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Home > News > Moneta continues to extend...

Moneta continues to extend Westaway gold deposit with up to 4M @ 10.56 g/t gold

Oct 28, 2021


"The latest drill results confirm higher-grade intercepts on extensions at depth and to the west in the Westaway Deposit," said Gary O'Connor, Moneta's CEO. 

"The drill results have also connected the extensions of gold mineralization from the Westaway underground gold resource with the 55 open pit gold resource mineralization over a distance of 300 m. The drill results were designed to test significant step outs in expansion drilling at Westaway. Continuous gold mineralization has now been confirmed linking the Westaway and 55 gold deposits, now over a combined strike length of 2,200 m. The current drilling program was designed to expand the underground gold resource at Westaway where the maiden resource currently consists of 662,000 ounces gold inferred resources at a 3.00 g/t Au cut-off. 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 and open pit extensions on the Garrison area in the current 70,000 m drill program." 

Moneta Gold Inc. has announced results from one new drill hole, MGH21-222, and additional results from three holes, MGH21-208, MGH21-209 and MGH21-213, drilled to test the resource expansion potential of the Westaway underground gold resources within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 drill 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 gold mineralization at depth and extended the mineralized zone to the south and west. Hole MGH21-213 returned higher-grade intersections in quartz veining and extended the mineralization by 100 metres ('m") to the west towards the 55 Deposit. 

Highlights from the drilling include:

  • MGH21-208 intersected 25.35 m @ 2.82 grams per tonne "g/t" gold "Au" from 642.00 m to 667.35 m, including 9.60 m @ 3.41 g/t Au, including 2.00 m @ 7.22 g/t Au, and 7.75 m @ 4.60 g/t Au including 1.30 m @ 6.84 g/t Au
  • MGH21-208 intersected 4.95 m @ 7.05 g/t Au from 724.60 m to 729.55 m, including 1.85 m @ 14.74 g/t Au, including 1.00 m @ 18.00 g/t Au
  • MGH21-209 intersected 15.75 m @ 1.94 g/t Au from 436.90 m to 452.65 m, including 3.35 @ 4.77 g/t Au, and 1.25 m @ 6.23 g/t Au
  • MGH21-213 intersected 19.60 m @ 2.14 g/t Au, from 717.00 m to 736.60 m, including 10.00 m @ 3.13 g/t Au, including 0.60 m @ 8.09 g/t Au and 0.50 m @ 8.63 g/t Au
  • MGH21-213 intersected 13.90 m @ 2.30 g/t Au from 762.35 m to 776.25 m, including 4.65 m @ 4.68 g/t Au and including 1.65 m @ 6.76 g/t Au
  • MGH21-222 intersected 4.00 m @ 6.12 g/t Au from 312.00 m to 316.00 m, including 1.00 m @ 8.22 g/t Au 
  • MGH21-222 intersected 8.00 m @ 3.89 g/t Au from 328.00 m to 336.00 m, including 6.00 m @ 4.53 g/t Au and including 1.00 m @ 7.83 g/t Au
  • MGH21-222 intersected 26.00 m @ 3.35 g/t Au, from 771.00 m to 797.00 m, including 4.00 m @ 10.56 g/t Au, including 1.00 m @ 12.60 g/t Au and 1.00 m @ 13.60 g/t Au
  • MGH21-222 intersected 2.00 m @ 6.94 g/t Au from 852.00 m to 854.00 m and including 1.00 m @ 12.50 g/t Au

 

The latest assay results include initial results from one (1) new drill hole for a total of 1,041.0 m and additional new results from three (3) previously announced drill holes for a total of 2,460.0 m of drilling (see July 15, 2021 press release,  August 19, 2021 press release, September 1, 2021 press release and October 5, 2021 press release) completed as part of the current 70,000 m 2020/2021 drill program. The reported holes were targeting the extensions of the new Westaway underground resource to the west and at depth. Additional assays for drill testing the extensions of the other deposits within the Tower gold project are pending. A total of 9,940 samples are currently in the assay laboratory pending final assay results.

Image removed.

Figure 1: Tower Gold Project: General Location Map



Tags: Northern Ontario / Exploration / Gold / All Articles