Moneta Intersects Significant Gold Mineralization in Step-out Drilling at Garrcon, Tower Gold Project

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NEWS RELEASE – 09/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE

Moneta Intersects Significant Gold Mineralization in Step-out Drilling at

Garrcon, Tower Gold Project

Toronto, Ontario – March 24, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)

(“Moneta”) is pleased to announce the assay results from ten (10) drill holes at Garrcon, from the Garrison

area of the Tower Gold project, located 100 kilometres (“km”) east of Timmins, Ontario. The drilling was

part of the 20 20/2021 72,500 metre (“m”) program in 130 drill holes designed to test extensions of the

current mineral resource estimate of 4.0 million (“M”) ounces indicated gold and 4.4M ounces inferred

gold (see February 24, 2021 press release ) on the Tower Gold project. These results represent the final

assays from this drill program.

Today’s results, testing both the open pit and underground resource expansion potential at Garrcon, have

confirmed significant gold mineralization over a strike length of 750 m and width of 500 m in step -out

drilling beyond the current resource and within an area with significant historical gold mineralization not

currently in any resource category.

Highlights from the drilling include:

• MGA21-005 intersected 67.00 m @ 3.05 grams per tonne “g/t” gold “Au”, including 38.50 m @

4.85 g/t Au, including 23.00 m @ 7.50 g/t Au, including 8.75 m @ 15.85 g/t Au, including 1.00 m

@ 114.00 g/t Au

• MGA21-005 intersected 62.45 m @ 1.17 g/t Au, including 10.00 m @ 3.12 g/t Au, including 1.50

m @ 6.96 g/t Au and 1.00 m @ 7.82 g/t Au

• MGA21-002 intersected 54.70 m @ 1.26 g/t Au, including 1.50 m @ 4.70 g/t Au, and 13.50 m @

3.16 g/t Au, including 3.00 m @ 10.65 g/t Au, including 1.50 m @ 17.79 g/t Au

• MGA21-005 intersected 7.00 m @ 5.83 g/t Au, including 1.50 m @ 23.90 g/t Au

• MGA21-008 intersected 12.50 m @ 2.30 g/t Au, including 4.50 m @ 5.93 g/t Au, including 1.50

m @ 16.10 g/t Au

• MGA21-005 intersected 39.50 m @ 0.94 g/t Au, including 25.50 m @ 1.11 g/t Au, including 1.05

m @ 16.20 g/t Au

• MGA21-003 intersected 34.00 m @ 0.85 g/t Au, including 12.00 m @ 1.46 g/t Au, including 5.00

m @ 2.08 g/t Au, including 1.00 m @ 3.09 g/t Au

• MGA21-009 intersected 46.00 m @ 0.57 g/t Au, including 1.50 m @ 7.08 g/t Au

• MGA21-003 intersected 7.00 m @ 1.81 g/t Au, including 1.00 m @ 11.80 g/t Au

Gary O’Connor, Moneta’s Chief Executive Officer commented, “These latest drill results, testing both the

open pit and underground resource potential at Garrcon , have confirmed significant gold mineralization

in step-out drilling beyo nd the current resource and within an area with significant historical gold

mineralization not currently in any resource category. The Garrcon drilling program was testing for gold

mineralization outside of the current open pit and as potential high grade underground extensions below

the current open pit resource. Gold mineralization was intercepted as both high grade and wide zones ,

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has the potential to expand the current Garcon open pit resource, and add an underground resource at

higher grades. The Garrison deposits currently occur as good starter pits in the early years of development

with good outcropping gold mineralization at high grades and a low strip ratio. We look forward to adding

to thi s and updating the mineral resource estimate for the Tower Gold project , which is currently

underway.”

The latest assay results from the Garrcon underground and open pit resource expansion drill program

include the assay results from ten (10) drill holes for a total of 6,630.0 m. The drill program was conducted

to test the open pit resource expansion potential and to test for the potential for underground resources

at Garrcon . The Garrcon target currently contains no underground resources and a n open pit gold

resource currently containing 0.55 Moz gold at a grade of 0.8 2 g/t gold in indicated resources and 0.20

Moz at a grade of 0.87 g/t gold in the inferred category at a cut-off grade of 0.30 g/t gold (see January 14,

2021 press release ). The Garrcon area has been the subject of significant historical drilling and the

development of an underground exploration shaft and development, and surface bulk sampling open pits.

Full assays have now been reported for all drill holes from the 2020/2021 resource expansion drill plan,

comprised of 72,500 m in 130 drill holes.

