Expansion Drilling At Gap Connects South West Deposit With Windjammer South Open Pit Gold Deposit

TORONTO - Moneta Gold Inc. reported assay results from eight (8) drill holes, intended to test the resource expansion potential of the Gap Zone, located between the Windjammer South and South West gold resources within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 70,000 m program designed to test extensions of the current mineral resource estimate of 4.0M ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project, located 100 kms east of Timmins, Ontario. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected wide zones of gold mineralization in the Gap area located between the Windjammer South open pit gold resource and the South West gold resource over a distance of 700 m and a width of 350 m. Drilling has confirmed continuous gold mineralization between the current deposits and highlighted the potential to connect the Windjammer South and South West gold deposits.

Gary O'Connor, CEO, said, "The latest drill results from our 2021/2022 program from the Gap Zone highlight the potential to connect the Windjammer South open pit resources with the near surface South West mineralization over a long strike length of 700 m and a width of 350 m. The current drilling program was designed to confirm gold mineralization through a large area between the two large gold deposits in order to extend the gold mineralization in the Windjammer South open pit through to the near surface gold mineralization at South West currently being modeled and not in the current underground gold resource. The open pit at Windjammer South currently hosts 1.10 million ounces indicated at a grade of 0.84 g/t Au and 1.03 million inferred ounces at a grade of 1.10 g/t Au. Resource expansion drilling has also targeted the South West, Windjammer South, and 55 mineral resource areas, as well as on the new Halfway discovery and the Garrcon underground potential and open pit extensions on the Garrison area."