Moneta Intersects Widespread Gold Mineralization Confirming Continuity on the Windjammer Deposit at Tower Gold
1
NEWS RELEASE – 22/2022 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Intersects Widespread Gold Mineralization Confirming Continuity on
the Windjammer Deposit at Tower Gold
Toronto, Ontario – October 18, 2022 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce assay results from seventeen (17) drill holes from infill drilling on the
Windjammer gold deposit at the Tower Gold project, located 100 kilometres (“km”) east of Timmins,
Ontario. The drilling was conducted as part of the current 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:
• MGH22-298 intersected 158.00 m @ 0.55 grams per tonne “g/t” Au, including 55.00 m @ 0.79
g/t Au, including 20.00 m @ 1.05 g/t Au, including 1.00 m @ 4.26 g/t Au, and 1.00 m @ 6.11 g/t
Au
• MGH22-323 intersected 125.80 m @ 0.50 g/t Au, including 7.00 m @ 0.87 g/t Au, including 12.50
m @ 1.83 g/t Au, including 1.00 m @ 5.69 g/t Au
• MGH22-316 intersected 232.00 m @ 0.35 g/t Au, including 20.00 m @ 0.53 g/t Au, and 14.00 m
@ 0.73 g/t Au, and 24.50 m @ 0.54, including 1.00 m @ 2.49 g/t Au
• MGH22-307 intersected 285.50 m @ 0.34 g/t Au, including 29.00 m @ 0.53 g/t Au, inc luding
1.00 m @ 4.28 g/t Au, and 13.00 m @ 0.62 g/t Au, including 2.00 m @ 1.86 g/t Au, and 12.00 m
@ 0.84 g/t Au, including 5.10 m @ 1.22 g/t Au
• MGH22-294 intersected 27.00 m @ 0.81 g/t Au, including 10.00 m @ 1.73 g/t Au, including 4.00
m @ 3.56 g/t Au, including 1.20 m @ 6.90 g/t Au
• MGH21-273 intercepted 50.00 m @ 0.47 g/t Au, including 8.00 m @ 0.84 g/t Au, including 1.00
m @ 1.35 g/t Au
• MGH22-317 intersected 161.00 m @ 0.39 g/t Au, including 18.00 m @ 1.53 g/t Au, including
6.60 m @ 2.39 g/t Au, including 1.60 m @ 4.21 g/t Au, and 1.00 m @ 6.91 g/t Au
• MGH22-312 intersected 83.00 m @ 0.40 g/t Au, including 38.00 m @ 0.51 g/t Au, including 9.00
m @ 0.77 g/t Au, including 1.00 m @ 1.64 g/t Au
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 assay results
from Windjammer infill drilling continue to confirm the continuity and extensions of the current mineral
resource estimate , only just updated in September . These r esults support wide widths of gold
mineralization within the open pit mineral resources and affirm extensions of mineralization outside the
resource to the east and at depth. As we continue to advance and de-risk the Tower Gold project, we look
forward to completing the resource infill and upgrade drill program in preparation of the planned Pre -
Feasibility Study and releasing additional results from the drill program as they become available.”
2
The latest assay results are from seventeen (17) drill holes for 8,205.0 m of diamond drilling completed at
Windjammer as part of an initial 70,000 m drill program planned as resource infill and upgrade drilling.
Two (2) drill holes (MGH22-313A and MGH22-294A) did not reach targeted depth and were redrilled to
completion as MGH22-313 and MGH22-294. 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: Selected Significant Drill Results
Hole From To Length Au Gram metres
(#) (m) (m) (m) (g/t) (g x m)
MGH21-270 275.00 297.00 22.00 0.34 7.5
includes 279.00 289.00 10.00 0.56 5.6
includes 281.00 283.00 2.00 1.46 2.9
MGH21-270 305.00 331.00 26.00 0.51 13.3
includes 307.00 323.00 16.00 0.67 10.7
includes 311.00 313.00 2.00 2.06 4.1
MGH21-271 276.00 349.00 73.00 0.29 21.2
includes 276.00 294.00 18.00 0.46 8.3
includes 282.00 284.00 2.00 1.36 2.7
MGH21-271 394.50 424.00 29.50 0.42 12.4
3
includes 415.00 417.00 2.00 1.24 2.5
MGH21-271 431.00 437.35 6.35 0.69 4.4
includes 436.00 437.35 1.35 1.94 2.6
MGH21-273 118.00 166.00 48.00 0.44 21.1
includes 132.00 148.00 16.00 0.94 15.0
includes 132.00 134.00 2.00 5.55 11.1
MGH21-273 307.00 319.00 12.00 0.80 9.6