Figure 1: Tower Gold Project: General Location Map

Table 1: Garrcon: Selected Significant Drill Results

Hole From To Length Au Gram metres

(#) (m) (m) (m) (g/t) (g x m)

MGA21-001 516.00 544.00 28.00 0.43 12.0

includes 520.00 521.00 1.00 3.08 3.1

MGA21-002 67.00 69.10 2.10 2.72 5.7

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including 68.00 68.80 0.80 5.35 4.3

MGA21-002 84.00 110.00 26.00 0.41 10.7

includes 104.00 109.00 5.00 0.99 5.0

MGA21-002 117.00 132.00 15.00 0.41 6.2

includes 130.00 131.00 1.00 1.74 1.7

MGA21-002 138.50 187.50 49.00 0.35 17.2

includes 149.60 161.50 11.90 0.73 8.7

includes 155.50 157.00 1.50 2.69 4.0

MGA21-002 305.50 310.90 5.40 1.72 9.3

includes 306.70 310.00 3.30 2.63 8.7

includes 306.70 307.30 0.60 7.20 4.3

MGA21-002 333.30 388.00 54.70 1.26 68.9

includes 338.00 342.50 4.50 2.60 11.7

includes 341.00 342.50 1.50 4.70 7.1

and 348.50 362.00 13.50 3.16 42.7

includes 351.50 354.50 3.00 10.65 32.0

includes 353.00 354.50 1.50 17.79 26.7

MGA21-002 400.60 404.00 3.40 1.87 6.4

includes 400.60 402.00 1.40 3.92 5.5

MGA21-002 411.50 445.00 33.50 0.42 14.1

includes 435.50 438.50 3.00 1.97 5.9

includes 437.00 438.50 1.50 2.43 3.6

MGA21-002 519.50 530.00 10.50 0.61 6.4

includes 521.00 522.50 1.50 1.57 2.4

MGA21-003 492.00 499.00 7.00 1.81 12.7

includes 498.00 499.00 1.00 11.80 11.8

MGA21-003 549.00 583.00 34.00 0.85 28.9

includes 555.00 567.00 12.00 1.46 17.5

includes 555.00 560.00 5.00 2.08 10.4

and 559.00 560.00 1.00 3.09 3.1

MGA21-004 62.15 78.00 15.85 0.52 8.2

includes 64.15 66.00 1.85 1.01 1.9

MGA21-004 547.85 553.35 5.50 1.25 6.9

including 552.35 553.35 1.00 5.89 5.9

MGA21-005 226.00 239.50 13.50 0.85 11.5

includes 231.00 239.50 8.50 1.17 9.9

and 238.00 239.50 1.50 2.99 4.5

includes 238.00 239.00 1.00 3.19 3.2

MGA21-005 301.50 325.00 23.50 0.43 10.1

including 310.00 311.00 1.00 1.38 1.4

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and 324.50 325.00 0.50 2.71 1.4

MGA21-005 329.00 342.00 13.00 0.51 6.6

including 335.00 342.00 7.00 0.68 4.8

including 335.00 336.00 1.00 2.41 2.4

MGA21-005 410.00 417.00 7.00 5.83 40.8

includes 415.50 417.00 1.50 23.90 35.9

MGA21-005 465.50 505.00 39.50 0.94 37.1

includes 466.50 492.00 25.50 1.11 28.3

includes 466.50 467.55 1.05 16.20 17.0

MGA21-005 533.00 600.00 67.00 3.05 204.4

includes 554.50 593.00 38.50 4.85 186.7

includes 559.35 593.00 33.65 5.45 183.4

includes 570.00 593.00 23.00 7.50 172.5

includes 584.25 593.00 8.75 15.85 138.7

includes 591.00 592.00 1.00 114.00 114.0

MGA21-005 612.15 674.60 62.45 1.17 73.1

includes 612.15 630.50 18.35 1.39 25.5

includes 612.15 614.00 1.85 2.61 4.8

and 623.00 630.50 7.50 1.95 14.6

includes 625.00 625.95 0.95 3.22 3.1

and 647.00 657.00 10.00 3.12 31.2

includes 648.50 650.00 1.50 6.96 10.4

and 656.00 657.00 1.00 7.82 7.8

MGA21-005 681.00 710.00 29.00 0.56 16.2

includes 689.20 691.00 1.80 3.46 6.2

includes 690.20 691.00 0.80 4.67 3.7

MGA21-008 44.55 56.50 11.95 0.48 5.7

includes 44.55 46.50 1.95 1.78 3.5

includes 44.55 45.50 0.95 2.01 1.9

MGA21-008 180.00 181.50 1.50 3.60 5.4

MGA21-008 211.00 257.00 46.00 0.41 18.9

MGA21-008 246.00 255.80 9.80 0.85 8.3

includes 246.00 247.50 1.50 3.04 4.6

and 255.00 255.80 0.80 3.63 2.9

MGA21-008 318.00 360.35 42.35 0.42 17.8

includes 333.00 334.50 1.50 2.78 4.2

and 356.00 357.60 1.60 2.37 3.8

MGA21-008 363.20 376.45 13.25 0.88 11.7

includes 367.50 376.45 8.95 1.10 9.8

includes 367.50 369.00 1.50 2.29 3.4

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MGA21-008 415.50 427.50 12.00 0.66 7.9

