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Moneta confirms new gold discovery at Halfway east of Timmins

Jan 12, 2022

Moneta Gold Inc. has announced partial assay results confirming the new gold discovery at the Halfway zone from sixteen (16) drill holes, located 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 (see February 24, 2021 press release) on the Tower Gold project, located 100 kilometres ("km") east of Timmins. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected gold mineralization over a strike length of 700 m and a width of 300 m to the east of the Windjammer South open pit gold resource within the Halfway area. Today's results confirm significant extensions of gold mineralization to the current gold resource at Windjammer South. 

Highlights from the drilling include:

  • MGH21-230 intersected 50.10 m @ 0.72 grams per tonne "g/t" gold "Au", including 0.30 m @ 20.30 g/t Au, and 5.50 m @ 3.36 g/t Au, including 0.80 m @ 16.10 g/t Au
  • MGH21-220 intersected 24.00 m @ 1.36 g/t Au, including 1.50 m @ 17.60 g/t Au
  • MGH21-220 intersected 70.26 m @ 0.64 g/t Au, including 25.50 m @ 0.96 g/t Au, including 3.00 m @ 4.28 g/t Au
  • MGH21-226 intersected 11.00 m @ 1.26 g/t Au, including 2.00 m @ 5.52 g/t Au, including 1.00 m @ 6.68 g/t Au 
  • MGH21-218 intersected 15.00 m @ 0.62 g/t Au, including 1.00 m @ 7.13 g/t Au
  • MGH21-219 intersected 26.60 m @ 0.54 g/t Au, including 3.00 m @ 2.81 g/t Au, including 1.00 m @ 5.03 g/t Au 
  • MGH21-253 intersected 39.50 m @ 0.40 g/t Au, including 17.00 m @ 0.73 g/t Au, including 2.00 m @ 3.99 and 1.00 m @ 4.73 g/t Au 

Gary O'Connor, Moneta's Chief Executive Officer, commented, "The latest drill results from our 2021/2022 program testing the new Halfway gold discovery have confirmed the potential to expand the open pit resources in an area not previously drill tested and beyond the current gold resources. The Halfway exploration drilling program was testing for gold mineralization over a large area located east of the current economic open pit at Windjammer South. Drilling has also targeted the South West extensions in the Gap area, the Windjammer area north of the BIF, the 55 mineral resource areas, the Windjammer South resource extensions, extensions to the new Westaway underground deposit, the Garrcon underground potential and Garrcon open pit extensions in the Garrison area. We look forward to releasing these 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 Halfway zone resource expansion drill program include assay results from sixteen (16) new drill holes, for a total of 8,320.0 m. Additional results from these holes are still pending. The drill program was conducted to test a large area to the east 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 50 drill holes for 22,889 m from the drill program remain pending. 

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