includes 307.00 315.00 8.00 1.11 8.9
includes 313.00 315.00 2.00 1.69 3.4
MGH21-273 327.00 413.00 86.00 0.35 30.1
includes 353.00 361.00 8.00 1.60 12.8
includes 357.00 359.00 2.00 3.16 6.3
MGH21-273 441.00 491.00 50.00 0.47 23.5
includes 475.00 483.00 8.00 0.84 6.7
includes 475.00 476.00 1.00 1.35 1.4
MGH21-273 517.10 521.94 4.84 1.22 5.9
includes 518.00 519.00 1.00 5.12 5.1
MGH22-294 119.00 146.00 27.00 0.81 21.9
includes 135.00 145.00 10.00 1.73 17.3
includes 141.00 145.00 4.00 3.56 14.2
includes 143.00 145.00 2.00 5.83 11.7
includes 143.00 144.20 1.20 6.90 8.3
MGH22-294 150.00 165.00 15.00 0.61 9.2
includes 160.00 165.00 5.00 1.07 5.4
includes 164.00 165.00 1.00 4.78 4.8
MGH22-294 220.00 234.00 14.00 0.44 6.2
includes 224.00 228.00 4.00 1.14 4.6
includes 224.00 225.00 1.00 3.45 3.5
MGH22-294 323.00 338.00 15.00 0.47 7.1
includes 327.00 332.00 5.00 1.05 5.3
includes 330.00 332.00 2.00 1.47 2.9
MGH22-297 68.00 72.90 4.90 0.62 3.0
includes 72.00 72.90 0.90 2.62 2.4
MGH22-297 247.00 265.00 18.00 0.49 8.8
MGH22-298 136.60 164.00 27.40 0.34 9.3
includes 156.00 157.00 1.00 2.52 2.5
MGH22-298 226.00 257.00 31.00 0.38 11.8
includes 236.70 248.00 11.30 0.76 8.6
includes 242.80 248.00 5.20 1.11 5.8
includes 247.00 248.00 1.00 2.02 2.0
4
MGH22-298 264.00 422.00 158.00 0.55 86.9
includes 322.00 377.00 55.00 0.79 43.5
includes 322.00 342.00 20.00 1.05 21.0
includes 328.00 334.00 6.00 1.54 9.2
includes 328.00 329.00 1.00 4.26 4.3
and 371.00 372.00 1.00 6.11 6.1
MGH22-298 464.50 562.00 97.50 0.29 28.3
includes 513.20 527.50 14.30 0.58 8.3
includes 513.20 516.20 3.00 0.91 2.7
MGH22-302 345.00 349.00 4.00 0.69 2.8
includes 345.00 347.00 2.00 1.12 2.2
MGH22-307 106.00 139.00 33.00 0.34 11.2
includes 133.00 139.00 6.00 0.74 4.4
includes 133.00 134.10 1.10 2.10 2.3
MGH22-307 149.00 171.00 22.00 0.48 10.6
includes 164.00 166.00 2.00 2.44 4.9
includes 165.00 166.00 1.00 2.44 2.4
MGH22-307 186.00 238.10 52.10 0.39 20.3
includes 196.00 226.00 30.00 0.59 17.7
includes 196.00 205.10 9.10 1.46 13.3
includes 196.00 197.00 1.00 2.59 2.6
and 204.00 205.10 1.10 9.07 10.0
MGH22-307 225.00 510.50 285.50 0.34 97.5
includes 308.00 337.00 29.00 0.53 15.4
includes 333.70 337.00 3.30 2.00 6.6
includes 336.00 337.00 1.00 4.28 4.3
and 405.00 418.00 13.00 0.62 8.1
includes 405.00 407.00 2.00 1.86 3.7
and 453.00 465.00 12.00 0.84 10.1
includes 459.90 465.00 5.10 1.22 6.2
MGH22-312 153.00 236.00 83.00 0.40 33.2
includes 174.00 212.00 38.00 0.51 19.4
includes 174.00 183.00 9.00 0.77 6.9
includes 174.00 175.00 1.00 1.64 1.6
and 180.00 183.00 3.00 1.11 3.3
MGH22-312 276.00 334.00 58.00 0.34 19.7
includes 313.00 318.00 5.00 1.13 5.7
MGH22-312 460.00 488.00 28.00 0.31 8.7
includes 462.00 468.00 6.00 0.68 4.1
includes 466.00 468.00 2.00 1.17 2.3
5
MGH22-312 632.00 655.00 23.00 0.47 10.8
includes 632.00 641.00 9.00 0.64 5.8
MGH22-313 212.00 293.00 81.00 0.30 24.3
includes 245.00 246.00 1.00 1.39 1.4
and 252.00 263.00 11.00 0.40 4.4
and 292.00 293.00 1.00 1.31 1.3
MGH22-313 417.00 442.00 25.00 0.40 10.0
includes 422.00 437.50 15.50 0.51 7.9
includes 434.40 437.50 3.10 1.21 3.8
includes 434.40 434.85 0.45 3.76 1.7
MGH22-316 188.00 420.00 232.00 0.35 81.2
includes 252.00 272.00 20.00 0.53 10.6
and 256.00 257.00 1.00 1.46 1.5
and 293.00 307.00 14.00 0.73 10.2
includes 293.00 299.00 6.00 1.07 6.4
includes 295.15 296.00 0.85 1.69 1.4
includes 343.00 355.00 12.00 0.58 7.0
includes 343.00 348.10 5.10 0.76 3.9
includes 343.00 344.25 1.25 1.89 2.4
includes 388.50 413.00 24.50 0.54 13.2
includes 388.50 390.00 1.50 2.25 3.4
and 412.00 413.00 1.00 2.49 2.5
MGH22-317 74.00 235.00 161.00 0.39 62.8
includes 107.00 125.00 18.00 1.53 27.5
includes 107.00 113.60 6.60 2.39 15.8
includes 107.00 110.60 3.60 3.15 11.3
includes 109.00 110.60 1.60 4.21 6.7
and 124.00 125.00 1.00 6.91 6.9
