Moneta Gold drills 1.03 g/t gold over 56.5 metres at Tower, Ontario

Moneta Gold Inc. [ME-TSXV; MEAUF-OTCQX; MOP-XETRA] reported assay results from seven drill holes from infill drilling on the southwest gold deposit at the 100%-owned Tower gold project, located 100 km east of Timmins, northeastern Ontario.

The drilling was conducted as part of the current 70,000-metre infill and resource upgrade drill program on the recently announced mineral resource estimate of 4.3 million (M) ounces indicated gold and 7.5 Moz inferred gold at the Tower Gold project.

Drilling highlights (southwest): MGH22-288 intersected 37.40 metres at 1.12 g/t gold, including 12.40 metres at 2.98 g/t gold, including 7.60 metres at 4.19 g/t gold, including 2.00 metres at 11.87 g/t gold, including 1.00 metres at 16.10 g/t gold.

MGH22-288 intersected 21.90 m at 1.43 g/t Au, including 9.15 m at 2.82 g/t Au, including 5.15 m at 3.96 g/t Au, including 2.00 m at 5.59 g/t Au, including 1.00 m at 6.41 g/t Au.

MGH22-287 intersected 14.28 m at 1.98 g/t Au, including 8.55 m at 3.06 g/t Au, and 1.60 m at 9.71 g/t Au, including 0.60 m at 15.90 g/t Au.

MGH22-283 intersected 11.05 m at 3.10 g/t Au, including 8.05 m at 3.99 g/t Au, including 2.85 m at 6.16 g/t Au. MGH22-293 intersected 56.50 m at 1.03 g/t Au, 11.05 m at 2.76 g/t Au, including 3.00 m at 6.70 g/t Au, including 1.00 m at 11.20 g/t Au.

MGH22-291 intersected 20.50 m at 1.61 g/t Au, including 12.00 m at 2.21 g/t Au, including 1.00 m at 7.10 g/t Au and 5.15 m at 2.38 g/t Au. MGH22-288 intersected 8.00 m at 2.13 g/t Au, including 2.00 m at 6.81 g/t Au, including 1.00 m at 12.00 g/t Au.

MGH22-293 intersected 13.50 m at 1.23 g/t Au, including 1.00 m at 11.30 g/t Au. MGH22-291 intersected 3.70 m at 3.34 g/t Au, including 1.00 m at 9.52 g/t Au. MGH22-283 intersected 7.65 m at 2.40 g/t Au, including 1.65 m at 9.05 g/t Au, including 1.00 m at 13.30 g/t Au.

MGH22-287 intersected 7.90 m at 1.64 g/t Au, including 4.05 m at 2.81 g/t Au, including 2.16 m at 4.00 g/t Au, including 1.08 m at 5.97 g/t Au. MGH22-288 intersected 12.00 m at 1.73 g/t Au, including 6.00 m at 3.05 g/t Au, including 2.00 m at 6.78 g/t Au, including 1.00 m at 7.19 g/t Au.

Gary O’Connor, president and CEO, commented: “These latest drill results, designed to infill and upgrade the recently updated open pit and underground mineral resources at southwest at the Tower Gold project, have highlighted the continuity and extensions of the current southwest mineral resource estimate. Results have confirmed both good grade and widths across wide zones of mineralization within the current southwest open pit and underground mineral resources. We look forward to completing the Tower Gold project Preliminary Economic Assessment (“PEA”) during the third quarter of this year and to releasing additional drill results from the current resource infill and upgrade drill program as they become available.”

The latest assay results are from seven drill holes for 5,328.0 metres of diamond drilling completed at southwest as part of an initial 70,000-metre drill program planned as resource infill and upgrade drilling. Two of the holes MGH22-290 and MGH22-290A did not reach targeted depth. Drilling is being conducted on 50-metre centres as step-outs and infill of previous drill holes.

Infill drilling at southwest was focused on infilling and extending the wide stacked extensional quartz veins hosting the current underground gold resource from vertical depths surface of 300 metres to vertical depths of up to 800 metres below surface. The southwest underground resource currently hosts an indicated resource of 0.17 million tonnes (“Mt”) at 4.54 g/t Au containing 25,000 oz gold and an inferred resource of 6.76 Mt at 4.36 g/t Au containing 948,000 oz gold, and an open pit resource of 11.18 Mt at 0.88 g/t gold for 316,000 oz gold indicated and 41.18 Mt at 0.90 g/t gold for 1,195,000 oz gold inferred. The western and upper portions of the drill holes tested the open resources contained within the Westaway open pit located adjacent to and west of southwest, and currently comprised of 0.31 Mt at 2.22 g/t gold for 22,000 oz gold indicated and 15.53 Mt at 2.14 g/t gold for 1,067,000 oz gold inferred.