Tower Gold and Provides Corporate Update
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NEWS RELEASE – 05/2023 Symbol: TSX: ME FOR IMMEDIATE RELEASE
Moneta Gold Intersects 24.75 m @ 4.60 g/t Gold from Infill Drilling at
Tower Gold and Provides Corporate Update
Toronto, Ontario – March 2 , 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) ( FSE: MOPA)
(“Moneta” or the “Company”) is pleased to announce the assay results from forty-three (43) 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 latest drilling results are 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 releas e).
Moneta is also pleased to announce the appointment of a key member to its management team with Mr.
Dennis Wilson joining as Vice President (“VP”) of Sustainability.
Drilling Highlights:
• MGA22-097 intersected 24.75 m @ 4. 60 grams per tonne “g/t” Au, including 14.85 m @ 5.90
g/t Au, including 1.00 m @ 17.80 g/t Au, and 1.00 m @ 18.00 g/t Au
• MGA22-087 intersected 10.05 m @ 6.02 g/t Au, including 6.05 m @ 9.35 g/t Au, including 1.05
m @ 36.20 g/t Au
• MGA22-087 intersected 20.00 m @ 2.90 g/t Au, including 7.25 m @ 2.32 g/t Au, and 4.65 m @
8.49 g/t Au, including 2.00 m @ 17.40 g/t Au
• MGA22-088 intersected 47.00 m @ 1.18 g/t Au, including 35.00 m @ 1.43 g/t Au, including 3.23
m @ 5.70 g/t Au, including 1.23 m @ 10.70 g/t Au
• MGA22-076 intersected 26.25 m @ 1.84 g/t Au, including 15.00 m @ 2.64 g/t Au, including 2.25
m @ 6.78 g/t Au
• MGA22-074 intersected 20.96 m @ 1.48 g/t Au, including 7.42 m @ 2.17 g/t Au
• MGA22-076 intersected 11.00 m @ 2.60 g/t Au, including 2.00 m @ 12.70 g/t Au, including 1.00
m @ 17.57 g/t Au
• MGA22-047 intersected 11.00 m @ 2.14 g/t Au, including 3.40 m @ 4.35 g/t Au, including 1.00
m @ 7.98 g/t Au
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.
Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “We are very pleased to
announce additional infill and step -out assay drill results from 903 , which continue to confirm the
continuity and extensions of the current mineral resource estimate at the Tower Gol d project. These
results support wide widths of mineralization containing significant gold grades within the economic open
pit mineral resources at 903 as defined in the Preliminary Economic Assessment (“PEA”) study, within an
area contained during the pay back 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 drill program in
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preparation of a mineral resource estimate update for the planned Pre -Feasibility Study (“PFS”). We are
also very pleased to welcome Mr. Dennis Wilson to the Company as VP Sustainability. His expertise in the
areas of permitting, Environmental, Social, and Governance (“ESG”), safety and importantly First Nations
engagement will prove to be an important addition to the management team at Moneta Gold.”
A total of 10,057.00 m of drilling was completed in the forty-three (43) drill holes reported. 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, including the results for a further forty-three (43) drill holes from the 903
infill program completed in 2022.
