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Moneta Extends Westaway Gold Deposit with up to 16.10 m @ 3.21 g/t Gold Including 9.35 m @ 4.71 g/t Gold as Tower Gold Project Resource Expansion Drilling Continues

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Toronto, Ontario--(Newsfile Corp. - October 5, 2021) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce results from two (2) new drill holes, MGH21-209 and MGH21-213, and additional results from two (2) previously drilled holes, MGH21-201 and MGH21-208, 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:

  • MGH21-213 intersected 13.50 m @ 2.95 grams per tonne "g/t" gold "Au" from 369.50 m to 383.00 m, including 7.50 m @ 5.02 g/t Au, including 4.00 m @ 8.61 g/t Au, including 2.35 m @ 10.81 g/t Au, and including 0.50 m @ 22.70 g/t Au

  • MGH21-213 intersected 16.10 m @ 3.21 g/t Au from 638.00 m to 654.10 m, including 9.35 m @ 4.71 g/t Au, and including 3.00 m @ 8.64 g/t Au, including 1.00 m @ 16.50 g/t Au, and 1.00 m @ 9.12 g/t Au

  • MGH21-213 intersected 6.35 m @ 2.96 g/t Au from 522.15 m to 528.50 m, including 0.70 m @ 9.62 g/t Au, and 1.35 m @ 5.29 g/t Au

  • MGH21-213 intersected 7.70 m @ 2.56 g/t Au, from 920.70 m to 926.00 m, including 2.35 m @ 4.59 g/t Au

  • MGH21-208 intersected 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

  • MGH21-201 intersected 14.20 m @ 3.51 g/t Au from 332.00 m to 346.20 m, including 7.60 m @ 4.10 g/t Au, and including 3.60 m @ 5.31 g/t Au

Gary O'Connor, Moneta's CEO commented, "These recent drill results confirm higher-grade intersections at depth and along strike in the Westaway Deposit. There is also significant gold mineralization in large step-outs to the south, at depth and to the west towards the 55 Zone deposit, which is located 200 m away. The current drilling program is 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. In addition, resource expansion drilling continues on the South West, Windjammer South, and 55 resource areas, as well as on the new Halfway discovery. Four drill rigs have also been mobilized to test for new resources on the Garrison property."

The latest assay results include initial results from two (2) new drill holes for a total of 1,710.0 m and additional new results from two (2) previously announced drill holes for a total of 1,594.0 m of drilling (see July 15, 2021 press release, August 19, 2021 press release and September 1, 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 south, west and at depth. Additional assays for the two holes and results from additional drilling, notably to the west and at depth, are still pending.



Figure 1: Tower Gold Project: General Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4852/98555_6f3e6eac94fa8859_002full.jpg

Table 1: Selected Significant Drill Results

Project

Target

Hole

From

To

Length

Au

Vein

(Area)

(Name)

(#)

(m)

(m)

(m)

(g/t)

