Moneta's Resource Expansion Drilling at Gap Connects South West Deposit with the Windjammer South Open Pit Gold Deposit

November 23, 2021 7:02 AM EST

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Toronto, Ontario--(Newsfile Corp. - November 23, 2021) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce assay results from eight (8) drill holes, intended to test the resource expansion potential of the Gap Zone, located between the Windjammer South and South West gold resources within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 70,000 m program 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, Ontario. 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. Drilling has confirmed continuous gold mineralization between the current deposits and highlighted the potential to connect the Windjammer South and South West gold deposits.

Highlights from the drilling include:

  • MGH21-204 intersected 56.55 m @ 1.05 grams per tonne "g/t" gold "Au", including 26.00 m @ 1.76 g/t Au, including 9.00 m @ 2.87 g/t Au, and including 1.00 m @ 5.83 g/t Au
  • MGH21-212 intersected 70.00 m @ 0.85 g/t Au, including 4.15 m @ 3.15 g/t Au, and 16.00 m @ 1.49 g/t Au, including 3.00 m @ 2.62 g/t Au
  • MGH21-224 intersected 27.70 m @ 1.02 g/t Au, including 5.00 @ 3.38 g/t Au, including 1.00 m @ 8.08 g/t Au
  • MGH21-204 intersected 13.87 m @ 1.66 g/t Au, including 6.00 m @ 2.51 g/t Au, including 1.00 m @ 6.54 g/t Au and 2.00 m @ 3.63 g/t Au
  • MGH19-120x intersected 19.00 m @ 0.89 g/t Au, including 3.50 m @ 1.74 g/t Au, including 1.30 m @ 5.47 g/t Au
  • MGH21-204 intersected 20.00 m @ 0.76 g/t Au, including 2.00 m @ 4.29 g/t Au
  • MGH21-224 intersected 47.25 m @ 0.50 g/t Au, including 1.00 m @ 3.13 and 1.18 m @ 2.58 g/t Au
  • MGH19-120x intersected 26.00 m @ 0.64 g/t Au, including 1.00 m @ 2.17 g/t Au and 1.00 m @ 7.23 g/t Au

Gary O'Connor, Moneta's CEO commented, "The latest drill results from our 2021/2022 program from the Gap Zone highlight the potential to connect the Windjammer South open pit resources with the near surface South West mineralization over a long strike length of 700 m and a width of 350 m. The current drilling program was designed to confirm gold mineralization through a large area between the two large gold deposits in order to extend the gold mineralization in the Windjammer South open pit through to the near surface gold mineralization at South West currently being modelled and not in the current underground gold resource. The open pit at Windjammer South currently hosts 1.10 million ounces indicated at a grade of 0.84 g/t Au and 1.03 million inferred ounces at a grade of 1.10 g/t Au. Resource expansion drilling has also targeted the South West, Windjammer South, and 55 mineral resource areas, as well as on the new Halfway discovery and the Garrcon underground potential and open pit extensions on the Garrison area."

The latest assay results from the Gap Zone include initial results from eight (8) new drill holes, including one drill hole extension (MGH19-120x), for a total of 5,491.0 m. Results of four (4) drill holes testing the same Gap zone were previously released in April 2021 (see April 08, 2021 press release) confirming continuous gold mineralization across the Gap zone. Additional assays for drill testing the extensions of the other deposits within the Tower gold project are pending. A total of 12,200 samples are currently in the assay laboratory pending final assay results.

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Figure 1: Tower Gold Project: General Location Map

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Table 1: Selected Significant Drill Results

TargetHoleFrom ToLengthAu
(Name)(#)(m)(m)(m)(g/t)
GapMGH19-120x558.00577.0019.000.89

