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Moneta Intersects Significant Gold Mineralization in Step-out Drilling at Garrcon, Tower Gold Project

Toronto, Ontario--(Newsfile Corp. - March 24, 2022) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce the assay results from ten (10) drill holes at Garrcon, from the Garrison area of the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was part of the 2020/2021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project. These results represent the final assays from this drill program.

Today's results, testing both the open pit and underground resource expansion potential at Garrcon, have confirmed significant gold mineralization over a strike length of 750 m and width of 500 m in step-out drilling beyond the current resource and within an area with significant historical gold mineralization not currently in any resource category.

Highlights from the drilling include:

  • MGA21-005 intersected 67.00 m @ 3.05 grams per tonne "g/t" gold "Au", including 38.50 m @ 4.85 g/t Au, including 23.00 m @ 7.50 g/t Au, including 8.75 m @ 15.85 g/t Au, including 1.00 m @ 114.00 g/t Au
  • MGA21-005 intersected 62.45 m @ 1.17 g/t Au, including 10.00 m @ 3.12 g/t Au, including 1.50 m @ 6.96 g/t Au and 1.00 m @ 7.82 g/t Au
  • MGA21-002 intersected 54.70 m @ 1.26 g/t Au, including 1.50 m @ 4.70 g/t Au, and 13.50 m @ 3.16 g/t Au, including 3.00 m @ 10.65 g/t Au, including 1.50 m @ 17.79 g/t Au
  • MGA21-005 intersected 7.00 m @ 5.83 g/t Au, including 1.50 m @ 23.90 g/t Au
  • MGA21-008 intersected 12.50 m @ 2.30 g/t Au, including 4.50 m @ 5.93 g/t Au, including 1.50 m @ 16.10 g/t Au
  • MGA21-005 intersected 39.50 m @ 0.94 g/t Au, including 25.50 m @ 1.11 g/t Au, including 1.05 m @ 16.20 g/t Au
  • MGA21-003 intersected 34.00 m @ 0.85 g/t Au, including 12.00 m @ 1.46 g/t Au, including 5.00 m @ 2.08 g/t Au, including 1.00 m @ 3.09 g/t Au
  • MGA21-009 intersected 46.00 m @ 0.57 g/t Au, including 1.50 m @ 7.08 g/t Au
  • MGA21-003 intersected 7.00 m @ 1.81 g/t Au, including 1.00 m @ 11.80 g/t Au

Gary O'Connor, Moneta's Chief Executive Officer, commented, "These latest drill results, testing both the open pit and underground resource potential at Garrcon, have confirmed significant gold mineralization in step-out drilling beyond the current resource and within an area with significant historical gold mineralization not currently in any resource category. The Garrcon drilling program was testing for gold mineralization outside of the current open pit and as potential high grade underground extensions below the current open pit resource. Gold mineralization was intercepted as both high grade and wide zones, has the potential to expand the current Garcon open pit resource, and add an underground resource at higher grades. The Garrison deposits currently occur as good starter pits in the early years of development with good outcropping gold mineralization at high grades and a low strip ratio. We look forward to adding to this and updating the mineral resource estimate for the Tower Gold project, which is currently underway."

The latest assay results from the Garrcon underground and open pit resource expansion drill program include the assay results from ten (10) drill holes for a total of 6,630.0 m. The drill program was conducted to test the open pit resource expansion potential and to test for the potential for underground resources at Garrcon. The Garrcon target currently contains no underground resources and an open pit gold resource currently containing 0.55 Moz gold at a grade of 0.82 g/t gold in indicated resources and 0.20 Moz at a grade of 0.87 g/t gold in the inferred category at a cut-off grade of 0.30 g/t gold (see January 14, 2021 press release). The Garrcon area has been the subject of significant historical drilling and the development of an underground exploration shaft and development, and surface bulk sampling open pits. Full assays have now been reported for all drill holes from the 2020/2021 resource expansion drill plan, comprised of 72,500 m in 130 drill holes.

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Figure 1: Tower Gold Project: General Location Map

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Table 1: Garrcon: Selected Significant Drill Results

