Moneta Intersects Further Gold Mineralization and Commences Geomechanical Drilling and Hydrogeological Testing at Tower Gold
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NEWS RELEASE – 15/2023 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Intersects Further Gold Mineralization and Commences Geomechanical
Drilling and Hydrogeological Testing at Tower Gold
Toronto, Ontario – September 8, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) ( FSE: MOPA)
(“Moneta” or the “Company”) is pleased to announce a project update and assay results from thirty-two
(32) drill holes on the Windjammer and Westaway deposits at the Tower Gold project (the “Project”),
located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of a 140,000 metre (“m”)
drilling program, started in 2022, designed for resource upgrade and infill of 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).
Project Update:
• 110,000 m of 140,000 m infill drill program completed
• WSP Global is engaged to design and oversee the execution of pre-feasibility study (“ PFS”)
engineering studies and to support Moneta through permitting of the Tower Gold project
• Commenced open pit geomechanical drilling and hydrogeological testing in mid-August
• Overburden geotechnical drilling underway
• Metallurgical drilling and sample collection are underway in anticipation of lab analysis ,
including variability test work, starting in Q4 2023
• Environmental Permitting - Submission of Initial Project Description (“IPD”) to the Impact
Assessment Agency of Canada on track for late Q4 2023, which will initiate the Federal Impact
Assessment (“IA”) process
• Mine Technical Services (“MTS”) was appointed to lead resource updates in anticipation of the
PFS and to support the design of the remaining metres of the infill drill program
• Completion of open pit PFS on track for H2 2024, focusing on the first 11 years of September
2022 preliminary economic assessment (“PEA”)
Drilling Highlights:
Windjammer
• MGH23-416 intersected 4.25 m @ 31.17 grams per tonne “g/t” Au, including 1.40 m @ 93.00
g/t Au
• MGH22-433 intersected 38.10 m @ 1.18 g/t Au, including 16.50 m @ 2.02 g/t Au, including 4.90
m @ 3.75 g/t Au
• MGH23-433 intersected 17.47 m @ 1.01 g/t Au
Westaway
• MGH23-401 intersected 12.90 m @ 3.90 g/t Au, including 7.10 m @ 6.25 g/t Au
• MGH23-427 intersected 8.47 m @ 4.05 g/t Au, including 2.00 m @ 12.85 g/t Au
• MGH23-407 intersected 11.80 m @ 2.75 g/t Au, including 7.50 m @ 3.84 g/t Au
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Josef Vejvoda, Moneta’s Chairman and Interim President and Chief Executive Officer commented, “I am
very pleased with the dedication and effort of our entire team as they continue to advance Tower Gold
towards a pre-feasibility study . Recent milestones include commencing geomechanical drilling and
hydrogeological testing, and announcing further assay results from infill and step -out drilling, which
continue to confirm the continuity and extensions of gold mineralization at Windjammer and Westaway.
Drilling has been focussed on the open pit portions of the mineral resources as defined in the 2022 PEA
study during the first 11 years of production.”
A total of 6,176 m of drilling was completed in thirty-two (32) drill holes. Drilling is being conducted on 50
m centres as step-outs and infill of previous drill holes. Additional assays from 2023 drilling are pending
and will be released upon receipt of results.
