Moneta’s Resource Expansion Drilling at Gap Connects South West deposit with the Windjammer South open pit gold deposit
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NEWS RELEASE – 19/2021 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta’s Resource Expansion Drilling at Gap Connects South West deposit with
the Windjammer South open pit gold deposit
Toronto, Ontario – November 23, 2021 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP)
(“Moneta”) is pleased to announce assay results from eight (8) drill holes, intended to test the resource
expansion potential of the Gap Zone, located between the Windjammer South and South West gold
resources within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021
70,000 m program designed to test extensions of the current mineral resource estimate of 4.0M ounces
indicated gold and 4.4M ounces inferred gold ( see February 24, 2021 press release ) on the Tower Gold
project, located 100 kms east of Timmins, Ontario . Additional holes and assays from this drill program
remain pending.
Drilling successfully intersected wide zones of gold mineralization in the Gap area located between the
Windjammer South open pit gold resource and the South West gold resource over a distance of 700 m
and a width of 350 m. Drilling has confirmed continuous gold mineralization between the current deposits
and highlighted the potential to connect the Windjammer South and South West gold deposits.
Highlights from the drilling include:
• MGH21-204 intersected 56.55 m @ 1.05 grams per tonne “g/t” gold “Au”, including 26.00 m @
1.76 g/t Au, including 9.00 m @ 2.87 g/t Au, and including 1.00 m @ 5.83 g/t Au
• MGH21-212 intersected 70.00 m @ 0.85 g/t Au, including 4.15 m @ 3.15 g/t Au, and 16.00 m @
1.49 g/t Au, including 3.00 m @ 2.62 g/t Au
• MGH21-224 intersected 27.70 m @ 1.02 g/t Au, including 5.00 @ 3.38 g/t Au, including 1.00 m
@ 8.08 g/t Au
• MGH21-204 intersected 13.87 m @ 1.66 g/t Au, including 6.00 m @ 2.51 g/t Au, including 1.00
m @ 6.54 g/t Au and 2.00 m @ 3.63 g/t Au
• MGH19-120x intersected 19.00 m @ 0.89 g/t Au, including 3.50 m @ 1.74 g/t Au, including 1.30
m @ 5.47 g/t Au
• MGH21-204 intersected 20.00 m @ 0.76 g/t Au, including 2.00 m @ 4.29 g/t Au
• MGH21-224 intersected 47.25 m @ 0.50 g/t Au, including 1.00 m @ 3.13 and 1.18 m @ 2.58 g/t
Au
• MGH19-120x intersected 26.00 m @ 0.64 g/t Au, including 1.00 m @ 2.17 g/t Au and 1.00 m @
7.23 g/t Au
Gary O’Connor, Moneta’s CEO commented, “The latest drill results from our 2021/2022 program from the
Gap Zone highlight the potential to connect the Windjammer South open pit resources with the near
surface South West mineralization over a long strike length of 700 m and a width of 350 m. The current
drilling program was designed to confirm gold mineralization through a large area between the two large
gold deposits in order to extend the gold mineralization in the Windjammer South open pit through to
the near surface gold mineralization at South West currently being modelled and not in the current
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underground gol d resource. The open pit at Windjammer South currently hosts 1.10 million ounces
indicated at a grade of 0.84 g/t Au and 1.03 million inferred ounces at a grade of 1.10 g/t Au. Resource
expansion drilling has also targeted the South West, Windjammer South, and 55 mineral resource areas,
as well as on the new Halfway discovery and the Garrcon underground potential and open pit extensions
on the Garrison area.”
The latest assay results from the Gap Zone include initial results from eight (8) new drill holes, including
one drill hole extension (MGH19-120x), for a total of 5,491.0 m. Results of four (4) drill holes testing the
same Gap zone were previously released in April 2021 (see April 0 8, 2021 press release ) confirming
continuous gold mineralization across the Gap zone. Additional assays for drill testing the extensions of
the other deposits within the Tower gold project are pending. A total of 12,200 samples are currently in
the assay laboratory pending final assay results.
