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Moneta believes significant promise as it hits 7.46 g/t Au over 31.55 m at Jonpol section of Tower Gold

Dec 7, 2023

Moneta Gold Inc. is pleased to announce a project update and assay results from forty-six (46) drill holes for a total of 6778.3 metres ("m") on the Jonpol and Garrcon deposits at the Tower Gold project, located in the Timmins Gold Camp. The drilling was conducted as part of a 140,000 m drilling program, started in 2022, designed for resource upgrade and infill of the 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au mineral resource estimate.

Tower Gold Project Update:

  • 122,000 m, in 444 drill holes, of the 140,000 m infill drill program completed¬†
  • Application to secure 33 megawatts ("MW") of power accepted by Ontario's Independent Electricity System Operator (IESO); approval process now ongoing and expected to take twelve months to complete.

Jonpol Drilling Highlights:

  • MGA23-158 intersected 7.46 grams per tonne "g/t" Au over 31.55 m, including 16.48 g/t Au over 12.00 m, including 23.67 g/t Au over 7.90 m
  • MGA23-185 intersected 8.87 g/t Au over 11.00 m, including 12.35 g/t Au over 7.00 m
  • MGA23-154 intersected 1.38 g/t Au over 49.00 m, including 1.95 g/t Au over 15.80 m
  • MGA23-189 intersected 2.10 g/t Au over 29.50 m, including 7.70 g/t Au over 6.50 m
  • MGA23-155 intersected 1.97 g/t Au over 23.35 m, including 2.94 g/t Au over 12.00 m
  • MGA23-177 intersected 2.26 g/t Au over 20.25 m, including 11.50 g/t Au over 2.00 m, and 2.58 g/t Au over 3.00 m

Josef Vejvoda, Moneta's Chairman and interim President and Chief Executive Officer commented, "The results from Jonpol highlight the significant promise of this deposit both as part of the open pit mine plan and exploration potential for an underground target. Moreover, with limited power available in the Timmins region of northeast Ontario, we're very pleased to announce that Moneta has secured a first mover advantage as our application to IESO for 33 MW of power has been accepted."

Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. Additional assays from 2023 drilling are pending and will be released upon receipt of assays.

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