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Moneta Continues to Extend the Westaway Gold Deposit with up to 4.00 M @ 10.56 g/t Gold and 4.95 M @ 7.05 g/t Gold on the Tower Gold Project Resource Expansion Drilling

October, 28, 2021

Toronto, Ontario--(Newsfile Corp. - October 28, 2021) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce results from one (1) new drill hole, MGH21-222, and additional results from three (3) holes, MGH21-208, MGH21-209 and MGH21-213, drilled to test the resource expansion potential of the Westaway underground gold resources within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 drill 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 gold mineralization at depth and extended the mineralized zone to the south and west. Hole MGH21-213 returned higher-grade intersections in quartz veining and extended the mineralization by 100 metres ('m") to the west towards the 55 Deposit.

Highlights from the drilling include:

  • MGH21-208 intersected 25.35 m @ 2.82 grams per tonne "g/t" gold "Au" from 642.00 m to 667.35 m, including 9.60 m @ 3.41 g/t Au, including 2.00 m @ 7.22 g/t Au, and 7.75 m @ 4.60 g/t Au including 1.30 m @ 6.84 g/t Au
  • MGH21-208 intersected 4.95 m @ 7.05 g/t Au from 724.60 m to 729.55 m, including 1.85 m @ 14.74 g/t Au, including 1.00 m @ 18.00 g/t Au
  • MGH21-209 intersected 15.75 m @ 1.94 g/t Au from 436.90 m to 452.65 m, including 3.35 @ 4.77 g/t Au, and 1.25 m @ 6.23 g/t Au
  • MGH21-213 intersected 19.60 m @ 2.14 g/t Au, from 717.00 m to 736.60 m, including 10.00 m @ 3.13 g/t Au, including 0.60 m @ 8.09 g/t Au and 0.50 m @ 8.63 g/t Au
  • MGH21-213 intersected 13.90 m @ 2.30 g/t Au from 762.35 m to 776.25 m, including 4.65 m @ 4.68 g/t Au and including 1.65 m @ 6.76 g/t Au
  • MGH21-222 intersected 4.00 m @ 6.12 g/t Au from 312.00 m to 316.00 m, including 1.00 m @ 8.22 g/t Au
  • MGH21-222 intersected 8.00 m @ 3.89 g/t Au from 328.00 m to 336.00 m, including 6.00 m @ 4.53 g/t Au and including 1.00 m @ 7.83 g/t Au
  • MGH21-222 intersected 26.00 m @ 3.35 g/t Au, from 771.00 m to 797.00 m, including 4.00 m @ 10.56 g/t Au, including 1.00 m @ 12.60 g/t Au and 1.00 m @ 13.60 g/t Au
  • MGH21-222 intersected 2.00 m @ 6.94 g/t Au from 852.00 m to 854.00 m and including 1.00 m @ 12.50 g/t Au

Gary O'Connor, Moneta's CEO, commented, "The latest drill results confirm higher-grade intercepts on extensions at depth and to the west in the Westaway Deposit. The drill results have also connected the extensions of gold mineralization from the Westaway underground gold resource with the 55 open pit gold resource mineralization over a distance of 300 m. The drill results were designed to test significant step outs in expansion drilling at Westaway. Continuous gold mineralization has now been confirmed linking the Westaway and 55 gold deposits, now over a combined strike length of 2,200 m. The current drilling program was designed to expand the underground gold resource at Westaway where the maiden resource currently consists of 662,000 ounces gold inferred resources at a 3.00 g/t Au cut-off. 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 and open pit extensions on the Garrison area in the current 70,000 m drill program."

The latest assay results include initial results from one (1) new drill hole for a total of 1,041.0 m and additional new results from three (3) previously announced drill holes for a total of 2,460.0 m of drilling (seeJuly 15, 2021press release,August 19, 2021 press release,September 1, 2021 press releaseandOctober 5, 2021 press release) completed as part of the current 70,000 m 2020/2021 drill program. The reported holes were targeting the extensions of the new Westaway underground resource to the west and at depth. Additional assays for drill testing the extensions of the other deposits within the Tower gold project are pending. A total of 9,940 samples are currently in the assay laboratory pending final assay results.

