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Moneta Confirms Additional Gold Mineralization from Historical Drilling at Tower Gold

11.04.2023  |  Newsfile

Toronto, April 11, 2023 - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) ("Moneta") is pleased to announce assay results from the sampling of historical core not sampled by previous property owners on the Garrcon and JonPol deposits at the Tower Gold project, located in the Timmins Gold camp, Ontario. The sampling was conducted in addition to 76,000 metres ("m") of infill and resource upgrade drilling completed 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) at the Tower Gold project in 2022.

Assay Highlights:

Garrcon

  • C06-02 intersected 18.00 metres "m" @ 1.87 grams per tonne "g/t" Au, including 2.00 m @ 2.89 g/t Au, and 2.00 m @ 9.93 g/t Au
  • C06-04 intersected 18.50 m @ 1.58 g/t Au, including 10.00 m @ 2.19 g/t Au, including 2.00 m @ 4.61 g/t Au
  • C06-04 intersected 14.00 m @ 2.01 g/t Au, including 2.00 m @ 6.24 g/t Au
  • C06-02 intersected 18.00 m @ 1.10 g/t Au, including 6.00 m @ 1.75 g/t Au

JonPol

  • N88-49 intersected 3.20 m @ 13.50 g/t Au, including 1.90 m @ 22.30 g/t Au
  • N87-5 intersected 3.75 m @ 4.79 g/t Au, including 1.00 m @ 15.50 g/t Au
  • N88-49 intersected 2.10 m @ 7.92 g/t Au
  • N87-2 intersected 2.87 m @ 5.21 g/t Au

Gary O'Connor, Moneta's President and Chief Executive Officer commented, "The latest Garrcon and JonPol assay results from previously unsampled historical drill core, have confirmed the continuity and extensions of gold mineralized zones currently not included in the latest mineral resource estimate. These zones are currently included in the drill database with no grade and support no gold ounces in the current mineral resource model. The results have confirmed gold mineralization above the economic cut-off grade within the early production years of the economic open pit resources at Garrcon and JonPol as defined in the recent Preliminary Economic Assessment ('PEA'). Extensions of good gold mineralization have also been intersected outside the resource and pit, suggesting the potential to expand the mineral resource and to extend the current mine life of the project. As we continue to de-risk and advance the Tower Gold project, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update prior to the planned Pre-Feasibility Study ('PFS')."

The latest assay results are from 6,025.4 m of previously unsampled sections of core from nineteen (19) historical drill holes completed between 1987 and 2021. An additional 60,000 m open pit resource infill and upgrade drilling program is scheduled for 2023. Additional assay results are still pending from the 2022 infill program and will be released upon receipt.



Figure 1: Tower Gold Project - General Location Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/161879_8a9547aa54fc28e3_002full.jpg

Table 1: Historical Core - Selected Significant Sample Results

Deposit Hole From To Length Au (gram metres)
(Name) (#) (m) (m) (m) (g/t) (g/t x m)
GAR C06-02 143.00 161.00 18.00 1.10 19.8

includes 155.00 161.00 6.00 1.75 10.5
GAR C06-02 167.00 179.00 12.00 0.66 7.9
GAR C06-02 193.00 201.00 8.00 1.15 9.2

includes 197.00 199.00 2.00 2.59 5.2
GAR C06-02 227.00 231.00 4.00 1.28 5.1
GAR C06-02 308.00 326.00 18.00 1.87 33.6

includes 312.00 314.00 2.00 2.89 5.8

and 316.00 318.00 2.00 9.93 19.9
GAR C06-02 401.00 403.00 2.00 2.88 5.8
GAR C06-04 128.00 138.00 10.00 0.94 9.4

includes 136.00 138.00 2.00 2.90 5.8
GAR C06-04 178.00 192.00 14.00 2.01 28.1

includes 180.00 182.00 2.00 6.24 12.5
GAR C06-04 214.00 218.00 4.00 1.47 5.9
GAR C06-04 219.50 222.50 3.00 4.70 14.1
GAR C06-04 242.50 248.00 5.50 1.42 7.8
GAR C06-04 249.00 253.00 4.00 2.02 8.1
GAR C06-04 254.00 272.50 18.50 1.58 29.2

includes 256.00 266.00 10.00 2.19 21.9

includes 258.00 260.00 2.00 4.61 9.2
GAR C06-08 186.00 190.00 4.00 1.32 5.3
JP N87-2 154.53 157.40 2.87 5.21 14.9
JP N87-5 76.70 80.45 3.75 4.79 18.0

includes 76.70 77.70 1.00 15.50 15.5
JP N87-5 132.00 144.17 12.17 0.54 6.6

includes 138.00 140.00 2.00 1.23 2.5
JP N87-14 131.00 136.45 5.45 0.98 5.4
JP N88-105 257.00 265.00 8.00 0.90 7.2
JP N88-105 302.00 312.00 10.00 1.13 11.3

includes 302.00 304.00 2.00 2.48 5.0
JP N88-49 298.00 300.10 2.10 7.92 16.6
JP N88-49 301.80 305.00 3.20 13.50 43.2

includes 301.80 303.70 1.90 22.30 42.4
JP N88-139 142.00 150.00 8.00 0.68 5.4


Note: Drill intercepts above 5 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.