Figure 1: Tower Gold Project - General Location Map
Table 1: Windjammer Drill Intercepts (above 10 g/t x m Au)
Hole From To Length Au (gram metres)
(#) (m) (m) (m) (g/t) (g/t x m)
MGH23-415 133.00 148.00 15.00 0.88 13.3
includes 134.90 140.00 5.10 1.62 8.2
MGH23-416 95.10 99.35 4.25 31.17 132.5
includes 95.10 96.50 1.40 93.00 130.2
MGH23-418 280.00 282.00 2.00 18.05 36.1
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MGH23-421 221.50 223.00 1.50 9.73 14.6
MGH23-421 227.30 233.57 6.27 1.69 10.6
includes 232.00 233.57 1.57 5.55 8.7
MGH23-422 98.00 105.00 7.00 2.24 15.7
includes 98.00 102.00 4.00 2.97 11.9
MGH23-425 46.50 82.00 35.50 0.51 18.0
includes 50.50 52.22 1.72 1.49 2.6
and 80.00 82.00 2.00 1.13 2.3
Note: All intercepts are calculated using a 0.30 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: Westaway Drill Intercepts (above 10 g/t x m Au)
Hole From To Length Au (gram metres)
(#) (m) (m) (m) (g/t) (g/t x m)
MGH23-401 150.00 162.90 12.90 3.90 50.3
includes 150.90 158.00 7.10 6.25 44.4
MGH23-404 87.00 95.00 8.00 1.47 11.8
MGH23-407 200.20 212.00 11.80 2.75 32.4
includes 203.05 210.55 7.50 3.84 28.8
MGH23-408 124.00 139.00 15.00 1.15 17.3
includes 129.30 137.00 7.70 1.83 14.1
includes 134.00 137.00 3.00 3.03 9.1
MGH23-419 123.00 137.25 14.25 1.03 14.7
includes 124.00 127.00 3.00 2.84 8.5
and 135.00 136.00 1.00 2.42 2.4
MGH23-427 127.75 132.15 4.40 2.36 10.4
includes 130.95 132.15 1.20 4.00 4.8
MGH23-427 263.53 272.00 8.47 4.05 34.3
includes 267.15 269.15 2.00 12.85 25.7
MGH23-431 97.00 106.00 9.00 1.47 13.2
includes 100.00 106.00 6.00 2.06 12.3
Note: All intercepts are calculated using a 0.30 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
The Windjammer South and Central deposits currently host a combined open pit indicated resource of
70.55 million tonnes (“Mt”) @ 0.72 g/t Au containing 1.64 Moz gold and an inferred resource of 112.30
Mt @ 0.74 g/t Au containing 2.67 Moz gold (see September 07, 2022 press release). The Westaway deposit
currently hosts an open pit 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. The drill
holes in this release focused on infill and extensions of the mineral resource within the current open pit
PEA mine shells from surface to vertical depths of up to 325 m below surface. Mineralization at
Windjammer and Westaway is associated with extensional and stockwork -type qua rtz veining within
Timiskaming age meta -sediments, located between 2 major splays of the Destor -Porcupine Fault Zone
(“DPFZ”) in the Golden Highway area of the Project.
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Windjammer
The drill results in section A-B targeted the continuity and extensions of mineralization within the banded
iron formations separating Windjammer Central and Windjammer South. Drillholes MGH23-405, MGH23-
413, and MGH23 -415 confirmed continuity in the central area of the deposit, whereas mineralization
extensions were constrained to the east as seen in drillholes MGH23-406, MGH23-409, and MGH23-411.
South of the banded iron formation, in the Windjammer South region , MGH23-425 confirmed
mineralization within the PEA pits.
The drill results in the southern region of Windjammer South (section C-D) confirmed continuity in the
central area as seen in drill hole MGH23-433. While drill holes targeting extensions in the southern region
of the deposit constrained mineralization, as seen in drill holes MGH23-420, MGH23-424, and MGH23 -
426.
Thirteen (13) of twenty (20) drill holes did not intersect mineralization above 10 “g/t Au x m”, however,
gold mineralization was intersected above a 0.3 g/t Au economic cut-off in all of the holes.
Figure 2: Windjammer - Tower Gold: Infill Drill Location Map
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Figure 3: Windjammer - Tower Gold: Infill Drilling Cross Section “A-B”
Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.
Figure 4: Windjammer - Tower Gold: Infill Drilling Cross Section “C-D”
Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.
Westaway
The drill results confirmed the continuity of the resource estimate in the central core area of the
Westaway deposit, within the PEA open pit, as highlighted in drill holes MGH23-401, MGH23-404,
MGH23-407, and MGH23-427. Additionally, significant intercepts at depth, below the bottom of the PEA
pit indicate potential expansion opportunities as seen in drill hole MGH23 -427. Drill holes MGH23-432
and MGH23-410 constrain the Westaway corridor to the north and south.