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Figure 1: Tower Gold Project: General Location Map

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Table 1: Selected Significant Drill Results

Project Target Hole From To Length Au Vein
(Area) (Name) (#) (m) (m) (m) (g/t) Name
GHW WA MGH21-208 519.00 527.40 8.40 2.75 WA-9


includes 519.00 521.00 2.00 6.22 WA-9


includes 520.00 521.00 1.00 6.86 WA-9


and 526.65 527.40 0.75 5.89 WA-9
GHW WA MGH21-208 642.00 667.35 25.35 2.82 WA-6


includes 642.00 651.60 9.60 3.41 WA-6


includes 642.00 645.80 3.80 5.09 WA-6


includes 642.00 644.00 2.00 7.22 WA-6


includes 642.00 643.00 1.00 8.06 WA-6


and 659.60 667.35 7.75 4.60 WA-6


includes 662.60 663.90 1.30 6.84 WA-6


includes 663.10 663.90 0.80 7.39 WA-6
GHW WA MGH21-208 724.60 729.55 4.95 7.05 WA-4


includes 725.15 729.55 4.40 7.80 WA-4


includes 725.15 727.00 1.85 14.74 WA-4


includes 726.00 727.00 1.00 18.00 WA-4
GHW WA MGH21-209 159.00 163.00 4.00 1.90 New


includes 159.00 160.00 1.00 3.62 New
GHW WA MGH21-209 350.00 352.35 2.35 4.35 New


includes 351.00 351.75 0.75 12.10 New
GHW WA MGH21-209 436.90 452.65 15.75 1.94 WB-13


includes 436.90 440.25 3.35 4.77 WB-13


includes 436.90 438.40 1.50 5.86 WB-13


includes 443.75 448.00 4.25 2.47 WB-13


includes 443.75 445.00 1.25 6.23 WB-13


includes 443.75 444.10 0.35 10.10 WB-13
GHW WA MGH21-213 717.00 736.60 19.60 2.14 WA-7


includes 717.00 727.00 10.00 3.13 WA-7


includes 717.00 719.40 2.40 3.80 WA-7


includes 718.80 719.40 0.60 8.09 WA-7


and 723.00 727.00 4.00 4.44 WA-7


includes 723.80 724.40 0.60 7.56 WA-7


and 725.50 726.00 0.50 8.63 WA-7
GHW WA MGH21-213 762.35 776.25 13.90 2.30 New


includes 770.00 774.65 4.65 4.68 New


includes 773.00 774.65 1.65 6.76 New


includes 773.80 774.65 0.85 7.85 New
GHW WA MGH21-222 312.00 316.00 4.00 6.12 New


includes 313.00 316.00 3.00 6.96 New


includes 313.00 314.00 1.00 8.22 New
GHW WA MGH21-222 328.00 336.00 8.00 3.89 New


includes 330.00 336.00 6.00 4.53 New


includes 334.00 335.00 1.00 7.83 New
GHW WA MGH21-222 620.00 630.00 10.00 1.47 New


includes 623.00 626.00 3.00 2.22 New
GHW WA MGH21-222 762.00 838.00 76.00 1.61 New


includes 771.00 797.00 26.00 3.35 New


includes 771.00 775.00 4.00 10.56 New


includes 771.00 772.00 1.00 12.60 New


and 774.00 775.00 1.00 13.60 New


includes 790.00 792.00 2.00 6.74 New


includes 820.00 823.00 3.00 3.75 New


includes 821.00 823.00 2.00 4.40 New
GHW WA MGH21-222 852.00 869.00 17.00 1.38 New


includes 852.00 854.00 2.00 6.94 New


includes 852.00 853.00 1.00 12.50 New

 

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 hosted gold mineralized stacked quartz veins north of the Banded Iron Formation "C" ("BIF C") unit and post mineralization gabbro intrusion to the west of the current Westaway mineral resource. The latest assay results confirmed extensions of gold mineralization to the west and at depth as well as within the core central portion of the resource in hole MGH21-209.