Discussion of Historical Drill Core Sampling Results

The sampling of previously unsampled drill core from historical drill holes used in the current mineral resource estimate has infilled mineralized zones and confirmed continuity of mineralization in areas currently not attributed any gold ounces, due to the lack of gold assays as a result of the selective sampling procedures applied on the historical core. The current results from Garrcon and JonPol have the potential to connect and infill gold mineralized zones currently classified as waste in the PEA mine plan of the Tower Gold project. The sampling of historical core was completed as part of the 2022 exploration program and the current results are in addition to assays released from sampling of previously unsampled core (see January 12, 2023 press release) on the Windjammer and 903 deposits.



Figure 2: Garrcon and JonPol Historical Core: Sampling Results Location Map - Tower Gold

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/161879_8a9547aa54fc28e3_003full.jpg

Garrcon
A total of six (6) drill holes for 1,926.3 m of sampling of previously unsampled core from historical holes drilled between 1988 and 2021 was completed from the Garrcon deposit area. The Garrcon open pit currently hosts an indicated resource of 26.79 million tonnes ("Mt") @ 1.01 g/t Au containing 872,000 oz gold and an inferred resource of 0.97 Mt @ 0.83 g/t Au containing 26,000 oz gold (see September 07, 2022 press release). The drill holes predominantly tested the gold mineralization associated with stockwork quartz veining hosted within Timiskaming age meta-sediments located between the Munro and Destor-Porcupine Fault Zone in the Garrison area.



Figure 3: Garrcon Historical Core: Sampling Results Cross Section - Tower Gold

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/161879_8a9547aa54fc28e3_004full.jpg

JonPol
Sampling and assaying of 4,099.1 m of previously unsampled core was completed from thirteen (13) historical holes drilled between 1987 and 2013 from the JonPol area. The JonPol open pit currently hosts an indicated resource of 8.90 Mt @ 1.34 g/t Au containing 383,000 oz gold and an inferred resource of 4.96 Mt @ 0.94 g/t Au containing 151,000 oz gold (see September 07, 2022 press release). The historical drill holes predominantly tested mineralized zones hosted within the Tisdale and Kid-Munro volcanics along the Munro fault, which is a splay from the regional Destor-Porcupine Fault.



Figure 4: JonPol Historical Core: Sampling Results Cross Section - Tower Gold

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4852/161879_8a9547aa54fc28e3_005full.jpg

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 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 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, PEA study outlined a combined 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
goconnor@monetagold.com

Ardem Keshishian, VP Corporate Development
416-471-5463
akeshishian@monetagold.com

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 info@monetagold.com.

Certain statements in this press release including certain information about Moneta's business outlook, objectives, strategies, plans, strategic priorities and results of operations, as well as other statements which are not current statements or historical facts, constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (without limitation, statements regarding exploration programs, potential mineralization, future plans and objectives of the Company, updated to the mineral resources, and the timing and results thereof) are forward-looking statements. Sentences and phrases containing words such as "believe", "estimate", "anticipate", "plan", "will", "intend", "predict", "outlook", "goal", "target", "forecast", "project", "scheduled", "proposed", "expect", "potential", "strategy", and the negative of any of these words, or variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward‐looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company.

Forward‐looking statements are subject to inherent risks and uncertainties, and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from Moneta's expectations expressed in or implied by such forward‐looking statements and that Moneta's business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and Moneta cautions you against relying on any of these forward‐looking statements. Forward‐looking statements are provided in this press release for the purpose of assisting investors and others in understanding Moneta's objectives, strategic priorities and business outlook, and in obtaining a better understanding of Moneta's anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Examples of forward‐looking statements in this press release include, but are not limited to: information with respect to the future performance of the business, its operations and financial performance and condition; statements relating to Moneta's plans for the Tower Gold project; the Company's drilling program and the timing and results thereof; the timing and scope and focus of the Company's pre‐feasibility study ("PFS"); statements regarding the environmental impact assessment and community engagement activities; and the Company's financing initiatives.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the forward‐looking statements contained in this press release include, but are not limited to: uncertainties inherent in the business of mineral exploration and extraction; uncertainty with respect to the Company's liquidity and ability to secure additional financing; uncertainty of mineral resources; security threats to the Company's information technology systems; the current global financial condition; the market price of securities and substantial volatility in the market price of commodities; fluctuations of commodity prices; the Company's history of net losses; possible loss of interests in mineral properties; title risks; uncertainty relating to surface rights; environmental risks; risks associated with joint venture agreements; risks relating to statutory and regulatory requirements; uncertainty relating to the Company's competition with other gold exploration and development companies for materials and supplies; the Company's dependence on key management and employees; uncertainty arising from international conflict and other geopolitical tensions and events, including but to limited to Russia's invasion of Ukraine; uncertainty in respect of COVID‐19 and any resurgence of same; uncertainty in respect of procuring licences and permits from various governmental authorities; the term and extension of concession contracts; uninsurable risks; obligations under option and joint venture agreements; uncertainty as to whether mergers and amalgamations will be completed successfully; the Company's relationships with the communities in which it operates; internal conflicts of interest; infrastructure risks; the Company's lack of a dividend policy; and the fact that the outstanding common shares of the Company could be subject to dilution. Readers are cautioned that the risks referred to above are not the only ones that could affect Moneta. Additional risks and uncertainties not currently known to Moneta or that Moneta currently deems to be immaterial may also have a material adverse effect on Moneta's financial position, financial performance, cash flows, business or reputation.

Forward‐looking statements made in this press release are based on a number of assumptions that Moneta believed were reasonable at the time it made each forward‐looking statement. The assumptions, although considered reasonable by Moneta on the day it made the forward‐looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/161879


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