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Moneta expands Westaway Gold Deposit with up to 7.00 m @ 5.44 g/t Gold Including 2.00 m @ 8.38 g/t Gold

Sep 1, 2021

"The drill results from our resource expansion drill program have again confirmed significant gold mineralization in large step-outs to the south, to the west and at depth as we look to continue to expand the underground gold resource at Westaway," said Gary O'Connor, Moneta's CEO.

"This maiden resource currently consists of 662,000 ounces gold inferred resources at a 3.00 g/t Au cut-off. Additional holes and assays from the reported holes remain pending from this drill program. Resource expansion drilling continues on the South West, Windjammer South, Garrison and 55 resource areas, as well as on the new Halfway discovery, while drill rigs have been mobilized to test for new resources on the Garrison property."

Moneta Gold Inc. announced new results today from two (2) additional drill holes and additional results from twenty (20) previously partially released holes 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 100km east of Timmins. 


Drilling continues to intersect significant gold mineralization in step out drill holes at Westaway as extensions to the current mineral resource estimate:

  • MGH21-208, drilled to test the western and depth extensions continued to extend gold mineralization: 
    • Intersected 7.00 metres "m" @ 5.44 grams per tonne "g/t" gold "Au" including 2.00 m @ 8.38 g/t Au
  • MGH21-188, drilled within the West Block area continued to extend gold mineralization to the south and to depth:
    • Intersected 6.00 m @ 4.94 g/t Au, including 3.00 m @ 8.31 g/t Au, including 1.00 m @ 11.60 g/t Au
  • MGH21-197, drilled in the West Block area continued to infill and extend gold mineralization to depth:
    • Intersected 4.40 m @ 5.11 g/t Au, including 3.00 m @ 7.19 g/t Au, including 1.00 m @ 13.80 g/t Au
    • Intersected 11.30 m @ 2.75 g/t Au including 1.50 m @ 5.82 g/t Au and 1.00 m @ 8.12 g/t Au
  • MGH21-186, drilled in the West Block area continued to extend gold mineralization to the south: 
    • Intersected 1.67 m @ 4.48 g/t Au including 0.67 m @ 5.90 g/t Au 

The latest assay results include initial results from two (2) new drill holes for a total of 1,555.00 m and additional new results from twenty (20) previously announced drill holes for a total of 12,974.0 m of drilling (see July 15, 2021 press release: Moneta continues to extend gold mineralization on the Westaway Deposit with up to 8.00 m @ 5.34 g/t Au and 19.30 m @ 3.94 g/t Au and August 19, 2021 press release: Moneta continues to intersect gold on extensions of the Westaway Deposit with up to 21.00 m @ 2.66 g/t Au and 25.00 m @ 1.75 g/t Au), 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 south, west and at depth. Additional assays for the twenty-two holes and results from additional drilling, notably to the west and at depth, are still pending. 

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