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Moneta Drills New Gold Discovery at Windjammer

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Drilling was targeting Timiskaming age clastic sediment hosted gold mineralized stacked quartz veins north of the Windjammer South resource in the new Windjammer Central discovery area located immediately north of the regional Banded Iron Formation "A" ("BIF A") unit and south of previous drilling. The drilling was testing a large area within the Windjammer economic open pit in an area not previously drill tested and not currently in any resource category. The Windjammer South deposit occurs as the largest open pit gold resource of the Tower Gold project.

Drill results from the current program at Windjammer Central confirmed the occurrence of generally shallow west dipping stacked quartz vein sets and associated ankerite-albite-sericite-pyrite alteration haloes in large step-outs beyond the current gold resource and south of previous drilling at Windjammer Central. The latest assay results confirmed gold mineralization over an area 1,500 m long, 300 m wide, and down to depths of over 400 m. Additional results from the Windjammer Central and South resource expansion drilling program are pending.

Figure 3: Windjammer Central Drilling- Cross Section

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4852/111615_2db4d642748bb92d_004full.jpg

Table 3: New Drill Hole Details: Windjammer Central

Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH21-237 572192 5370622 334 75 -60 750.0
MGH21-242 572168 5370726 336 75 -60 705.0
MGH21-243 572396 5370682 351 75 -60 675.0
MGH21-244 571968 5370672 334 75 -60 600.0
MGH21-247 572366 5370786 346 75 -60 645.0
MGH21-251 572593 5370731 373 85 -61 501.0
MGH21-258 572559 5370836 364 84 -60 405.0
MGH21-259 571803 5370525 333 75 -60 606.0
MGH21-263 571995 5370573 334 75 -60 453.0
MGH21-264 571825 5370439 333 75 -60 501.0
MGH21-265 572689 5370835 346 80 -60 428.0
MGH21-266 572032 5370529 335 85 -60 600.0

 

Assay results for the reported holes are not complete. Additional assay results from drill holes will be released upon receipt

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

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 . 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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111615

COMTEX_401221020/2523/2022-01-26T06:51:56

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