Moneta Intersects Further Significant Gold Mineralization at Tower Gold
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NEWS RELEASE – 04/2023 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Intersects Further Significant Gold Mineralization at Tower Gold
Toronto, Ontario – February 15, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) ( FSE: MOPA)
(“Moneta”) is pleased to announce assay results from thirty (30) resource infill and step-out drill holes on
the 903 gold deposit at the Tower Gold project (the “Project”), located in the Timmins Gold Camp, Ontario.
The drilling was conducted as part of the 76,000 metres (“m”) of infill and resource upgrade drill program
completed in 2022 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).
Drilling Highlights:
• MGA22-026 intersected 11.60 m @ 4.77 g rams per tonne “g/t” Au, including 0.35 m @ 27.64
g/t Au, and 1.50 m @ 24.95 g/t Au
• MGA22-033 intersected 23.03 m @ 1.79 g/t Au, including 6.00 m @ 5.64 g/t Au
• MGA22-043 intersected 91.80 m @ 0.80 g/t Au, including 21.05 m @ 2.00 g/t Au
• MGA22-026 intersected 48.35 m @ 0.64 g/t Au, including 4.90 m @ 3.92 g/t Au
• MGA22-048 intersected 68.20 m @ 0.70 g/t Au, including 15.50 m @ 1.44 g/t Au, including 2.00
m @ 3.26 g/t Au
• MGA22-039 intersected 68.58 m @ 0.63 g/t Au, including 13.00 m @ 1.24 g/t Au, and 21.37 m
@ 0.91 g/t Au
• MGA22-035 intersected 7.75 m @ 3.94 g/t Au, including 4.10 m @ 6.72 g/t Au, including 1.35 m
@ 8.27 g/t Au
• MGA22-042 intersected 48.15 m @ 0.73 g/t Au, including 21.05 m @ 2.04 g/t Au
• MGA22-044 intersected 49.00 m @ 0.63 g/t Au, including 23.00 m @ 0.88 g/t Au, and 5.90 m @
1.65 g/t Au
• MGA22-050 intersected 51.40 m @ 0.60 g/t Au, including 11.25 m @ 0.89 g/t Au, and 22.00 m
@ 0.77 g/t Au
Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These latest infill and step-
out assay drill results from 903 continue to confirm the continuity and extensions of the current mineral
resource estimate at the Tower Gold project. 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
Preliminary Economic Assessment (“PEA”) study and within an area contained during the payback period
in the first 5 years of production . Extensions of good gold mineralization have also been intersected
outside the resource and pit. As we continue to grow, de-risk, and advance the 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”).”
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Figure 1: Tower Gold Project - General Location Map
Table 1: 903 Zone – 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)
MGA22-018 129.96 137.70 7.74 1.47 11.4
Includes 129.96 133.00 3.04 2.83 8.6
includes 132.00 133.00 1.00 4.76 4.8
MGA22-020 529.00 531.50 2.50 5.50 13.8
includes 529.83 531.50 1.67 7.89 13.2
includes 529.83 530.70 0.87 11.20 9.7
MGA22-026 149.15 197.50 48.35 0.64 30.9
includes 171.15 181.90 10.75 2.13 22.9
includes 177.00 181.90 4.90 3.92 19.2
includes 177.00 179.00 2.00 5.05 10.1
includes 178.00 179.00 1.00 6.61 6.6
and 180.00 181.90 1.90 4.57 8.7
includes 180.00 181.00 1.00 5.77 5.8
MGA22-026 282.40 294.00 11.60 4.77 55.3
includes 282.40 282.75 0.35 27.64 9.7
and 288.20 294.00 5.80 7.76 45.0
includes 291.00 294.00 3.00 13.94 41.8
includes 291.00 292.50 1.50 24.95 37.4
MGA22-026 343.45 350.50 7.05 1.47 10.4
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includes 343.45 344.50 1.05 2.61 2.7
MGA22-031 232.00 239.35 7.35 2.13 15.7
includes 236.35 239.35 3.00 3.90 11.7
