Moneta Files Ni 43-101 Technical Report FOR the Mineral Resource Update ON the Tower GOLD Project
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NEWS RELEASE – 12/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE
MONETA FILES NI 43-101 TECHNICAL REPORT FOR THE MINERAL RESOURCE
UPDATE ON THE TOWER GOLD PROJECT
Toronto, Ontario – June 24, 2022 - Moneta Gold Inc. (TSX:ME) (OTCQX:MEAUF) (XETRA:MOP)
(“Moneta” or the “Corporation”) is pleased to announce that it has filed a technical report in accordance
with National Instrument 43 -101 Standards of Disclosure for Mineral Pr ojects (“Technical Report”) to
update the mineral resource estimate on its 100% owned Tower Gold project (“Project ”), located 100
kilometres (“km”) east of Timmins, Ontario. The Technical Report entitled “NI 43-101 Report & Mineral
Resource Estimate for Tower Gold Project, Northeastern Ontario, Canada” with an effective date of May
11, 2022 is available for review on SEDAR (www.sedar.com) and on the Corporation’s website
(www.monetagold.com). A summary of the Technical Report was detailed in a press release (ME PR 1 0-
2022) dated May 11, 2022 entitled “Moneta Increases Resources to 4,265,000 oz Gold Indicated and
7,496,000 oz Gold Inferred at Tower Gold Project.”
Gary O’Connor, CEO of Moneta commented, “We are very pleased to have filed the Technical Report that
supports the recent mineral resource update on the Tower Gold project. The mineral resource update
underscored a significant increase in mineral resources, while confirming once more the potential of this
exceptional project. We have seen an increase in the underground grade and an expansion of our open
pit resource base without any material loss in grade, whilst capturing some of the previous underground
resources within the new open pits. This resource update will form the basis of the long -life mine plan,
with large scale open pit and high -grade underground optionality, to be outlined in a preliminary
economic assessment (“PEA”) study, anticipated to be completed in H2 2022.”
The Technical Report was prepared by Tommaso Roberto Raponi, P. Eng. of Ausenco Engineering Canada
Inc. (“Ausenco”) and Michael B. Dufresne, M.Sc., P.Geol., P.Geo of APEX Geoscience Ltd. (“APEX”), who
are deemed “Qualified Persons” under NI 43-101.
As a result of the completion of this Technical Report, the previous PEA studies on the Golden Highway
and Garrison projects areas completed separately no longer reflect the current economic potential of the
combined Tower Gold project. Previous PEA studies should be seen as historical in nature and should not
be relied upon. As these PEA studies are no longer current, information related to an “advanced property”,
as defined in NI 43-101, is no longer relevant to this Technical Report.
About Moneta Gold
Moneta is a Canadian based gold exploration compa ny focussed on advancing its 100% wholly owned Tower Gold
project, which currently hosts a gold mineral resource estimate of 4.3 Moz indicated and 7.5 Moz inferred. The
Corporation’s 2022 drill program is primarily designed to infill and upgrade the resource categories of the mineral
resources. An updated PEA study encompassing the entire Tower Gold project is planned to be completed in H2
2022. Moneta is committed to creating share holder value through the strategic allocation of capital and a focus on
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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 Corporation’s public documents may be accessed at www.sedar.com. For further information on Moneta Gold, 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 Corporation’s drilling program and the timing
and results thereof and the timing of the Corporation’s PEA. Forward -looking statements are subject to inherent risks and
uncertainties including without limitation 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 arise n 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 supply chains; the impact of Russia’s invas ion of
Ukraine and the widespread international condemnation has had a significant destabilizing effect on world commodity prices,
supply chains, inflation risk, and global economies more broadly, may adversely affect the Corporation's business, financial
condition, and results of operations.
Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information
is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in
more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those
projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to
revise or update these forward-looking statements.