MGH22-323 167.00 201.50 34.50 0.33 11.4
includes 171.00 179.00 8.00 0.63 5.0
includes 176.00 177.00 1.00 2.05 2.1
MGH22-323 592.56 595.70 3.14 3.32 10.4
MGH22-323 243.00 368.80 125.80 0.50 62.9
includes 292.00 299.00 7.00 0.87 6.1
includes 297.50 299.00 1.50 2.39 3.6
and 319.50 332.00 12.50 1.83 22.9
includes 326.00 327.00 1.00 5.69 5.7
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.
6
Discussion of Drill Results
Windjammer
Infill drilling at Windjammer was focused on infilling and extending the wide stacked extensional quartz
veins hosting the current open pit gold resource from surface to vertical depths of up of 500 m below
surface at Windjammer Central . The drill results confirmed continuit y of the resource estimate and
extended gold mineralization to the east and at depth. The Windjammer open pit currently hosts an
indicated resource of 42.05 million tonnes (“Mt”) @ 0.78 g/t Au containing 1,058,000 oz gold and an
inferred resource of 34.46 Mt @ 0.97 g/t Au containing 1,074,000 oz gold at Windjammer South and 28.50
Mt @ 0.63 g/t Au for 581,000 oz gold indicated and 77.83 Mt @ 0.64 g/t Au for 1,595,000 oz gold inferred
at Windjammer Central (see September 07, 2022 press release). The drill holes predominantly tested the
areas north of the regional banded iron formation units (“BIF”) within altered clastic sediments hosting
stacked vein sets in the Windjammer Central area.
Figure 2: Windjammer - Tower Gold: Infill Drill Location Map
Table 2: Resource Infill Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH21-270 572502 5370708 361 75 -60 402.0
MGH21-271 572304 5370651 333 75 -60 493.0
MGH21-273 572103 5370596 329 75 -60 522.0
MGH22-294 572124 5370544 330 80 -60 549.0
MGH22-294A 572121 5370541 330 80 -60 69.0
7
MGH22-297 572293 5370600 323 50 -60 504.0
MGH22-298 572142 572142 329 75 -60 710.0
MGH22-302 572497 5370640 356 84 -60 447.0
MGH22-307 572268 5370748 331 75 -60 705.0
MGH22-312 572358 5370715 338 75 -60 663.0
MGH22-313 572461 5369568 356 76 -60 507.0
MGH22-313A 572463 5370765 356 76 -60 162.0
MGH22-316 572353 5370672 337 75 -60 501.0
MGH22-317 572438 5370900 353 75 -60 600.0
MGH22-322 572453 5370697 348 75 -60 501.0
MGH22-323 572417 5370793 345 75 -60 507.0
MGH22-327 572544 5370724 364 75 -60 363.0
Figure 3: Windjammer - Tower Gold: Infill Drilling Cross Section
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. 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.
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 Ont ario, Canada’s most prolific gold producing camp. The
September 2022, Preliminary Economic Assessment study outlined a combined open pit and underground mining
8
and a 7.0 million tonne per annum conventional leach/CIL operation over a 24 -year mine life, wit h 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 c reating 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].
This news release includes certain forward -looking information and forward -looking statements, collectively “forward -looking
statements” within the meaning of applicable 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 closing of the Offering, the use
of proceeds, the timing of the renunciation and tax treatment of the Flow Through Shares as well as future performance of the
business, its operations and financial performance and condition such as the Corporation’s drilling program. 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 e mployees, suppliers, facilities and other stakeholders;
uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts fr om
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 financ ial
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 invasion 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 fin ancing, 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.