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Home > News > Moneta Continues to...

Moneta Continues to Intersect Significant Mineralization at Tower Gold Project

Nov 8, 2022


Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce 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 (see September 07, 2022 press release) at the Tower Gold project. 

Drilling Highlights:
Westaway

  • MGH22-310 intersected 70.00 m @ 1.82 grams per tonne "g/t" Au, including 37.00 m @ 3.10 g/t Au, including 22.15 m @ 4.62 g/t Au, including 6.95 m @ 6.40 g/t Au, and 0.80 m @ 11.90 g/t Au
  • MGH22-320 intersected 29.00 m @ 3.34 g/t Au, including 2.12 m @ 12.60 g/t Au, including 0.92 m @ 22.70 g/t Au, and 5.00 m @ 5.05 g/t Au, and 3.90 m @ 5.32 g/t Au
  • MGH22-309 intersected 4.00 m @ 11.43 g/t Au, including 2.75 m @ 16.21 g/t Au, including 1.40 m @ 19.50 g/t Au
  • MGH22-299 intersected 27.00 m @ 2.23 g/t Au, including 7.10 m @ 7.70 g/t Au, including 3.05 m @ 15.49 g/t Au, and 0.95 m @ 23.30 g/t Au
  • MGH22-292 intersected 16.35 m @ 2.77 g/t Au, including 7.45 m @ 3.51 g/t Au, including 1.20 m @ 12.80 g/t Au, and 1.25 m @ 8.91 g/t Au
  • MGH22-292 intersected 6.00 m @ 7.47 g/t Au, including 1.30 m @ 14.62 g/t Au, including 0.60 m @ 20.20 g/t Au, and 1.00 m @ 16.50 g/t Au
  • MGH22-304 intersected 19.00 m @ 2.15 g/t Au, including 7.00 m @ 4.44 g/t Au, including 2.00 m @ 13.81 g/t Au, including 1.00 m @ 23.80 g/t Au
  • MGH22-300 intersected 13.10 m @ 2.59 g/t Au, including 8.10 m @ 3.05 g/t Au, including 1.00 m @ 7.41 g/t Au, and 1.00 m @ 5.75 g/t Au

South West

  • MGH22-293 intersected 56.50 m @ 1.10 g/t Au, including 10.00 M @ 3.30 g/t Au, including 3.00 m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au 
  • MGH22-291 intersected 20.50 m @ 1.61 g/t Au, including 12.00 m @ 2.21 g/t Au, including 1.00 m @ 7.10 g/t Au
  • MGH22-291 intersected 3.70 m @ 3.34 g/t Au, including 1.00 m @ 9.52 g/t Au
  • MGH22-293 intersected 27.50 m @ 0.99 g/t Au, including 8.70 m @ 1.95 g/t Au, including 1.20 m @ 5.72 g/t Au

Gary O'Connor, Moneta's President and Chief Executive Officer commented, "These latest infill assay drill results from Westaway and South West continue to confirm the continuity and extensions of the current mineral resource estimate, recently updated in September. These results support significant gold grades across wide widths of gold mineralization within the mostly underground mineral resources and have intersected extensions of mineralization outside the resource up to 150 metres to the west and at depth and up to 300 metres to the east. As we continue to de-risk and advance the Tower Gold project, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study, set to commence in the first quarter of 2024." 

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.

Image removed.

Figure 1: Tower Gold Project - General Location Map



Tags: Northern Ontario / Exploration / Gold / All Articles