Figure 1: Tower Gold Project: General Location Map
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Table 1: Selected Significant Drill Results
Target Hole From To Length Au
(Name) (#) (m) (m) (m) (g/t)
Gap MGH19-120x 558.00 577.00 19.00 0.89
includes 558.50 562.00 3.50 1.74
and 568.40 569.70 1.30 5.47
Gap MGH19-120x 697.00 702.50 5.50 1.93
includes 698.85 700.70 1.85 3.62
includes 698.85 699.45 0.60 5.32
Gap MGH19-120x 759.00 770.00 11.00 1.00
includes 759.90 765.00 5.10 1.74
includes 764.00 765.00 1.00 3.88
Gap MGH19-120x 790.00 816.00 26.00 0.64
includes 799.00 800.00 1.00 2.17
and 815.00 816.00 1.00 7.23
Gap MGH19-120x 823.00 848.00 25.00 0.44
includes 840.00 841.40 1.40 2.05
Gap MGH21-204 71.80 88.00 16.20 0.35
includes 72.50 73.50 1.00 1.21
and 86.00 87.00 1.00 1.28
Gap MGH21-204 146.00 158.30 12.30 0.52
includes 153.50 154.50 1.00 1.61
Gap MGH21-204 189.45 246.00 56.55 1.05
includes 220.00 246.00 26.00 1.76
includes 227.00 236.00 9.00 2.87
includes 227.00 228.00 1.00 5.83
and 234.00 235.00 1.00 4.13
Gap MGH21-204 252.00 289.00 37.00 0.47
includes 268.00 282.00 14.00 0.84
includes 272.00 273.00 1.00 3.20
Gap MGH21-204 315.00 323.00 8.00 0.88
includes 315.00 316.00 1.00 3.23
Gap MGH21-204 589.13 603.00 13.87 1.66
includes 590.00 596.00 6.00 2.51
includes 590.00 591.00 1.00 6.54
and 600.00 602.00 2.00 3.63
Gap MGH21-204 625.00 645.00 20.00 0.76
includes 636.00 638.00 2.00 4.29
Gap MGH21-207 85.00 93.90 8.90 0.63
includes 86.00 88.00 2.00 1.17
Gap MGH21-207 375.50 383.00 7.50 0.86
includes 381.50 383.00 1.50 3.81
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Gap MGH21-207 547.00 560.00 13.00 0.44
includes 557.40 560.00 2.60 1.47
Gap MGH21-211 373.85 390.00 16.15 0.54
includes 373.85 374.40 0.55 3.68
and 389.00 390.00 1.00 2.23
Gap MGH21-211 650.00 670.00 20.00 0.35
and 666.00 668.00 2.00 1.29
Gap MGH21-211 690.00 701.00 11.00 0.45
Gap MGH21-212 201.00 213.00 12.00 0.65
includes 206.00 208.00 2.00 1.18
Gap MGH21-212 412.00 430.00 18.00 0.42
includes 417.00 418.00 1.00 1.18
Gap MGH21-212 455.00 476.00 21.00 0.44
includes 459.00 465.00 6.00 1.04
includes 463.00 465.00 2.00 1.79
Gap MGH21-212 539.00 554.00 15.00 0.56
Gap MGH21-212 560.00 630.00 70.00 0.85
includes 575.85 580.00 4.15 3.15
includes 579.00 580.00 1.00 4.68
and 593.00 609.00 16.00 1.49
includes 598.00 601.00 3.00 2.62
Gap MGH21-212 604.00 630.00 26.00 0.33
includes 604.00 609.00 5.00 1.14
Gap MGH21-214 536.00 542.00 6.00 1.01
includes 538.00 540.00 2.00 1.70
Gap MGH21-224 158.30 205.55 47.25 0.50
includes 171.80 200.80 29.00 0.65
includes 172.80 173.80 1.00 3.13
and 196.75 197.93 1.18 2.58
Gap MGH21-224 234.60 241.85 7.25 0.59
Gap MGH21-224 620.30 648.00 27.70 1.02
includes 621.00 626.00 5.00 3.38
includes 624.00 626.00 2.00 5.65
includes 625.00 626.00 1.00 8.08
Intercepts are calculated using geological boundaries, 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 75% to 95% of true width.
Discussion of Drill Results
Drilling was targeting clastic sediment host ed gold mineralized stacked quartz veins in the Gap zone
located south of the Banded Iron Formation “A” (“BIF A”) unit over a large area located between the
current Windjammer South open pit gold resource and the South West underground gold resource. The
current drilling was conducted as follow -up to a four (4) hole drill program completed in April 2021 (see
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April 08, 2021 press release) which confirmed significant gold mineralization across the zone with results
of up to 32.00 m @ 1.63 g/t Au including 6.35 m @ 3.21 g/t Au in drill hole MGH21-174.
Drill results from the current program at Gap confirmed the occurrence of shallow west dipping stacked
quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes. The latest assay results
confirmed gold mineralization over an area 700 m long, 350 m wide, and down to depths of over 500 m.
Figure 2: Gap Zone Drill Program: Drill Hole Location Map
Table 2: New Drill Hole Details*
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH19-120x 571531 5369712 327 45 -65 860.0**
MGH21-204 571599 5369790 333 60 -60 828.0
MGH21-207 571823 5369989 333 60 -60 699.0
MGH21-210 571995 5369879 334 60 -60 722.0
MGH21-211 571908 5369933 334 60 -60 701.0
MGH21-212 571689 5370010 335 50 -60 657.0
MGH21-214 571802 5370065 320 60 -60 700.0
MGH21-224 571669 5369851 333 50 -60 705.0
*Assay results for the reported holes are not complete. Additional assay results from drill holes will be released upon receipt.
All intercepts are reported as drill widths and not true widths.
** Extended from 381.0 m
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Figure 3: Gap Zone Resource 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 routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check
assays at Activation L aboratories Ltd. Kevin Montgomery , P.Geo. is a qualified person under NI 43 -101 and has
reviewed and approved the technical contents of this press release.
About Moneta
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 pro gram is designed to test extensions of mineralization and expand the current
mineral resource. Moneta is committed to creating shareholder value through the strategic allocation of capital and
its focus on the current resource expansion drilling program 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].
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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
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and results th ereof; 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 othe r
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