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Moneta expansion drilling on Windjammer deposit continues to intersect mineralization

Dec 17, 2021

Moneta Gold Inc. has announced assay results from fourteen (14) drill holes at the Windjammer South open pit gold deposit, located within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 72,500 m program in 130 drill holes 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. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected gold mineralization over a strike length of 1,000 m and a width of 400 m within the Windjammer South economic open pit as extensions to the Windjammer South gold resource. Continuous gold mineralization has been confirmed over wide zones outside of the current gold resource in the southern part of the open pit. Today's results confirm significant extensions of gold mineralization to the current gold resource at Windjammer South. 

Highlights from the drilling include:

  • MGH21-227 intersected 18.40 m @ 2.22 grams per tonne "g/t" gold "Au", including 7.00 m @ 2.71 g/t Au, including 1.00 m @ 9.49 g/t Au
  • MWJ11-48x intersected 88.55 m @ 0.61 g/t Au, including 25.50 m @ 1.05 g/t Au, including 10.50 m @ 1.64 g/t Au, including 4.50 m @ 2.40 g/t Au
  • MGH21-227 intersected 36.00 m @ 0.83 g/t Au, including 3.00 @ 7.09 g/t Au, including 1.50 m @ 13.50 g/t Au
  • MGH19-124x intersected 9.45 m @ 4.01 g/t Au, including 2.90 m @ 11.87 g/t Au, including 1.00 m @ 19.80 g/t Au 
  • MGH21-233 intersected 66.00 m @ 0.62 g/t Au, including 1.50 m @ 2.49 g/t Au
  • MWJ11-48x intersected 42.00 m @ 0.42 g/t Au, including 22.50 m @ 0.89 g/t Au, 13.50 m @ 1.07 g/t Au, including 1.50 m @ 4.16 g/t Au 
  • MGH21-240 intersected 47.70 m @ 0.45 g/t Au, including 8.00 m @ 1.46 g/t Au, including 2.00 m @ 2.86 g/t Au 

Gary O'Connor, Moneta's CEO commented, "The latest drill results from our 2021/2022 program from the resource expansion drilling at Windjammer South confirm the potential to continue to expand the open pit resources in an area not previously drill tested and beyond the current gold resource estimate. The drilling program was designed to test for extensions of gold mineralization over a large area located within the southern part of the current economic open pit at Windjammer South. Drilling has also targeted the South West extensions in the Gap area, the northern Windjammer South area, the 55 mineral resource areas, the new Halfway discovery east of Windjammer South, 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 2022." 

The latest assay results from the Windjammer South resource expansion drill program include assay results from fourteen (14) new drill holes, including four (4) drill hole extensions (MWJ11-36x, MWJ11-40x, MWJ11-48x and MGH19-124x), for a total of 6,974.25 m. The drill program was conducted to infill areas of the Windjammer South economic open pit not previously drill tested. 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 66 drill holes for 31,209 m from the full drill program remain pending. 

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Figure 1: Tower Gold Project: General Location Map

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