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Moneta Confirms Good Metallurgical Gold Recoveries from Tower Gold Project

Jan 6, 2022

Moneta, a Canadian based gold exploration company focussed on advancing its 100% wholly owned Tower Gold project, 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.

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") announced the results of gold recovery test work conducted on drill core samples from the new Westaway underground and the Discovery underground gold deposits within the Tower Gold project, located 100 km east of Timmins, Ontario. The metallurgical gold recovery test work was conducted as part of the planned preliminary economic assessment ("PEA") study to be conducted on the Tower Gold project upon updating the resource estimate. Moneta recently completed a 72,500 m program in 130 drill holes 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. Additional holes and assay results from this drill program remain pending.

Highlights from the metallurgical recovery test work include:

  • Average total gold recoveries of 95.5 percent ("%") at Westaway at a standard grind size
  • Significant amount of gold (38.8%) reporting to the gravity circuit at Westaway
  • Quick recovery of gold achieved after 24 hours leach time
  • Optimal gold recoveries with low reagent consumption
  • Clean material showing no acid generation potential and below guidance levels for all deleterious elements

Gary O'Connor, Moneta's CEO commented, "We are pleased the metallurgical gold recovery test work has confirmed excellent gold recoveries at the new Westaway underground gold deposit, confirming good gravity recoveries, quick leach times and low reagent consumptions. The results support the good economics shown in previous studies. The latest test work has confirmed that a conventional gold recovery process plant at standard grind sizes can achieve good gold recoveries for the gold deposits at the Tower Gold project. Test work has also shown that the processed material after gold recovery is non-acid generating and conforms with all the required guidance and regulations."

The metallurgical gold recovery test-work was conducted to assess the potential gold recoveries and optimum process flow sheet required as part of the current economic assessment study underway on the Tower Gold project. The test work was conducted on two (2) composite samples collected from quarter core sampled from 2020/2021 drill holes, completed on the Westaway and Discovery underground gold deposits. The Westaway composite sample was comprised of 32.03 metres ("m") of quarter cut drill core for a total weight of 30.58 kilograms ("kg") with an estimated head grade of 4.80 g/t gold ("Au") based on drill core assays. The Discovery composite sample was comprised of 32.68 m of quarter cut core weighing 31.59 kg with an estimated grade of 3.67 g/t Au based on drill core assays. Composites were selected to be spatially and geologically representative of the deposits. Metallurgical test work was undertaken by SGS Canada Minerals Lakefield at the SGS Lakefield Laboratory, Ontario.

Figure 1:

Moneta pic

Figure 1: Tower Gold Project: General Location Map

To view an enhanced version of Figure 1, please visit:

Moneta pic chart

Environmental Base Line Metallurgical Test Work

Environmental base line test work, including synthetic precipitation leaching procedures ("SPLP"), and acid base accounting ("ABA") test work was also undertaken on behalf of Moneta by SGS Canada Minerals Lakefield at the SGS Lakefield Laboratory, Ontario on composites previously submitted from the South West deposit on the Tower Gold project. The SPLP test work showed no elevated levels of any deleterious elements from the composite samples above the regulated guideline levels and the ABA test work showed the composite reported sufficient neutralization potential ("NP") (82t CaCO3/1000t) that was largely related to carbonate mineral sources (86%) in the composite to suggest low potential for acid generation.

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. SGS Canada Minerals Lakefield conducted the metallurgical test work at the SGS Lakefield, Ontario Laboratory. SGS Canada Inc. conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests undertaken. Randall Salo, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

For further information on the Company, please visit our website at www.monetagold.com or email them at info@monetagold.com

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