximately 120 m . Four drill campaigns completed by Amador Gold between 2007 and 2010, were
designed to test for possible depth and strike extensions o f the Cominco zone. The first three drill
campaigns intersected the mineralized gabbro on 50 m centres both down dip and along strike to define
the mineralized horizon. The fourth campaign was designed to infill specific areas of the Cominco zone on
25 m spacing to define the geometry of mineralization, which is steeply dipping to the WSW. The drilling
extended both the dip and strike lengths of the earlier defined mineralization and it remains open in both
directions as well as down dip.
Significant historical intercepts from 2007 to 2010 include 45.0 m of 0.70% Ni and 0.75% Cu in drill hole
AMDG07-3. Drill hole LL08-05 intersected 0.53% Ni and 0.88% Cu over 22.80 m, including 0.65% Ni and
1.0% Cu over 11.20 m, and 1.0% Ni and 1.92% Cu over 2.70 m. This drill hole was collared 50 m northeast,
4
on strike, of drill hole AMDG07 -1, which intersected 0.41% Ni and 0.61% Cu over 25.80 m. A broad
mineralized zone was intersected in drill hole LL08-11 grading 0.33% Ni and 0.38% Cu over 37.60 m,
including 0.59% Ni and 0.73% Cu over 8.5 0 m, and 0.85% Ni and 0.78% Cu over 6.00 m. A list of all
significant historical intercepts from the Amador Gold drill campaign are shown in Table 1.
A deeper mineralized zone from 488.0 m to 492.0 m, was intersected in drill hole LL08-22, with a grade of
0.98% Ni and 1.4 1% Cu. This gabbroic style mineralization indicates the potential for a continued
mineralized system to depth. Additionally, drill hole LL09-07 intersected 7.30 m of 0.44% Ni and 0.43% Cu
within mineralized gabbro. This zone is a ssociated with a weak to moderate induced polarization (“IP”)
and Versatile Time Domain Electromagnetic (“VTEM”) anomaly about 400 m northwest of the Cominco
zone and may represent a new zone of the intrusive gabbro style of mineralization.
Table 1: Cominco Zone Significant Historical Drill Intercepts from 2007 – 2010 Amador Gold Drill
Campaign
Hole From To Length Ni Cu
(#) (m) (m) (m) (%) (%)
AMDG07-1 113.00 119.50 6.50 0.43 0.53
AMDG07-1 122.70 148.50 25.80 0.41 0.61
AMDG07-3 120.60 165.60 45.00 0.70 0.75
LL08-01 67.90 74.20 6.30 0.26 0.24
LL08-05 160.30 183.10 22.80 0.53 0.88
Includes 160.30 171.50 11.20 0.65 1.00
and 180.40 183.10 2.70 1.00 1.92
LL08-11 135.90 173.50 37.60 0.33 0.38
Includes 137.00 145.50 8.50 0.59 0.73
and 148.80 154.50 5.70 0.25 0.46
and 166.00 172.00 6.00 0.85 0.78
LL08-18 66.80 73.80 7.00 0.8 0.39
LL08-22 488.00 492.00 4.00 0.98 1.41
Includes 488.00 491.00 3.00 1.15 1.70
LL09-07 35.00 42.30 7.30 0.44 0.43
LL10-15 108.60 130.00 21.40 0.32 0.53
LL10-18 112.50 129.70 17.20 0.54 0.79
LL10-19 162.80 183.10 20.30 0.27 0.50
Note: All intercepts are calculated using a 0.25% Ni cut-off, and a maximum of 3.5m internal dilution. Drill intercepts are not true widths, are
reported as drill widths. Only intercepts with a minimum of 1.0m drill width are listed.
Exploration Potential
Earlier work to the southeast of the Cominco zone, within the original Moneta Loveland land package by
Hollinger Mines lead to the discovery of the Hollinger zone, which contains a historical resource estimate
from 1974 of 401,000 tonnes grading 0.71% Ni and 0.42% Cu 2. Note that this estimate was developed
prior to the introduction of NI 43 -101 has not been independently verified and investors are cautioned
not to treat this estimate as reliable or current. This zone is open at depth and it has only been drilled to
2 See Statement Regarding Historical Resource Estimates on page 6 of this press release.
5
120 m. The trend extrapolated from the Hollinger and Cominco zones highlights a potential exploration
corridor of approximately 10 km strike length.