includes 238.00 239.35 1.35 6.00 8.1
MGA22-032 497.90 517.00 19.10 0.59 11.3
includes 499.50 504.45 4.95 0.86 4.3
and 515.20 517.00 1.80 1.64 3.0
MGA22-033 109.06 137.00 27.94 0.46 12.9
includes 109.06 115.50 6.44 0.94 6.1
MGA22-033 298.00 321.03 23.03 1.79 41.2
includes 303.50 321.03 17.53 2.25 39.4
includes 303.50 309.50 6.00 5.64 33.8
includes 306.50 309.50 3.00 9.99 30.0
includes 306.50 308.00 1.50 14.30 21.5
MGA22-035 158.25 166.00 7.75 3.94 30.5
includes 158.25 162.35 4.10 6.72 27.6
includes 161.00 162.35 1.35 8.27 11.2
MGA22-035 173.00 183.35 10.35 1.21 12.5
includes 173.00 174.50 1.50 2.94 4.4
MGA22-039 377.00 445.58 68.58 0.63 43.2
includes 383.00 396.00 13.00 1.24 16.1
includes 385.30 389.47 4.17 2.08 8.7
and 418.63 440.00 21.37 0.91 19.4
includes 432.00 434.00 2.00 2.83 5.7
MGA22-040 25.50 43.00 17.50 0.65 11.4
includes 37.00 43.00 6.00 1.25 7.5
includes 38.50 40.00 1.50 2.28 3.4
MGA22-040 103.50 144.50 41.00 0.43 17.6
includes 132.00 137.20 5.20 0.83 4.3
includes 133.20 134.00 0.80 2.15 1.7
MGA22-042 188.20 234.00 45.80 0.38 17.4
includes 196.00 212.40 16.40 0.53 8.7
includes 206.65 212.40 5.75 1.03 5.9
MGA22-042 332.85 381.00 48.15 0.73 35.1
includes 332.85 338.00 5.15 1.76 9.1
includes 334.00 336.00 2.00 2.04 4.1
and 375.00 381.00 6.00 1.53 9.2
MGA22-043 186.50 278.30 91.80 0.80 73.4
includes 224.00 245.05 21.05 2.00 42.1
includes 238.00 240.00 2.00 3.43 6.9
MGA22-044 48.00 97.00 49.00 0.63 30.9
includes 50.00 73.00 23.00 0.88 20.2
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includes 50.00 53.00 3.00 1.74 5.2
and 67.10 73.00 5.90 1.65 9.7
includes 71.00 73.00 2.00 2.93 5.9
MGA22-045 73.00 113.20 40.20 0.43 17.3
includes 82.45 89.30 6.85 0.86 5.9
includes 82.45 84.00 1.55 1.27 2.0
MGA22-045 345.20 380.00 34.80 0.42 14.6
includes 371.00 378.00 7.00 1.13 7.9
includes 376.00 378.00 2.00 2.61 5.2
MGA22-046 391.38 417.03 25.65 0.48 12.3
includes 413.10 417.03 3.93 1.73 6.8
MGA22-048 285.00 325.50 40.50 0.60 24.3
includes 311.05 325.50 14.45 1.03 14.9
includes 311.05 313.00 1.95 1.87 3.6
MGA22-048 342.80 411.00 68.20 0.70 47.7
includes 362.00 394.00 32.00 0.99 31.7
includes 373.00 388.50 15.50 1.44 22.3
includes 279.00 281.00 2.00 3.26 6.5
MGA22-049 357.00 364.00 7.00 2.79 19.5
includes 362.00 364.00 2.00 9.00 18.0
MGA22-050 113.75 165.15 51.40 0.60 30.8
includes 113.75 125.00 11.25 0.89 10.0
and 141.00 163.00 22.00 0.77 16.9
includes 141.00 144.95 3.95 1.46 5.8
MGA22-050 290.00 312.50 22.50 0.71 16.0
includes 305.00 311.00 6.00 1.36 8.2
MGA22-052 345.50 354.00 8.50 2.45 20.8
includes 348.00 352.35 4.35 3.68 16.0
includes 348.00 350.35 2.35 4.57 10.7
MGA22-053 185.95 199.00 13.05 0.85 11.1
includes 185.95 193.00 7.05 0.98 6.9
MGA22-054 320.10 335.00 14.90 1.16 17.3
includes 320.10 328.00 7.90 1.85 14.6
includes 326.00 328.00 2.00 2.74 5.5
MGA22-054 388.50 403.50 15.00 0.89 13.4
includes 388.50 396.00 7.50 1.39 10.4
includes 388.50 390.00 1.50 2.48 3.7
MGA22-057 201.85 226.00 24.15 1.15 27.8
includes 208.50 226.00 17.50 1.46 25.6
includes 208.50 213.80 5.30 2.19 11.6
includes 210.00 212.00 2.00 3.37 6.7
and 222.00 226.00 4.00 2.58 10.3
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MGA22-060 159.15 176.00 16.85 0.79 13.3
includes 159.15 162.90 3.75 1.59 6.0
MGA22-060 211.20 237.50 26.30 0.60 15.8
includes 211.20 218.00 6.80 1.22 8.3
and 234.65 236.00 1.35 3.02 4.1
Note: Drill intercepts above 10 g/t Au x m are reported as significant intercepts. 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.