Drill results from the current program at Westaway confirmed the occurrence of west dipping higher grade stacked quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes. Mineralization has been extended by another 100 m to the west and 200 m to depth in hole MGH21-222.

Western Extensions

Drill holes MGH21-208,MGH21-213 and MGH21-222 were drilled to test the western and down dip extensions of the Westaway mineralization north of the BIF C and gabbro units and towards the 55 open pit gold deposit located 300 m to the west. MGH21-208 was drilled to the north of the gabbro and BIF C units and as a 100 m step-out of the current mineral resource. New results from MGH21-208 include up to 25.35 m @ 2.82 g/t Au from 642.00 m to 667.35 m, including 3.80 m @ 5.09 g/t Au, including 2.00 m @ 7.22 g/t Au and 1.00 m @ 8.06 g/t Au, and 7.75 m @ 4.60 g/t Au including 1.30 m @ 7.39 g/t Au. (Press release ME PR 17-2021 dated October 05 2021 from drill hole MGH21-208 reported an intercept of 32.65 m @ 1.22 g/t Au from 667.35 m to 700.00 m, including 5.00 m @ 2.12 g/t Au, and 4.40 m @ 3.03 g/t Au). Drill hole MGH21-208 also intersected new intercepts of 4.95 m @ 7.05 g/t Au including 1.85 m @ 14.74 g/t Au, including 1.00 m @ 18.00 g/t Au. MGH21-213 was drilled 100 m to the west of MGH21-208 and new intercepts include 19.60 m @ 2.14 g/t Au, including 10.00 m @ 3.13 g/t Au, including 0.60 m @ 8.09 g/t Au, and including 4.00 m @ 4.44 g/t Au, including 0.60 m @ 7.56 g/t Au, and 0.50 m @ 8.63 g/t Au. MGH21-213 also intersected 13.90 m @ 2.30 g/t Au, including 4.65 m @ 4.68 g/t Au, including 1.65 m @ 6.76 g/t Au, including 0.85 m @ 7.85 g/t Au. MGH21-222 was drilled as a 100 m step out to the west and under-cut of MGH21-208 and intersected 4.00 m @ 6.12 g/t Au, including 1.00 m @ 8.22 g/t Au and 8.00 m @ 3.89 g/t Au, including 6.00 m @ 4.53 g/t Au, including 1.00 m @ 7.83 g/t Au. MGH21-222 intersected 76.00 m @ 1.61 g/t Au including 26.00 m @ 3.35 g/t Au, including 4.00 m @ 10.56 g/t Au, including 1.00 m @ 12.60 g/t Au and 1.00 m @ 13.60 g/t Au and 2.00 m @ 6.74 g/t Au, and MGH21-222 also intersected 2.00 m @ 6.94 g/t Au, including 1.00 m @ 12.50 g/t Au.

Westaway Main

Drill hole MGH21-209 was drilled to infill gaps within the main Westaway resource north of the gabbro and BIF C units and continued to intersect significant gold mineralization. New intercepts from MGH21-209 include 2.35 m @ 4.35 g/t Au including 0.75 m @ 12.10 g/t Au. MGH21-209 also intersected 15.75 m @ 1.94 g/t Au, including 3.35 m @ 4.77 g/t Au, including 1.50 m @ 5.86 g/t Au as well as 4.25 m @ 2.47 g/t Au, including 1.25 m @ 6.23 g/t Au, including 0.35 m @ 10.10 g/t Au (partially released in PR ME 16-2021 dated October 05 2021 as an intercept of 4.25 m @ 2.47 g/t Au, including 1.25 m @ 6.23 g/t Au, including 0.35 m @ 10.10 g/t Au).

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Figure 2: Westaway Drill Program: Drill Hole Location Map

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Table 2: New Drill Hole Details*

Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH21-222 569499 5368763 324 69 -60 1041.0

 

*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.

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Figure 3: Westaway Resource Drilling- Cross Section

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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 Laboratories 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 program 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 info@monetagold.com.

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 social 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101082

SOURCE Moneta Gold Inc.

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