includes558.50562.003.501.74

and568.40569.701.305.47
GapMGH19-120x697.00702.505.501.93

includes698.85700.701.853.62

includes698.85699.450.605.32
GapMGH19-120x759.00770.0011.001.00

includes759.90765.005.101.74

includes764.00765.001.003.88
GapMGH19-120x790.00816.0026.000.64

includes799.00800.001.002.17

and 815.00816.001.007.23
GapMGH19-120x823.00848.0025.000.44

includes840.00841.401.402.05
GapMGH21-20471.8088.0016.200.35

includes72.5073.501.001.21

and86.0087.001.001.28
GapMGH21-204146.00158.3012.300.52

includes153.50154.501.001.61
GapMGH21-204189.45246.0056.551.05

includes220.00246.0026.001.76

includes227.00236.009.002.87

includes227.00228.001.005.83

and234.00235.001.004.13
GapMGH21-204252.00289.0037.000.47

includes268.00282.0014.000.84

includes272.00273.001.003.20
GapMGH21-204315.00323.008.000.88

includes315.00316.001.003.23
GapMGH21-204589.13603.0013.871.66

includes590.00596.006.002.51

includes 590.00591.001.006.54

and600.00602.002.003.63
GapMGH21-204625.00645.0020.000.76

includes636.00638.002.004.29
GapMGH21-20785.0093.908.900.63

includes86.0088.002.001.17
GapMGH21-207375.50383.007.500.86

includes381.50383.001.503.81
GapMGH21-207547.00560.0013.000.44

includes557.40560.002.601.47
GapMGH21-211373.85390.0016.150.54

includes373.85374.400.553.68

and389.00390.001.002.23
GapMGH21-211650.00670.0020.000.35

and666.00668.002.001.29
GapMGH21-211690.00701.0011.000.45
GapMGH21-212201.00213.0012.000.65

includes206.00208.002.001.18
GapMGH21-212412.00430.0018.000.42

includes417.00418.001.001.18
GapMGH21-212455.00476.0021.000.44

includes459.00465.006.001.04

includes463.00465.002.001.79
GapMGH21-212539.00554.0015.000.56
GapMGH21-212560.00630.0070.000.85

includes575.85580.004.153.15

includes579.00580.001.004.68

and 593.00609.0016.001.49

includes598.00601.003.002.62
GapMGH21-212604.00630.0026.000.33

includes604.00609.005.001.14
GapMGH21-214536.00542.006.001.01

includes538.00540.002.001.70
GapMGH21-224158.30205.5547.250.50

includes171.80200.8029.000.65

includes172.80173.801.003.13

and196.75197.931.182.58
GapMGH21-224234.60241.857.250.59
GapMGH21-224620.30648.0027.701.02

includes621.00626.005.003.38

includes624.00626.002.005.65

includes625.00626.001.008.08

Intercepts are calculated using geological boundaries, a maximum of 3m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 75% to 95% of true width.

Discussion of Drill Results

Drilling was targeting clastic sediment hosted gold mineralized stacked quartz veins in the Gap zone located south of the Banded Iron Formation "A" ("BIF A") unit over a large area located between the current Windjammer South open pit gold resource and the South West underground gold resource. The current drilling was conducted as follow-up to a four (4) hole drill program completed in April 2021 (see April 08, 2021 press release) which confirmed significant gold mineralization across the zone with results of up to 32.00 m @ 1.63 g/t Au including 6.35 m @ 3.21 g/t Au in drill hole MGH21-174.

Drill results from the current program at Gap confirmed the occurrence of shallow west dipping stacked quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes. The latest assay results confirmed gold mineralization over an area 700 m long, 350 m wide, and down to depths of over 500 m.

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Figure 2: Gap Zone Drill Program: Drill Hole Location Map

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Table 2: New Drill Hole Details*

HoleEastingNorthingElevationAzimuthInclinationDepth
(#)(mE)(mN)(masl)(░)(┬░)(m)
MGH19-120x571531536971232745-65860.0**
MGH21-204571599536979033360-60828.0
MGH21-207571823536998933360-60699.0
MGH21-210571995536987933460-60722.0
MGH21-211571908536993333460-60701.0
MGH21-212571689537001033550-60657.0
MGH21-214571802537006532060-60700.0
MGH21-224571669536985133350-60705.0

*Assay results for the reported holes are not complete. Additional assay results from drill holes will be released upon receipt. All intercepts are reported as drill widths and not true widths.
** Extended from 381.0 m

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Figure 3: Gap Zone Resource Drilling- Cross Section

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QA/QC Procedures
Drill core is oriented and cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 ┬Ám (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Activation Laboratories Ltd. Kevin Montgomery, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta
Moneta is a Canadian based gold exploration company focussed on advancing its 100% wholly owned Tower Gold project, which currently hosts a gold mineral resource estimate of 4.0M ounces indicated and 4.4M ounces inferred. The Company's 2020/2021 drill program is designed to test extensions of mineralization and expand the current mineral resource. Moneta is committed to creating shareholder value through the strategic allocation of capital and its focus on the current resource expansion drilling program in an environmentally and socially responsible manner.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O'Connor, CEO
416-357-3319

Linda Armstrong, Investor Relations
647-456-9223

The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetagold.com or email us at info@monetagold.com.

This news release includes certain forward-looking information and forward-looking statements, collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements include, but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Company's drilling program and the timing and results thereof; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. and the ability of the Company to finance and carry out its anticipated goals and objectives.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104783



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