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Oct. 5, 2021, 6:47 a.m. EDT

Moneta Extends Westaway Gold Deposit with up to 16.10 m @ 3.21 g/t Gold Including 9.35 m @ 4.71 g/t Gold as Tower Gold Project Resource Expansion Drilling Continues

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Westaway Main

Drill holes MGH21-201 and MGH21-209 were drilled to infill gaps within the main Westaway resource north of the gabbro and BIF C units and continued to intersect significant gold mineralization. MGH21-201 intersected 14.20 m @ 3.51 g/t Au, including 7.60 m @ 4.10 g/t Au, and including 3.60 m @ 5.31 g/t Au. MGH21-209 intersected 4.25 m @ 2.47 g/t Au, including 1.25 m @ 6.23 g/t Au, and including 0.35 m @ 10.10 g/t Au.

Table 2: New Drill Hole Details*

Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH21-209 570270 5369206 325 75 -60 711.0
MGH21-213 569596 5368797 320 70 -60 999.0

 

*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.



Figure 2: Westaway Drill Program: Drill Hole Location Map

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4852/98555_6f3e6eac94fa8859_003full.jpg



Figure 3: Westaway Resource Drilling- Cross Section

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4852/98555_6f3e6eac94fa8859_004full.jpg

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. 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 . 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/98555

COMTEX_394599091/2523/2021-10-05T06:46:47

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