includes 418.40 423.00 4.60 1.25 5.8

MGA21-008 434.50 447.00 12.50 2.30 28.8

includes 434.50 439.00 4.50 5.93 26.7

includes 437.50 439.00 1.50 16.10 24.2

MGA21-009 54.60 56.00 1.40 6.88 9.6

includes 54.60 55.40 0.80 11.90 9.5

MGA21-009 480.00 526.00 46.00 0.57 26.2

includes 489.00 490.50 1.50 7.08 10.6

and 520.00 521.00 1.00 2.61 2.6

MGA21-009 564.70 590.00 25.30 0.52 13.2

includes 580.30 585.00 4.70 1.61 7.6

includes 584.00 585.00 1.00 2.88 2.9

MGA21-010 280.00 304.00 24.00 0.33 7.9

includes 286.00 288.00 2.00 1.18 2.4

and 302.00 304.00 2.00 1.36 2.7

Note: Intercepts are calculated using a 0.20 g/t Au cut-off, a maximum of 3m internal dilution and no top cap applied. Drill

intercepts are not true widths, are reported as drill widths, and are estimated to be 80% to 95% of true width.

Figure 2: Garrcon Drill Program: Drill Hole Location Map

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Discussion of Drill Results

Drilling was targeting gold mineralized stacked quartz veins hosted within Timiskaming age clastic

sediments located north of the regional Destor Porcupine Fault zone and hosted within a transgressive

sedimentary basin setting in the Garrison area. Gold mineralization is spatially associated with a regional

Banded Iron Formation (“BIF”) unit similar to the geological setting of gold mineralization in the Golden

Highway area, situated 5 km to the west of the Garrison area. The main orientation of gold mineralized

structures within the Garrison basin is east dipping. The drilling was testing a large area adjacent to and

under the current Garrco n open pit resource including mineralization to depth. Significant higher grade

mineralization has been drilled and developed at Garrcon down to depths of over 1,000 m. No

underground resource currently exists at Garrcon and the Garrison area.

Drill results from the current program at Garrcon have confirmed the continuation of east dipping stacked

quartz vein sets and associated ankerite-albite-quartz-pyrite alteration haloes in large step -outs below

the open pit occurring as both potentially open pit and underground resources. The latest assay results

confirmed gold mineralization over an area 750 m long, 500 m wide, and down to depths of over 500 m.

Figure 3: Garrcon Drilling- Cross Section

Table 2: Drill Hole Details: Garrcon

Hole Easting Northing Elevation Azimuth Inclination Depth

(#) (mE) (mN) (masl) (°) (°) (m)

MGA21-001 578978 5373746 289 280 -65 546.0

MGA21-002 579549 5374049 309 280 -55 750.0

MGA21-003 579728 5374006 306 280 -55 714.0

MGA21-004 579579 5374149 301 280 -60 720.0

MGA21-005 579015 5373852 292 280 -60 807.0

MGA21-006 579391 5374079 286 280 -60 299.0

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MGA21-007 579710 5374127 307 280 -60 702.0

MGA21-008 578886 5373922 285 280 -60 687.0

MGA21-009 579720 5374227 307 280 -55 699.0

MGA21-010 578689 5373804 288 280 -75 706.0

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 routi ne pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check

assays at Activation Laboratories Ltd. Randall Salo, P.Geo. is a qualified person under NI 43 -101 and has reviewed

and approved the technical contents of this press release.

About Moneta Gold

Moneta is a Canadian based gold exploration company focussed on advancing its 100% wholly owned Tower Gold

project, which currently hosts a gold mineral resource estimate of 4.0M ounces indicated and 4.4M ounces inferred.

The Company’s 2020/2021 drill program was designed to test extensions of mineralization and expand the current

mineral resource . An updated mineral resource estimate and Preliminary Economic Assessment study

encompassing the entire Tower Gold project will be announced in the first half of 2022. Moneta is committed to

creating shareholder value through the strategic allocation of capital and a focus on 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 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].

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 Company’s drilling program and the timing

and results thereof; further steps that might be taken to mitigate the spread of COVID -19; 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 arisen and may arise in relation to travel, and other financial market and soc ial

impacts from COVID-19 and responses to COVID 19. and the ability of the Company to finance and carry out its anticipated goals

and objectives.

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.