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Moneta Increases Resources to 4,265,000 Oz Gold indicated and 7,496,000 inferred at Tower Gold

May 13, 2022

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta" or the "Company") is pleased to provide an updated mineral resource estimate ("MRE") for its 100% owned Tower Gold project ("Project"), located 100 kilometres ("km") east of Timmins, Ontario. The consolidated mineral resource now totals 4.27 million ("M") ounces ("oz") indicated gold ("Au") and 7.50 Moz inferred gold, positioning Tower Gold as one of the advanced exploration projects in Canada. The MRE will form the basis of an updated preliminary economic assessment ("PEA") scheduled for completion later this quarter.

Highlights of the Updated Tower Gold Mineral Resource Estimate:

  • 70% increase in total contained Au to 7,496,000 oz (combined underground and open pit) in the inferred category on the Tower Gold project
    • Addition of 3,097,000 oz of total inferred gold resources 
  • 8% increase in total contained Au to 4,265,000 oz (combined underground and open pit) in the indicated category on the Tower Gold project 
    • Addition of 298,000 oz of total indicated gold resources
  • Increase in grade of the underground resources (22% indicated and 2% inferred) and no material change in the average grade of the open pit resources
  • 25% increase of indicated open pit Au resources to 4,153,000 oz and 156% increase in inferred open pit Au resources to 5,801,000 oz 
  • Increase in higher grade ounces in the Garrison starter pit to 1,748,000 oz contained Au indicated resources at a grade of 1.07 g/t Au
  • Definition of high-grade open pit at Westaway containing 1,067,000 oz at a grade of 2.14 g/t Au inferred resources
  • Re-establishment of the open pit at South West containing 316,000 oz Au indicated and 1,195,000 oz Au inferred resources
  • Infill of the Windjammer open pit to contain 1,767,000 oz Au indicated and 2,393,000 oz Au inferred contained ounces (Windjammer South and Windjammer Central)

The updated mineral resource was independently prepared by APEX Geoscience Ltd. in accordance with National Instrument 43-101 ("NI 43-101"), with an effective date of May 11, 2022, and using a database current as of March 15, 2022. The Tower Gold project has shown a significant improvement in size over the December 2020 resource estimate and remains open in several directions. The majority of the new resources are attributed to the addition of over 3.0 Moz of total inferred gold resources and 0.3 Moz indicated resources, including the re-establishment of an open pit resource at South West, the discovery of additional resources at Westaway, the infill of the Windjammer open pit at Windjammer Central, and the definition of underground resources at Garrcon.

Mr. Gary O'Connor, Chief Executive Officer commented "We are extremely pleased with the outcome of this mineral resource estimate update for the Tower Gold project. The objective of a significant increase in mineral resources was achieved, while confirming once more the potential of this exceptional Project. We have seen an increase in the underground grade and an expansion of our open pit resource base without any material loss in grade, whilst capturing some of the previous underground resources within the new open pits. This resource update will form the basis of the long-life mine plan, with large scale open pit and high-grade underground optionality, to be outlined in a preliminary economic assessment ("PEA") study, anticipated to be completed in late June 2022. We would also like to acknowledge the excellent work of our employees and contractors in managing our significant drill program to deliver this very significant resource and a special thank you to our Wahgoshig First Nation hosts, stakeholders, and shareholders for their continued support as we advance this Project".

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