Moneta Gold drills 1.5 g/t gold over 31 metres at Westaway, Ontario

Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX: MEAUF; MOP-XETRA] reported assay results from seven drill holes from infill drilling on the Westaway 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 ounces indicated gold and 7.5 Moz inferred gold at the Tower Gold project.

Westaway drilling highlights included drill hole MGH22-281 that intersected 7.85 metres at 4.06 g/t gold, including 1.85 metres at 15.25 g/t gold, including 0.40 metres at 34.40 g/t gold. MGH22-281 intersected 6.00 metres at 4.79 g/t gold, including 2.10 metres at 8.23 g/t gold and 1.00 metres at 5.53 g/t gold. MGH22-278 intersected 2.00 metres at 13.29 g/t gold, including 1.00 metre at 24.10 g/t gold.

MGH22-286 intersected 31.00 metres at 1.50 g/t gold, including 13.35 metres at 2.94 g/t gold, including 2.00 metres at 7.03 g/t gold, including 0.90 metres at 10.40 g/t gold, and 1.00 metre at 16.60 g/t gold. MGH22-281 intersected 13.30 metres at 2.27 g/t gold, including 6.00 metres at 4.47 g/t gold, including 1.00 metre at 20.90 g/t gold.

MGH22-278 intersected 9.00 metres at 2.28 g/t gold, including 1.00 metre at 7.68 g/t gold. MGH22-281 intersected 31.50 metres at 1.29 g/t gold, including 10.00 metres at 2.65 g/t gold, and 3.00 metres at 5.68 g/t gold, including 1.00 metre at 7.67 g/t gold. MGH22-282 intersected 5.00 metres at 3.70 g/t gold, including 3.40 metres at 4.59 g/t gold. MGH22-286 intersected 2.45 metres at 5.39 g/t gold, including 1.35 metres at 6.83 g/t gold.

MGH22-289 intersected 6.00 metres at 2.39 g/t gold, including 1.00 metre at 9.76 g/t gold. MGH22-281 intersected 6.30 metres at 2.66 g/t gold, including 2.90 metres at 5.32 g/t gold, including 0.80 metres at 11.70 g/t gold. MGH22-286 intersected 5.50 metres at 2.93 g/t gold, including 1.60 metres at 4.18 g/t gold.

Gary O’Connor, President and CEO, commented: “These latest drill results from the current drill program, designed to infill and upgrade the recently updated open pit and underground mineral resources at Westaway at the Tower Gold project, have highlighted the continuity and extensions of the current Westaway mineral resource estimate. Moreover, results have confirmed both good grade and widths across wide zones of mineralization within the current Westaway and 55 open pit and underground mineral resources. We look forward to completing the Tower Gold Project preliminary economic assessment (“PEA”) during the third quarter of the year and to releasing additional drill results from the current resource infill and upgrade drill program.”

The latest assay results are from seven drill holes for 5,445.34 metres of diamond drilling completed at Westaway as part of an initial 70,000-metre drill program planned as resource infill and upgrade drilling. The western and shallow portions of drill holes also drilled through the 55 open pit deposit area. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes.

Infill drilling at Westaway was focused on infilling and extending the wide stacked extensional quartz veins hosting the current gold resource from vertical depths surface of 300 m to depths of up to 800 metres below surface. Drilling was conducted on 2 east-west sections, 50 metres north and 50 metres south of the section containing the MGH21-208/MGH21-213/MGH21-222 drill holes, completed in 2021.

The Westaway resource currently hosts an underground inferred resource of 3.21 million tonnes at 3.94 g/t gold containing 407,000 oz, and an open pit resource of 0.31 Mt at 2.22 g/t gold for 22,000 oz indicated and 15.53 Mt at 2.14 g/t gold for 1,067,000 oz inferred. The western and upper portions of the drill holes tested the open resources contained within the 55 Zone open pit located adjacent to and west of Westaway, currently comprised of 4.38 Mt at 1.25 g/t gold for 176,000 oz indicated and 4.62 Mt at 1.02 g/t gold for 151,000 oz inferred.