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Moneta Gold Historical Drilling Cores Show Significant Gold Content

Jan 31, 2023

Moneta Gold Inc. announced assay results from the sampling of historically drilled, but never assayed, core from fifty-five (55) drill holes on the Windjammer and 903 deposits at the Tower Gold project, located in the Timmins Gold camp, Ontario. 

The sampling was conducted in addition to 76,000 metres (“m”) of infill and resource upgrade drilling completed on the 4.5 million (“M”) ounces (“oz”) indicated gold (“Au”) and 8.3 M oz inferred Au mineral resource estimate (see September 07, 2022 press release) at the Tower Gold project in 2022.

 “These Windjammer and 903 assay results from historical drill core, not previously sampled, confirm the continuity and extensions of the current mineral resource estimate, updated in September 2022, " said Gary O’Connor, Moneta’s President and Chief Executive Officer commented. 

"The results have confirmed continuous gold mineralization within the economic open pit mineral resources at Windjammer and 903 as defined in the recent Preliminary Economic Assessment (“PEA”) and will support additional gold ounces above the cut-off grade. Extensions of good gold mineralization have also been intersected outside the resource and pit, suggesting the potential to continue to grow the mineral resource and to expand the current mine life of the project," O'Connor added. 

Drilling Highlights include:
•    903-13-05 intersected 21.75 m @ 1.23 grams per tonne “g/t” Au, including 4.50 m @ 3.85 g/t Au, including 1.50 m @ 6.20 g/t Au
•    OSK-G16-305 intersected 27.70 m @ 0.82 g/t Au, including 10.00 m @ 1.28 g/t Au, including 2.00 m @ 2.92 g/t Au
•    903-13-05 intersected 24.00 m @ 0.73 g/t Au, including 14.00 m @ 1.09 g/t Au, including 2.00 m @ 2.44 g/t Au
•    903-13-04x intersected 21.00 m @ 0.55 g/t Au, including 2.00 m @ 1.94 g/t Au

As Moneta continues to advance the Tower Gold project, the company is looking forward to completing a current resource infill and upgrade drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study (“PFS”).”

The latest assay results are from previously unsampled sections of core from fifty-five (55) historical drill holes completed between 1987 and 2021 for 9,287.4 m. An additional 190,000 m resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

About Moneta Gold
Moneta is a Canadian 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. Its September 2022, PEA study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach operation over a 24-year mine life, with 4.6 M oz of recovered gold, generating an after tax NPV5% of $1,07 billion, 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 M oz indicated and 8.3 M oz 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.

Please visit:    https://www.monetaporcupine.com/home/default.aspx

Gary V. O’Connor, CEO
Linda Armstrong, Investor Relations

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Tags: Northern Ontario / Exploration / Gold / All Articles