Eight drill holes: MGA22-016, MGA22-023, MGA22-031A, MGA22-036, MGA22-037, MGA22-038, MGA22-
055, and MGA22-059 did not intersect mineralization above 10 g/t Au x m; however, gold mineralization
was intersected above a 0.3 g/t Au cut-off in all eight holes.
A total of 11,080.70 m of drilling was completed in thirty (30) drill holes. Drilling is being conducted on 50
m centres as step-outs and infill of previous drill holes. An additional 190,000 m resource infill and upgrade
drilling program is currently underway. Additional assays are pending and will be released upon receipt of
assays.
Discussion of Drill Results
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 in this release focused on infill and extensions
of the mineral resource within the current open pit gold resource from surface to vertical depths of up to
450 m below surface. Mineralization at 903 is associated with quartz veining within syenites hosted in the
Tisdale and Kid-Munro volcanics, and Timiskaming age meta-sediments, located between 2 major splays
of the Destor-Porcupine Fault Zone (“DPFZ”) in the Garrison area of the Tower Gold project.
The drill results confirmed continuity of the resource estimate and extended gold mineralization near
surface and at depth to the south. In the eastern area, drill hole MGA22-020 confirmed continuity within
the PEA pit and drill holes MGA22-039, MGA22-043, and MGA22-048 extended mineralization at depth
to the south. In the central portion of the zone MGA22-033, MGA22-036, MGA22-040, MGA22-045, and
MGA22-050 confirmed mineralization within the PEA pit and MGA22 -033 and MGA22 -045 extended
mineralization at depth. In the west, MGA22 -042 extended mineralization at depth and MGA22-042,
MGA22-044, MGA22-057, and MGA22-060 extended mineralization in the southern area of the resource
pit.
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Figure 2: 903 Zone - Tower Gold: Infill Drill Location Map
Figure 3: 903 Zone - 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.
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Figure 4: 903 Zone - 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.
Figure 5: 903 Zone - 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 2: 903 Zone - Resource Infill Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGA22-016 576521 5373069 310 340 -50 300.0
MGA22-018 576635 5373048 306 340 -50 300.0
MGA22-020 576704 5373172 304 338 -50 552.0
MGA22-023 576940 5372977 305 340 -50 600.0
MGA22-026 576899 5373052 306 340 -50 450.0
MGA22-031 576993 5373375 298 340 -70 264.9
MGA22-031A 576994 5373375 298 340 -50 146.8
MGA22-032 576809 5372855 307 340 -50 522.0
MGA22-033 577106 5373055 302 340 -50 600.0
MGA22-035 577296 5372987 298 340 -50 562.0
MGA22-036 577103 5373380 297 340 -50 456.0
MGA22-037 577129 5373443 297 340 -50 120.0
MGA22-038 577165 5373490 297 340 -50 243.0
MGA22-039 577023 5372839 304 340 -50 495.0
MGA22-040 577192 5373406 295 340 -50 198.0
MGA22-042 577605 5373122 293 340 -45 471.0
MGA22-043 576912 5372865 306 340 -50 399.0
MGA22-044 577460 5373136 296 340 -50 330.0
MGA22-045 577213 5373063 300 340 -50 405.0
MGA22-046 576878 5372945 306 340 -50 426.0
MGA22-048 576988 5372854 304 340 -50 441.0
MGA22-049 577007 5372979 303 340 -45 411.0
MGA22-050 577330 5373044 298 340 -45 436.0
MGA22-052 577026 5372924 304 340 -45 426.0
MGA22-053 577198 5373002 300 340 -51 200.0
MGA22-054 576824 5372977 307 340 -45 423.0
MGA22-055 576931 5373487 304 340 -45 102.0
MGA22-057 577521 5373023 294 340 -46 318.0
MGA22-059 577047 5373371 297 340 -52 231.0
MGA22-060 577459 5373028 295 340 -45 252.0
Quality Control Procedures
NQ 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 w ith 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 Bureau Veritas Commodities Ltd.