Moneta Gold Inc. announced assay results from fourteen (14) drill holes from resource infill and step-out drilling on the Westaway and South West gold deposits at the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was conducted as part of the current 70,000 metres ("m") infill and resource upgrade drill program on the recently announced mineral resource estimate of 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au at the Tower Gold project. The latest assay results are from fourteen (14) drill holes for 8,309.0 m of diamond drilling, including 12 drill holes for 6,276.0 m from Westaway and 2 holes for 2,033.0 m from South West, completed as part of an initial 70,000 m drill program planned as resource infill and upgrade drilling.

Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. Drilling at Westaway was focused on infilling and extending the wide stacked extensional quartz veins hosting the current open pit and underground gold resource from surface to vertical depths of up to 700 m. The drill results confirmed good continuity of the resource estimate and extended gold mineralization to the west and at depth. Drill hole MGH22-292 intersected significant gold mineralization over 150m to depth and to the west, intersecting up to 6.00 m @ 7.47 g/t Au, including 1.30 m @ 14.62 g/t Au in step-out drilling.

The Westaway open pit currently hosts an indicated resource of 0.75 million tonnes ("Mt") @ 2.20 g/t Au containing 53,000 oz gold and an inferred resource of 22.11 Mt @ 1.95 g/t Au containing 1,383,000 oz gold and an underground resource of 2.35 Mt @ 4.23 g/t Au for 320,000 oz gold inferred. The drill holes predominantly tested the areas south of the regional banded iron formation "A" and "B" units ("BIF") and north of the BIF "C" unit within altered clastic sediments hosting stacked vein sets. At South West, drilling was targeted to extend and infill the stacked extensional quartz vein sets hosting the current underground gold resource from surface to vertical depths of up to 800 m. The drill results confirmed continuity of the resource estimate and extended gold mineralization to the west, east, and at depth of the current resource.

MGH22-293 intersected gold mineralization up to 300 m to the east of the current resource assaying up to 3.00 m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au. The South West underground resource currently hosts 0.21 million Mt @ 4.53 g/t Au containing 31,000 oz gold indicated and 6.73 Mt @ 4.26 g/t Au containing 920,000 oz gold inferred . The drill holes predominantly tested the areas south of the regional BIF A" and B units ("BIF") on the eastern areas of the South West deposit located within stacked vein sets hosted in altered clastic sediments.

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.