HoleFromToLengthAuGram metres
(#)(m)(m)(m)(g/t)(g x m)
MGA21-001516.00544.0028.000.4312.0
includes520.00521.001.003.083.1
MGA21-00267.0069.102.102.725.7
including68.0068.800.805.354.3
MGA21-00284.00110.0026.000.4110.7
includes104.00109.005.000.995.0
MGA21-002117.00132.0015.000.416.2
includes130.00131.001.001.741.7
MGA21-002138.50187.5049.000.3517.2
includes149.60161.5011.900.738.7
includes155.50157.001.502.694.0
MGA21-002305.50310.905.401.729.3
includes306.70310.003.302.638.7
includes306.70307.300.607.204.3
MGA21-002333.30388.0054.701.2668.9
includes338.00342.504.502.6011.7
includes341.00342.501.504.707.1
and348.50362.0013.503.1642.7
includes351.50354.503.0010.6532.0
includes353.00354.501.5017.7926.7
MGA21-002400.60404.003.401.876.4
includes400.60402.001.403.925.5
MGA21-002411.50445.0033.500.4214.1
includes435.50438.503.001.975.9
includes437.00438.501.502.433.6
MGA21-002519.50530.0010.500.616.4
includes521.00522.501.501.572.4
MGA21-003492.00499.007.001.8112.7
includes498.00499.001.0011.8011.8
MGA21-003549.00583.0034.000.8528.9
includes555.00567.0012.001.4617.5
includes555.00560.005.002.0810.4
and559.00560.001.003.093.1
MGA21-00462.1578.0015.850.528.2
includes64.1566.001.851.011.9
MGA21-004547.85553.355.501.256.9
including552.35553.351.005.895.9
MGA21-005226.00239.5013.500.8511.5
includes231.00239.508.501.179.9
and238.00239.501.502.994.5
includes238.00239.001.003.193.2
MGA21-005301.50325.0023.500.4310.1
including310.00311.001.001.381.4
and324.50325.000.502.711.4
MGA21-005329.00342.0013.000.516.6
including335.00342.007.000.684.8
including335.00336.001.002.412.4
MGA21-005410.00417.007.005.8340.8
includes415.50417.001.5023.9035.9
MGA21-005465.50505.0039.500.9437.1
includes466.50492.0025.501.1128.3
includes466.50467.551.0516.2017.0
MGA21-005533.00600.0067.003.05204.4
includes554.50593.0038.504.85186.7
includes559.35593.0033.655.45183.4
includes570.00593.0023.007.50172.5
includes584.25593.008.7515.85138.7
includes591.00592.001.00114.00114.0
MGA21-005612.15674.6062.451.1773.1
includes612.15630.5018.351.3925.5
includes612.15614.001.852.614.8
and623.00630.507.501.9514.6
includes625.00625.950.953.223.1
and647.00657.0010.003.1231.2
includes648.50650.001.506.9610.4
and656.00657.001.007.827.8
MGA21-005681.00710.0029.000.5616.2
includes689.20691.001.803.466.2
includes690.20691.000.804.673.7
MGA21-00844.5556.5011.950.485.7
includes44.5546.501.951.783.5
includes44.5545.500.952.011.9
MGA21-008180.00181.501.503.605.4
MGA21-008211.00257.0046.000.4118.9
MGA21-008246.00255.809.800.858.3
includes246.00247.501.503.044.6
and255.00255.800.803.632.9
MGA21-008318.00360.3542.350.4217.8
includes333.00334.501.502.784.2
and356.00357.601.602.373.8
MGA21-008363.20376.4513.250.8811.7
includes367.50376.458.951.109.8
includes367.50369.001.502.293.4
MGA21-008415.50427.5012.000.667.9
includes418.40423.004.601.255.8
MGA21-008434.50447.0012.502.3028.8
includes434.50439.004.505.9326.7
includes437.50439.001.5016.1024.2
MGA21-00954.6056.001.406.889.6
includes54.6055.400.8011.909.5
MGA21-009480.00526.0046.000.5726.2
includes489.00490.501.507.0810.6
and520.00521.001.002.612.6
MGA21-009564.70590.0025.300.5213.2
includes580.30585.004.701.617.6
includes584.00585.001.002.882.9
MGA21-010280.00304.0024.000.337.9
includes286.00288.002.001.182.4
and302.00304.002.001.362.7

 
Note: Intercepts are calculated using a 0.20 g/t Au cut-off, 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 80% to 95% of true width.

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Figure 2: Garrcon Drill Program: Drill Hole Location Map

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Discussion of Drill Results

Drilling was targeting gold mineralized stacked quartz veins hosted within Timiskaming age clastic sediments located north of the regional Destor Porcupine Fault zone and hosted within a transgressive sedimentary basin setting in the Garrison area. Gold mineralization is spatially associated with a regional Banded Iron Formation ("BIF") unit similar to the geological setting of gold mineralization in the Golden Highway area, situated 5 km to the west of the Garrison area. The main orientation of gold mineralized structures within the Garrison basin is east dipping. The drilling was testing a large area adjacent to and under the current Garrcon open pit resource including mineralization to depth. Significant higher grade mineralization has been drilled and developed at Garrcon down to depths of over 1,000 m. No underground resource currently exists at Garrcon and the Garrison area.

Drill results from the current program at Garrcon have confirmed the continuation of east dipping stacked quartz vein sets and associated ankerite-albite-quartz-pyrite alteration haloes in large step-outs below the open pit occurring as both potentially open pit and underground resources. The latest assay results confirmed gold mineralization over an area 750 m long, 500 m wide, and down to depths of over 500 m.

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Figure 3: Garrcon Drilling- Cross Section

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Table 2: Drill Hole Details: Garrcon

HoleEastingNorthingElevationAzimuthInclinationDepth
(#)(mE)(mN)(masl)(°)(°)(m)
MGA21-0015789785373746289280-65546.0
MGA21-0025795495374049309280-55750.0
MGA21-0035797285374006306280-55714.0
MGA21-0045795795374149301280-60720.0
MGA21-0055790155373852292280-60807.0
MGA21-0065793915374079286280-60299.0
MGA21-0075797105374127307280-60702.0
MGA21-0085788865373922285280-60687.0
MGA21-0095797205374227307280-55699.0
MGA21-0105786895373804288280-75706.0

 

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 µm (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. Randall Salo, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta Gold

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 was designed to test extensions of mineralization and expand the current mineral resource. An updated mineral resource estimate and Preliminary Economic Assessment study encompassing the entire Tower Gold project will be announced in the first half of 2022. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource expansion drilling program, while conducting all business activities 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.