Moneta Intersects Further Significant Gold Mineralization at Tower Gold
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NEWS RELEASE – 24/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Intersects Further Significant Gold Mineralization at Tower Gold
Toronto, Ontario – December 06, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce assay results from eleven (11) resource infill and step-out drill holes
on the 903 gold deposit at the Tower Gold project, located 100 kilometres (“km”) east of Timmins,
Ontario. The drilling was conducted as part of an initial 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:
• MGA22-022 intersected 25.00 m @ 3.31 grams per tonne “g/t” Au, including 11.50 m @ 5.85
g/t Au, including 3.41 m @ 12.02 g/t Au, including 1.00 m @ 19.40 g/t Au, and 0.90 m @ 18.40
g/t Au
• MGA22-019 intersected 11.75 m @ 4.23 g/t Au, including 6.00 m @ 7.60 g/t Au, including 3.00
m @ 14.01 g/t Au, including 1.00 m @ 35.00 g/t Au
• MGA22-021 intersected 7.81 m @ 4.09 g/t Au, including 1.50 m @ 5.96 g/t Au
• MGA22-030 intersected 29.90 m @ 1.23 g/t Au, including 12.10 m @ 2.53 g/t Au, including 2.75
m @ 6.08 g/t Au, including 1.00 m @ 10.80 g/t Au
• MGA22-021 intersected 25.76 m @ 1.35 g/t Au, including 12.83 m @ 1.75 g/t Au, including 1.73
m @ 5.98 g/t Au
• MGA22-019 intersected 35.00 m @ 0.96 g/t Au, including 2.40 m @ 4.04 g/t Au, and 13.20 m @
@ 1.36 g/t Au, including 0.66 m @ 5.66 g/t Au, 0.40 m @ 9.62 g/t Au
• MGA22-034 intersected 69.35 m @ 0.70 g/t Au, including 34.70 m @ 1.04 g/t Au, including 6.75
m @ 2.26 g/t Au, including 1.40 m @ 6.78 g/t Au
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.
Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These latest infill assay drill
results from 903 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 economic open pit mineral resources at 903 as defined in the recent
Preliminary Economic Assessment (“PEA”) study. Extensions of good gold mineralization have been
intersected outside the resource and pit, in an area contained during the pay -back period in the first 5
years of production as defined in the PEA. 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 eleven (11) drill holes for 3,918.0 m of diamond drilling completed as
part of the planned initial 70,000 m drill program of resource infill and upgrade drilling. With the receipt
of the positive PEA in September 2022 , the resource infill and upgrade drill program ha s now been
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expanded to 160,000 m to form part of the PFS. 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: 903: Selected Significant Drill Results
Hole From To Length Au Drill
(#) (m) (m) (m) (g/t) (target)
MGA22-017 91.00 104.70 13.70 1.09 Step-Out
includes 92.00 99.00 7.00 1.77
includes 95.00 99.00 4.00 2.26
includes 96.00 97.00 1.00 3.15
MGA22-019 34.00 69.00 35.00 0.96 Step-Out
includes 39.50 41.90 2.40 4.04
includes 40.50 41.90 1.40 6.10
includes 41.30 41.90 0.60 8.23
and 51.80 65.00 13.20 1.36
includes 51.89 52.55 0.66 5.66
and 64.00 64.40 0.40 9.62
MGA22-019 94.80 106.55 11.75 4.23 Infill
includes 96.10 102.10 6.00 7.60
includes 96.10 99.10 3.00 14.01
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includes 97.10 98.10 1.00 35.00
MGA22-019 129.00 139.00 10.00 0.64 Infill
includes 137.75 139.00 1.25 2.19
MGA22-021 252.30 278.06 25.76 1.35 Infill
includes 263.90 276.73 12.83 1.75
includes 275.00 276.73 1.73 5.98
MGA22-021 298.00 305.81 7.81 4.09 Infill
includes 298.00 299.50 1.50 5.96
MGA22-021 314.00 317.50 3.50 1.94 Infill
includes 316.00 317.50 1.50 2.95
MGA22-022 213.00 238.00 25.00 3.31 Step-Out
includes 219.00 230.50 11.50 5.85
includes 226.00 229.41 3.41 12.02
includes 226.00 227.00 1.00 19.40
and 228.51 229.41 0.90 18.40
MGA22-025 45.00 58.70 13.70 0.89 Infill
includes 50.00 57.00 7.00 1.36
includes 50.00 51.00 1.00 3.01
MGA22-028 225.65 233.30 7.65 0.48 Step-Out
