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Moneta confirms additional gold mineralization at Gap, Tower Project near Timmins

Feb 4, 2022

Moneta Gold Inc. has announced the final assay results of eight (8) previously announced and three (3) new drill holes, testing the resource expansion potential of the Gap Zone, located between the Windjammer South and South West gold deposits within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold on the Tower Gold project, located 100 kilometres east of Timmins. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected wide zones of gold mineralization in the Gap area located between the Windjammer South open pit gold resource and the South West gold resource over a distance of 700 m and a width of 350 m. 

Highlights from the drilling include:

  • MGH21-212 intersected 99.00 m @ 0.62 grams per tonne "g/t" gold "Au", including 6.00 m @ 1.56 g/t Au, including 0.80 m @ 3.21 g/t Au
  • MGH21-224 intersected 31.70 m @ 0.95 g/t Au, including 5.00 m @ 3.38 g/t Au, including 1.00 m @ 8.08 g/t Au
  • MGH21-214 intersected 23.00 m @ 0.80 g/t Au, including 9.50 m @ 1.33 g/t Au, including 0.50 m @ 3.04 g/t Au
  • MGH21-204 intersected 28.60 m @ 0.57 g/t Au, including 1.00 m @ 6.14 g/t Au 
  • MGH21-224 intersected 39.00 m @ 0.57 g/t Au, including 1.50 m @ 4.58 g/t Au
  • MGH21-224 intersected 19.20 m @ 0.69 g/t Au, including 5.00 m @ 1.11 g/t Au, including 1.00 m @ 2.38 g/t Au 
  • MGH21-211 intersected 19.30 m @ 0.61 g/t Au, including 2.00 m @ 2.84 g/t Au, including 1.00 m @ 3.56 g/t Au 

Gary O'Connor, Moneta's Chief Executive Officer, commented, "The latest drill results from the Gap Zone have confirmed gold mineralization over a large area between the Windjammer South open pit through to the near surface South West, potentially connecting the two large deposits. We look forward to releasing the remaining outstanding drill results when they become available and updating the mineral resource estimate for the Tower Gold project in the first half of 2022." 

The latest assay results from the Gap zone resource expansion drill program include the final assay results from eight (8) previously drill holes, as well as assay results from an additional three (3) new drill holes, including one redrill, for 1,512.0 m. The drill program was conducted to test a large area to the west of the Windjammer South economic open pit in an area with little historical drilling. The Windjammer South open pit gold deposit currently hosts 1.10 Moz gold at a grade of 0.84 g/t gold in indicated resources and 1.03 Moz at a grade of 1.10 g/t gold in the inferred category at a cut-off grade of 0.30 g/t gold (see December 10, 2020 press release). Full assays from an additional 35 drill holes for 14,899 m from the drill program remain pending. 

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Figure 1: Tower Gold Project: General Location Map

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