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Moneta Gold Tower Project Assay Results Confirm Significant Gold Grades

Apr 27, 2023

Moneta Gold Inc. announced assay results from 52 resource infill and step-out drill holes on the 903 deposit at the Tower Gold project located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of a 76,000 metres drilling program, completed in 2022. 

A total of 12,082.8 m of drilling was completed in 52 drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. The announcement completes the release of all assays are now released from 2022 drilling. 

An additional 60,000 m open pit resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

Both drilling programs are designed for resource upgrade and infill of the 4.5 million ounces indicated gold  and 8.3 M oz inferred Au mineral resource estimate (see September 07, 2022 press release).

Drilling Highlights:
•    MGA22-125 intersected 3.30 m @ 98.35 grams per tonne "g/t" Au, including 1.80 m @ 180.00 g/t Au
•    MGA22-096 intersected 1.27 m @ 18.70 g/t Au
•    MGA22-071 intersected 20.00 m @ 1.13 g/t Au, including 2.00 m @ 2.85 g/t Au
•    MGA22-119 intersected 9.90 m @ 2.03 g/t Au, including 2.00 m @ 4.65 g/t Au
•    MGA22-071 intersected 12.20 m @ 1.44 g/t Au, including 7.00 m @ 2.06 g/t Au
•    MGA22-084 intersected 28.44 m @ 0.88 g/t Au, including 5.75 m @ 2.48 g/t Au
•    MGA22-064 intersected 28.00 m @ 0.79 g/t Au, including 14.57 m @ 1.09 g/t Au, including 3.77 m @ 2.69 g/t Au, including 0.69 m @ 8.44 g/t Au
•    MGA22-089 intersected 3.00 m @ 6.74 g/t Au
•    MGA22-118 intersected 6.00 m @ 2.81 g/t Au, including 4.00 m @ 3.82 g/t Au, including 2.00 m @ 5.86 g/t Au

"These latest infill and step-out assay drill results continue to confirm the continuity and extensions of significant gold mineralization at 903, on the Tower Gold project,” said Gary O'Connor, Moneta's President and Chief Executive Officer. “These results support significant gold grades across wide widths of gold mineralization within the economic open pit mineral resources as defined in the Preliminary Economic Assessment ("PEA") study and within an area contained during the payback period in the first 5 years of production.”

“Extensions of good gold mineralization have also been intersected outside the resource and pit. As we continue to grow, de-risk, and advance the 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 ("PFS")," O’Connor said.

Gary O’Connor will be talking about the exciting results from the Tower Project at the Canadian Mining Expo 2023 conference on Projects in the Pipeline on June 8, 2023 at 10 a.m. in Timmins, Ontario
For more information about how to obtain tickets for the event please follow this link

Discussion of Drill Results
The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes @ 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13 Mt @ 0.75 g/t Au containing 581,000 oz gold. The drill holes in this release focused on infill and extensions of the mineral resource within the current open pit gold resource from surface to vertical depths of up to 350 m below surface. 
Mineralization at 903 is associated with quartz veining within syenites hosted in the Tisdale and Kid-Munro volcanics, and Timiskaming age meta-sediments, located between 2 major splays of the Destor-Porcupine Fault Zone ("DPFZ") in the Garrison area of the Project.

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, 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 $1,066M, 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 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.

Gary V. O'Connor, CEO
Ardem Keshishian, VP Corporate Development

Image Moneta Gold Tower Project Map

Tags: Northern Ontario / Exploration / Gold / All Articles