Moneta expands gold mineralization at 55 Zone, Tower Gold near Timmins

Moneta Gold Inc. has announced the final assay results from ten (10) drill holes at the 55 Zone, from the Golden Highway area of the Tower Gold project, located 100 kilometres ("km") east of Timmins. The drilling was part of the 2020/2021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project. Additional holes and assays from this drill program remain pending from the Garrcon deposit area.

This drilling successfully intersected gold mineralization as extensions to the current 55 Zone mineral resource estimate within and as extensions to the economic open pit, over a strike length of 800 m and a width of 250 m. 

Highlights from the drilling include:

• MGH21-200 intersected 37.00 m @ 1.04 grams per tonne "g/t" gold "Au", including 4.00 m @ 5.31 g/t Au, including 3.00 m @ 5.89 g/t Au
• MGH21-200 intersected 36.00 m @ 0.96 g/t Au, including 3.05 m @ 3.14 g/t Au, and 4.00 m @ 4.18 g/t Au
• MGH21-202 intersected 4.00 m @ 4.87 g/t Au, including 2.00 m @ 9.07 g/t Au, including 1.00 m @ 15.50 g/t Au
• MGH21-200 intersected 40.00 m @ 0.59 g/t Au, including 12.00 m @ 1.33 g/t Au, and 4.00 m @ 2.57 g/t Au, including 1.00 m @ 5.97 g/t Au 
• MGH21-208 intersected 21.00 m @ 2.66 g/t Au, including 4.00 m @ 5.19 g/t Au, and 5.50 m @ 5.43 g/t Au, including 1.00 m @ 10.70 g/t Au
• MGH21-222 intersected 4.00 m @ 6.09 g/t Au, including 1.00 m @ 7.64 g/t Au 
• MGH21-222 intersected 12.00 m @ 2.69 g/t Au, including 7.00 m @ 4.23 g/t Au, including 1.00 m @ 7.83 g/t Au 
• MGH21-205 intersected 19.00 m @ 0.59 g/t Au, including 3.00 m @ 2.05 g/t Au, including 1.00 m @ 3.51 g/t Au

Gary O'Connor, Moneta's Chief Executive Officer, commented, "These latest drill results have confirmed significant gold mineralization in step out drilling to the current mineral resource at the 55 Zone both within and as extensions outside of the current economic open pit. These drill results have the potential to expand the resource and fundamentally increase the economics of the open pit. The 55 Zone exploration drilling program was testing for gold mineralization over a large area located west of the Westaway underground resource. The 55 Zone occurs as the highest grade open pit deposit and the western most mineral resource on the Tower Gold project and remains open to the west and at depth. We look forward to releasing the remaining outstanding drill results from Garrcon when they become available and updating the mineral resource estimate and the preliminary economic assessment study for the Tower Gold project in the first half of 2022." 

The latest assay results from the 55 Zone resource expansion drill program include the results from ten (10) new drill holes for 3,285.0 m and four (4) drill holes previously partially announced for the down dip extensions of the Westaway underground deposit and the new sampling of one (1) historical hole (MA-02-07). The drill program was conducted to test for extensions of the 55 Zone resources within the economic open pit and as extensions to the open pit constrained resource. The 55 Zone open pit gold deposit currently hosts 413,000 ounces gold at a grade of 1.30 g/t gold in indicated resources and 180,000 ounces gold at a grade of 1.10 g/t gold in the inferred category at a cut-off grade of 0.30 g/t gold (see December 10, 2020 press release). Full assays from an additional 10 drill holes for 6,249 m from the Garrcon area from the drill program remain pending.

Tags: Northern Ontario / Exploration / Gold / All Articles