includes 228.00 229.32 1.32 1.04
MGA22-029 274.00 277.85 3.85 0.93 Infill
includes 276.00 277.85 1.85 1.87
MGA22-030 347.00 376.90 29.90 1.23 Step-Out
includes 353.50 365.60 12.10 2.53
includes 355.00 357.75 2.75 6.08
includes 356.00 357.00 1.00 10.80
MGA22-034 273.00 281.35 8.35 0.63 Infill
MGA22-034 306.55 375.90 69.35 0.70 Step-Out
includes 326.05 360.75 34.70 1.04
includes 354.00 360.75 6.75 2.26
includes 359.35 360.75 1.40 6.78
MGA22-034 495.80 511.65 15.85 0.75 Step-Out
includes 495.80 499.45 3.65 2.82
includes 498.10 499.45 1.35 6.85
MGA22-034 544.95 553.30 8.35 0.40 Step-Out
includes 552.05 553.30 1.25 1.52
MGA22-034 594.10 604.00 9.90 0.43 Step-Out
includes 594.10 596.00 1.90 1.19
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.
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Discussion of Drill Results
Drilling at 903 was focused on infilling and extending the current open pit gold resource from surface to
vertical depths of up to 400 m within the current economic pits. The drill results from the western part of
the deposit have confirmed good continuity of the resource estimate and extended gold mineralization
beyond the current economic pits , as defined in the PEA . Drill hole MG A22-022 intersected significant
gold mineralization as extensions to the current resource in the central area of the open pit by up to 150
m, intersecting up to 25.00 m @ 3.31 g/t Au, including 3.41 m @ 12.02 g/t Au. Drill hole MGA22 -019
intersected the same zone another 100 m to the west of the current resource with 11.75 m @ 4.23 g/t
Au, including 6.00 m @ 7.60 g/t Au, including 3.00 m @ 14.01 g/t Au, including 1.00 m @ 35.00 g/t Au .
Drill hole MGA22-034 intersected 34.70 m @ 1.04 g/t Au, including 6.75 m @ 2.26 g/t Au below the current
open pit as resource expansion drilling. The 903 deposit currently hosts an open pit indicated resource of
18.09 million tonnes (“Mt”) @ 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13
Mt @ 0.75 g/t Au containing 581,000 oz gold (see September 07, 2022 press release ). The drill holes
predominantly tested the continuity and extensions of gold resources associated with quartz veining
within syenites hosted in Timiskaming age meta-sediments north of ultramafic volcanics of the Kid-Munro
Formation to the south, located between 2 major splays of the Destor Porcupine Fault Zone in the Garrison
area of the Tower Gold Project.
Figure 2: 903 - Tower Gold: Infill Drill Location Map
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Figure 3: 903 - Tower Gold: Infill Drilling Cross Section
Table 2: 903 - Resource Infill Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGA22-017 576477 5373196 309 340 -50 351.0
MGA22-019 576609 5373117 308 340 -60 300.0
MGA22-021 576752 5373016 307 340 -50 362.0
MGA22-022 576799 5373139 304 340 -45 300.0
MGA22-024 576771 5373247 305 340 -45 321.0
MGA22-025 576917 5373291 300 340 -47 303.0
MGA22-027 576825 5373244 301 340 -50 252.0
MGA22-028 576653 5373302 307 340 -50 309.0
MGA22-029 576653 5373302 303 340 -50 309.0
MGA22-030 576801 5373333 300 340 -50 501.0
MGA22-034 576963 5372883 305 340 -50 610.0
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 independent 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 Activation Laboratories 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.
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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 million tonne per annum conventional leach/CIL oper ation 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 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 a re not current statements or historical
facts, constitute “forward -looking information” or “forward -looking statements” (collectively “forward -looking statements”)
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activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (without
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