On the newly acquired land package, airborne magnetic and electromagnetic surveys were completed in
2008 by the Discovery Abitibi Project. Extensive airborne surveys were completed over many areas of the
Abitibi Greenstone Belt including Byers and Loveland townships. A series of ground geophysical surveys
were also completed on portions of the property. The geophysical surveys have highlighted several
favourable exploration targets that have yet to be drill tested.
Figure 3: Loveland Nickel Property – V-TEM Survey
6
Statement Regarding Historical Resource Estimates
The Hollinger zone historical resource estimate is unclassified and do es not comply with CIM Definition Standards
on Mineral Resources and Mineral Reserves as required by NI 43-101. The Hollinger zone historical resource estimate
was taken from a report titled “ Geological Report, Rousseau Loveland Property, Loveland Township ” authored by
W. C. Kerr and dated February 1992, citing data provided by Hollinger Mines Limited from 1974 . Given the age of
the information and the lack of underlying data, investors are cautioned not to treat the estimate as current or rely
on the estimat e in making an investment decision. The historical estimate is being included herein to provide
shareholders with background on the rationale for acquiring the asset. A qualified person has not done sufficient
work to classify this historical resource estimate as current mineral resources and the Company is not treating these
historical resource estimate a s a current resource. It is uncertain whether following evaluation and/or further
exploration, the resource will ever be able to be reported in accordance with NI 43-101 and at present. The Company
has no current plans to undertake the work to bring any or all of the historical resource estimates up to the CIM
reporting standards.
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 exploration company whose primary focus is 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 stu dy outlined a combined open pit and underground mining 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 upg rade drilling
program, while conducting all business activities in an environmentally and socially responsible manner.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Ardem Keshishian, VP Corporate Development
416-471-5463
The Company’s public documents may be accessed at www.sedarplus.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, strategies,
plans, strategic priorities and results of operations, as well as other statements which are not current s tatements or historical
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 (withou t
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 indicative 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.
Forward‐looking statements are subject to inherent risks and uncertainties, and are based on several assumptions, both genera l
and specific, which give rise to the possibility that actual results or events could differ materially from Moneta ’s expectations
expressed in or implied by such forward‐looking statements and that Moneta ’s business outlook, objectives, plans and strategic
7
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, and in
obtaining a better understanding of Moneta ’s anticipated operating environment. Readers 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 Company’s planned exploration work, statements with respect to the expected benefits
resulting from the acquisition of the Property and statements with respect to the C ompany’s plans with respect to the historical
resource estimates.
Forward looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Compan y
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 Company .
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 inherent in the bus iness
of mineral exploration and extraction; uncertainty with respec t to the Company ’s liquidity and ability to secure additional
financing; uncertainty of mineral resources; security threats to the Company’s information technology systems; the current global
financial condition; the market price of securities and substant ial volatility in the market price of commodities; fluctuations of
commodity prices; the Company ’s history of net losses; possible loss of interests in mineral properties; title risks; uncertainty
relating to surface rights; environmental risks; risks asso ciated with joint venture agreements; risks relating to statutory and
regulatory requirements; uncertainty relating to the Company ’s competition with other gold exploration and development
companies for materials and supplies; the Company’s dependence on key management and employees; uncertainty arising from
international conflict and other geopolitical tensions and events, including but to limited to Russia ’s invasion of Ukraine;
uncertainty in respect of COVID‐19 and any resurgence of same; uncertainty in respect of procuring licenses and permits from
various governmental authorities; the term and extension of concession contracts; uninsurable risks; obligations under option and
joint venture agreements; uncertainty as to whether mergers and amalgamations will be completed successfully; the Company’s
relationships with the communities in which it operates; internal conflicts of interest; infrastructure risks; the Company’s lack of a
dividend policy; and the fact that the outstanding common shares of the Com pany could be subject to dilution. Readers are
cautioned that the risks referred to above are not the only ones that could affect Moneta. 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
financial 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 applicable 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.