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Five (5) of twelve (12) drill holes did not intersect mineralization above 10 “g/t Au x m”, however, gold
mineralization was intersected above a 0.3 g/t Au economic cut-off in four (4) of these holes. One (1) drill
hole, MGH23 -412, did not intersect mineralization above 0.3 g/t Au cut -off, which constrains
mineralization in the north area of the Westaway deposit, along the banded iron formation.
Figure 5: Westaway - Tower Gold: Infill Drill Location Map
Figure 6: Westaway - Tower Gold: Infill Drilling Cross Section “E-F”
Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.
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Table 3: Tower Gold: Resource Infill Drill Hole Details
Target Hole Easting Northing Elevation Azimuth Inclination Depth
(Name) (#) (mE) (mN) (masl) (°) (°) (m)
Windjammer MGH23-400 572237 5370807 331 75 -60 105.0
Westaway MGH23-401 570254 5369118 322 59 -60 210.0
Windjammer MGH23-402 572207 5370777 331 75 -61 105.0
Windjammer MGH23-403 572146 5370591 329 80 -55 141.0
Westaway MGH23-404 570228 5369099 322 60 -58 150.0
Windjammer MGH23-405 572189 5370586 330 80 -55 133.8
Windjammer MGH23-406 572327 5370581 334 80 -57 225.0
Westaway MGH23-407 570206 5369121 327 59 -62 231.0
Westaway MGH23-408 570178 5369176 324 60 -58 153.0
Windjammer MGH23-409 572375 5370584 337 80 -56 153.0
Westaway MGH23-410 570165 5369196 324 60 -59 141.0
Windjammer MGH23-411 572321 5370535 334 80 -57 255.0
Westaway MGH23-412 570113 5369153 323 59 -58 201.0
Windjammer MGH23-413 572246 5370528 332 80 -57 264.0
Windjammer MGH23-414 572149 5370547 330 80 -56 132.0
Windjammer MGH23-415 572161 5370518 331 80 -57 210.0
Windjammer MGH23-416 572087 5370071 330 80 -56 126.0
Westaway MGH23-417 570125 5369128 323 59 -60 222.0
Windjammer MGH23-418 572050 5370479 329 80 -57 327.0
Westaway MGH23-419 570089 5369085 322 59 -60 282.0
Windjammer MGH23-420 572147 5370086 332 80 -56 174.0
Windjammer MGH23-421 572019 5370462 329 80 -57 333.0
Windjammer MGH23-422 572185 5370105 330 80 -56 186.0
Westaway MGH23-423 570135 5369094 323 59 -58 222.0
Windjammer MGH23-424 572221 5370083 330 80 -56 129.0
Windjammer MGH23-425 572065 5370353 329 40 -56 240.0
Windjammer MGH23-426 572266 5370104 330 80 -56 132.0
Westaway MGH23-427 570165 5369066 325 59 -59 291.0
Windjammer MGH23-428 572223 5370117 329 80 -56 129.0
Westaway MGH23-431 570216 5369067 322 60 -57 180.0
Westaway MGH23-432 570260 5369071 321 60 -58 204.0
Windjammer MGH23-433 572211 5370189 330 80 -55 189.0
Quality Control Procedures
NQ drill core is oriented and cut with half sent to ALS Laboratories Inc. (ALS) for drying and crushing to -2 mm, with
a 1.00 kg split pulverized to -75 µm (200#). ALS 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 routin e pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check
assays at Bureau Veritas Commodities Ltd.
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.
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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, 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.
Forward-looking statements are subject to inherent risks and uncertainties, and are based 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. 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 future performance of the business, its operations and financial performance and
condition; statements relating to Moneta’s plans for the Project; the Company’s drilling program and the timing and results
thereof; the timing and scope and focus of the Company’s pre -feasibility study (“PFS”); statements regarding the environmental
impact assessment and community engagement activities; and the Company’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 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 business
of mineral exploration and extraction; uncertainty with respect 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 substantial volatility in the market price of commodities; fluctuatio ns of
commodity prices; the Company’s history of net losses; possible loss of interests in mineral properties; title risks; uncerta inty
relating to surface rights; environmental risks; risks associated 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