Figure 1: Tower Gold Project - General Location Map
Table 1: 903 Deposit – Significant Drill Intercepts
Hole From To Length Au (gram metres)
(#) (m) (m) (m) (g/t) (g/t x m)
MGA22-047 135.00 146.00 11.00 2.14 23.6
includes 136.60 140.00 3.40 4.35 14.8
includes 138.00 139.00 1.00 7.98 8.0
MGA22-056A 93.20 103.60 10.40 1.30 13.5
includes 101.00 102.00 1.00 2.68 2.7
MGA22-058 135.00 167.03 32.03 0.41 13.0
MGA22-061 314.00 328.00 14.00 1.29 18.1
includes 320.60 322.00 1.40 3.23 4.5
MGA22-068 80.82 99.00 18.18 1.30 23.6
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includes 80.82 90.50 9.68 2.06 19.9
includes 80.82 84.00 3.18 3.87 12.3
and 87.00 90.50 3.50 2.10 7.4
MGA22-073 58.91 60.00 1.09 17.30 18.9
MGA22-073 68.75 90.73 21.98 1.08 23.8
includes 81.78 86.42 4.64 3.40 15.8
includes 81.78 83.00 1.22 5.05 6.2
MGA22-074 242.50 263.46 20.96 1.48 31.0
includes 243.88 251.30 7.42 2.17 16.1
MGA22-074 272.40 293.00 20.60 0.73 15.1
includes 281.80 284.50 2.70 2.02 5.5
MGA22-074 302.08 316.00 13.92 0.75 10.4
includes 313.93 316.00 2.07 2.24 4.6
includes 313.93 314.42 0.49 4.47 2.2
MGA22-076 111.00 122.00 11.00 2.60 28.6
includes 111.00 113.00 2.00 12.70 25.4
includes 111.00 112.00 1.00 17.57 17.6
MGA22-076 213.00 239.25 26.25 1.84 48.3
includes 217.00 237.50 20.50 2.14 43.9
includes 220.00 222.25 2.25 6.78 15.3
includes 221.25 222.25 1.00 9.77 9.8
MGA22-077 191.00 196.76 5.76 3.82 22.0
includes 191.00 196.00 5.00 4.30 21.5
includes 194.60 196.00 1.40 7.73 10.8
MGA22-078 62.75 66.45 3.70 4.90 18.1
includes 64.75 66.45 1.70 8.20 13.9
MGA22-081 137.00 156.45 19.45 1.07 20.8
includes 139.00 143.00 4.00 1.39 5.6
and 147.00 153.00 6.00 1.39 8.4
MGA22-087 37.00 57.00 20.00 2.90 58.0
includes 42.40 44.10 1.70 4.24 7.2
and 52.35 57.00 4.65 8.49 39.5
includes 55.00 57.00 2.00 17.40 34.8
MGA22-087 94.95 105.00 10.05 6.02 60.5
includes 94.95 101.00 6.05 9.35 56.6
includes 94.95 96.00 1.05 36.20 38.0
MGA22-088 72.00 119.00 47.00 1.18 55.3
includes 85.77 89.00 3.23 5.70 18.4
includes 85.77 87.00 1.23 10.70 13.2
and 107.00 113.00 6.00 2.22 13.3
MGA22-088 157.00 168.00 11.00 1.25 13.8
includes 161.93 168.00 6.07 2.01 12.2
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includes 163.00 165.00 2.00 3.73 7.5
MGA22-088 175.77 179.50 3.73 2.75 10.2
includes 177.00 179.50 2.50 3.67 9.2
MGA22-097 81.25 106.00 24.75 4.60 113.9
includes 83.00 97.85 14.85 5.90 87.6
includes 87.00 96.00 9.00 8.04 72.4
includes 87.00 88.00 1.00 17.80 17.8
and 95.00 96.00 1.00 18.00 18.0
and 104.00 106.00 2.00 6.48 13.0
MGA22-098 135.00 145.00 10.00 1.57 15.7
includes 139.00 145.00 6.00 2.19 13.1
includes 143.00 145.00 2.00 5.08 10.2
MGA22-099 66.00 84.80 18.80 1.13 21.2
includes 73.50 77.05 3.55 2.00 7.1
MGA22-108 142.33 155.92 13.59 1.09 14.8
includes 142.33 144.00 1.67 2.79 4.7
MGA22-110 81.00 97.00 16.00 1.35 21.5
includes 85.00 87.00 2.00 2.45 4.9
and 91.00 93.00 2.00 2.90 5.8
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.
Twenty-one (21) drill holes did not intersect mineralization above 10 “g/t Au x m ”; however, gold
mineralization was intersected above the 0.3 g/t Au economic cut-off. Three (3) drill holes: MGA22-063,
MGA22-075, and MGA22-080 outside of the current resource estimate to the north of the 903 deposit did
not intersect mineralization above 0.3 g/t Au cut-off in extension drilling.
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
300 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 the continuity of the resource esti mate and extended gold mineralization
within and in proximity to the PEA pit in the east and west areas of the 903 deposit. To the west, MGA22-
087 and MGA22-098 confirmed and expanded mineralization within the PEA pit, while holes MGA22-058,
MGA22-081, MGA22-061, and MGA22-108 extended mineralization at shallow depths to the south. In the
central core of the 903 zone, drill holes MGA -056, MGA-117, MGA22-124, and MGA22 -128 resulted in
tightening of the extensions of gold mineralization in the n orth, while MGA22 -047 expanded
mineralization at depth to the south. To the east, drill holes MGA22-097, MGA22-099, MGA22-088, MGA-
068, and MGA22-076 extended mineralization within and both to the north and south of the 903 PEA pit.
