Moneta Files NI 43-101 Technical Report on Timmins area Tower Gold Project
Moneta Gold Inc. has announced the filing of the independent Preliminary Economic Assessment ("PEA") technical report in accordance with National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects ("Technical Report") for its 100% owned Tower Gold project, located 110 kilometres ("km") east of Timmins. The Technical Report entitled "NI 43-101 Report & Preliminary Economic Assessment of the Tower Gold Project" with an effective date of September 7, 2022, is available for review on SEDAR (www.sedar.com) and on the Corporation's website (www.monetagold.com). A summary of the Technical Report was detailed in a press release (ME PR 20-2022) dated September 7, 2022, entitled "Moneta Delivers Positive PEA for Tower Gold."
Gary O'Connor, President & Chief Executive Officer of Moneta, commented, "We are very pleased to have filed this Technical Report which supports a significant and highly profitable new gold mine in Ontario. At the base case gold price assumption of US$1,600 per ounce, the project supports a robust 24-year mine life, with average annual gold production of 261,014 ounces for the first 11 years and 4,581,000 ounces of total gold production over the life of mine, generating an after-tax NPV5% of $1,066 million and IRR of 31.7%, with very attractive cash costs and AISC of US$910 per ounce and US$1,073 per ounce, respectively, low initial capital of $517 million, and low capital intensity. The Company has started pre-feasibility work, including environmental base-line studies, community engagement, geotechnical and hydrological studies, as well as additional metallurgical recovery test-work, and will continue resource upgrade and infill drilling over the next year."
The Technical Report was prepared by the following Qualified Persons (QP's) under NI 43-101 from Ausenco Engineering Canada Inc., Ausenco Sustainability Inc., APEX Geoscience Ltd., and Mining Plus Canada Consulting Ltd.: Tommaso Roberto Raponi, P. Eng., Scott Elfen, P.E., Scott Weston, P.Geo., Davood Hasanloo, P.Geo., Michael B. Dufresne, M.Sc., P.Geol., P.Geo., James Lill, P.Eng., and Neda Farmer, P. Eng.
Qualified Person
The scientific and technical information contained in this news release, has been reviewed and approved by Jason Dankowski, P.Geo, of Moneta who is a "Qualified Person" within the meaning of NI 43-101.
About Moneta Gold
Moneta is a Canadian-based gold exploration company focused on advancing its 100% wholly owned Tower Gold project, located in the Timmins region of Northeastern Ontario, Canada's most prolific gold producing camp. The September 2022 Preliminary Economic Assessment study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach/CIL operation over a 24-year mine life, with 4.6 Moz of recovered gold, generating an after-tax NPV5% of $1,066M, IRR of 31.7%, and a 2.6-year payback at a gold price US$1,600/oz. Tower Gold hosts an estimated gold mineral resource of 4.5 Moz indicated and 8.3 Moz inferred. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource upgrade drilling program, while conducting all business activities in an environmentally and socially responsible manner.
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