Name

GHW

WA

MGH21-201

332.00

346.20

14.20

3.51

WB-10

includes

337.00

344.20

7.60

4.10

WB-10

includes

341.00

344.60

3.60

5.31

WB-10

includes

343.83

344.60

0.77

6.16

WB-10

GHW

WA

MGH21-201

446.30

448.80

2.50

3.10

WB-9

includes

447.10

448.00

0.90

7.25

WB-9

GHW

WA

MGH21-208

667.35

700.00

32.65

1.22

WA-6

includes

673.00

678.00

5.00

2.12

WA-6

includes

675.00

676.30

1.30

3.20

WA-6

and

681.00

692.00

11.00

2.02

WA-5

includes

683.90

688.30

4.40

3.03

WA-5

includes

687.60

688.30

0.70

4.04

WA-5

GHW

WA

MGH21-208

704.40

712.00

7.60

2.62

WA-4

includes

704.40

710.00

5.60

3.40

WA-4

includes

706.00

710.00

4.00

4.02

WA-4

includes

706.00

708.20

2.20

5.46

WA-4

includes

707.45

708.20

0.75

11.20

WA-4

GHW

WA

MGH21-209

443.75

448.00

4.25

2.47

WA-13

includes

443.75

445.00

1.25

6.23

WA-13

includes

443.75

444.10

0.35

10.10

WA-13

GHW

WA

MGH21-213

271.00

273.00

2.00

3.31

New

GHW

WA

MGH21-213

369.50

383.00

13.50

2.95

WA-15

includes

369.50

377.00

7.50

5.02

WA-15

includes

370.00

374.00

4.00

8.61

WA-15

includes

371.65

374.00

2.35

10.81

WA-15

includes

371.65

372.15

0.50

22.70

WA-15

GHW

WA

MGH21-213

397.55

402.00

4.45

1.97

WA-15

includes

397.55

398.50

0.95

7.56

WA-15

GHW

WA

MGH21-213

435.60

437.60

2.00

5.23

WA-13

GHW

WA

MGH21-213

479.00

481.00

2.00

4.32

New

includes

479.00

480.00

1.00

6.42

New

GHW

WA

MGH21-213

522.15

528.50

6.35

2.96

WA-11

includes

522.15

523.80

1.65

5.97

WA-11

includes

523.10

523.80

0.70

9.62

WA-11

and

527.15

528.50

1.35

5.29

WA-11

includes

527.15

527.70

0.55

6.36

WA-11

GHW

WA

MGH21-213

588.00

590.10

2.10

2.39

WA-10

includes

588.85

589.70

0.85

5.08

WA-10

GHW

WA

MGH21-213

638.00

654.10

16.10

3.21

WA-8

includes

639.45

649.00

9.55

4.71

WA-8

includes

643.00

646.00

3.00

8.64

WA-8

includes

645.00

646.00

1.00

16.50

WA-8

and

648.00

649.00

1.00

9.12

WA-8

and

652.00

653.00

1.00

5.34

WA-8

GHW

WA

MGH21-213

681.65

683.40

1.75

3.67

WA-7

includes

681.65

682.50

0.85

6.79

WA-7

GHW

WA

MGH21-213

712.70

719.40

6.70

2.07

New

includes

717.00

719.40

2.40

3.80

New

includes

718.80

719.40

0.60

8.09

New

GHW

WA

MGH21-213

920.70

928.00

7.30

2.56

New

includes

920.70

926.00

5.30

3.25

New

includes

922.20

924.55

2.35

4.59

New

includes

924.00

924.55

0.55

6.20

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 south of the Band Iron Formation "C" ("BIF C") unit and south of the post mineralization gabbro intrusion as well as extensions of the resource to the west. The latest assay results confirmed extensions of gold mineralization to the south of the post-mineral gabbro, as well as at depth and to the west.

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 MGH21-213.

Western Extensions

Drill holes MGH21-213, and MGH21-208 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. MGH21-208 was drilled immediately to the north of the gabbro and BIF C units. New results from MGH21-208 intersected up to 32.65 m @ 1.22 g/t Au, including 5.00 m @ 2.12 g/t Au, and 4.40 m @ 3.03 g/t Au. Drill hole MGH21-208 also intersected 7.60 m @ 2.62 g/t Au including 5.60 m @ 3.40 g/t Au, including 4.00 m @ 4.02 g/t Au, including 2.20 m @ 5.46 g/t Au, including 0.75 m @ 11.20 g/t Au. MGH21-213 was drilled 100 m to the west of MGH21-208 and intersected 16.10 m @ 3.21 g/t Au, including 9.35 m @ 4.71 g/t Au, and including 3.00 m @ 8.64 g/t Au, including 1.00 m @ 16.50 g/t Au, and 1.00 m @ 9.12 g/t Au. MGH21-213 also intersected 13.50 m @ 2.95 g/t Au, including 7.50 m @ 5.02 g/t Au, including 4.00 m @ 8.61 g/t Au, including 2.35 m @ 10.81 g/t Au, and including 0.50 m @ 22.70 g/t Au. MGH21-213 also intersected 6.35 m @ 2.96 g/t Au, including 0.70 m @ 9.62 g/t Au, and 1.35 m @ 5.29 g/t Au, as well as 7.70 m @ 2.56 g/t Au, including 2.35 m @ 4.59 g/t Au.

Westaway Main

Drill holes MGH21-201 and MGH21-209 were drilled to infill gaps within the main Westaway resource north of the gabbro and BIF C units and continued to intersect significant gold mineralization. MGH21-201 intersected 14.20 m @ 3.51 g/t Au, including 7.60 m @ 4.10 g/t Au, and including 3.60 m @ 5.31 g/t Au. MGH21-209 intersected 4.25 m @ 2.47 g/t Au, including 1.25 m @ 6.23 g/t Au, and including 0.35 m @ 10.10 g/t Au.

Table 2: New Drill Hole Details*

Hole

Easting

Northing

Elevation

Azimuth

Inclination

Depth

(#)

(mE)

(mN)

(masl)

(°)

(°)

(m)

MGH21-209

570270

5369206

325

75

-60

711.0

MGH21-213

569596

5368797

320

70

-60

999.0

*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.



Figure 2: Westaway Drill Program: Drill Hole Location Map

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4852/98555_6f3e6eac94fa8859_003full.jpg



Figure 3: Westaway Resource Drilling- Cross Section

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4852/98555_6f3e6eac94fa8859_004full.jpg

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/98555

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