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Figure 2: 903 Deposit- Tower Gold: Infill Drill Location Map
Figure 3: 903 Deposit - 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 Deposit - 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 Deposit - 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 Deposit - Resource Infill Drill Hole Details
Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGA22-041 577581 5373217 294 340 -45 351.0
MGA22-047 577386 5373038 297 340 -45 456.0
MGA22-051 577074 5372955 302 340 -50 411.0
MGA22-056 576941 5373378 300 330 -55 177.0
MGA22-056A* 576940 5373381 300 330 -55 147.0
MGA22-056B* 576941 5373379 300 330 -55 24.0
MGA22-058 576750 5372896 308 340 -45 471.0
MGA22-061 576687 5372817 309 340 -45 348.0
MGA22-063 577226 5373456 294 340 -55 111.0
MGA22-065 577435 5373499 291 340 -55 177.0
MGA22-066 576859 5372869 306 340 -45 453.0
MGA22-067 577468 5373543 291 340 -45 150.0
MGA22-068 577651 5373204 292 340 -45 372.0
MGA22-068A* 577651 5373204 292 340 -45 90.0
MGA22-069 577560 5373584 288 340 -45 102.0
MGA22-070 577422 5373590 293 340 -45 99.0
MGA22-072 577364 5373558 294 340 -45 101.0
MGA22-073 577050 5373527 301 340 -45 153.0
MGA22-074 577733 5373142 291 340 -45 392.0
MGA22-075 576711 5373280 307 340 -45 120.0
MGA22-076 577776 5373229 291 340 -45 285.0
MGA22-077 576585 5373321 308 340 -45 201.0
MGA22-078 577872 5373344 290 340 -45 231.0
MGA22-080 576518 5373242 309 340 -45 201.0
MGA22-081 576541 5372907 314 340 -45 321.0
MGA22-082 577771 5373319 290 340 -45 201.0
MGA22-086 576600 5372935 310 340 -46 321.0
MGA22-087 576641 5373151 308 340 -55 177.0
MGA22-088 577595 5373293 293 340 -45 321.0
MGA22-090 576631 5373219 309 340 -45 120.0
MGA22-091 576787 5373058 307 340 -45 321.0
MGA22-093 576550 5373096 310 340 -45 177.0
MGA22-097 577454 5373281 295 340 -45 312.0
MGA22-098 576670 5373061 307 340 -45 252.0
MGA22-099 577549 5373328 293 340 -45 351.0
MGA22-100 576645 5372905 309 340 -45 369.0
MGA22-108 576607 5372987 309 337 -45 291.0
MGA22-110 576550 5373428 308 340 -45 102.0
MGA22-115 576711 5373222 307 340 -46 150.0
MGA22-116 577025 5373554 301 340 -45 75.0
MGA22-117 577080 5373428 298 340 -50 231.0
MGA22-124 576882 5373323 301 340 -45 171.0
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MGA22-128 577321 5373399 293 340 -45 171.0
* Drill hole did not reach targeted depth
Management Appointment: Vice President Sustainability
Moneta is pleased to announce the appointment of Mr. Dennis Wilson to the role of VP Sustainability. Mr. Wilson
has over 30 years of professional experience in the field of environmental and health and safety management, as
well as community management in Canada and internationally. He brings a breadth of experience in the ESG area,
having worked in every aspect of sustainability from early projects through to mine closure. He has managed
relationships with First Nations in several parts of Canada, and relationships with remote communities in Australia,
Brazil, and Mexico. Mr. Wilson holds a Bachelor’s Degree in Applied Science (Environmental Science ) from Charles
Sturt University (NSW, Australia).
Mr. Wilson will be primarily responsible for advancing the Project’s environmental base line, community
consultation, safety and permitting matters. Mr. Wilson will also be a key contact with the host First Nations
communities.
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.
Qualified Person
Jason Dankowski (APEGM #35155), Vice President 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 Ontario, Canada’s most prolific gold producing camp. The
September 2022, P EA study outlined a c ombined open pit and underground mining and a 7.0 million tonne per
annum conventional leach operation 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
Ardem Keshishian, VP Corporate Development
416-471-5463
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].