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Moneta Gold’s Tower Gold Project is 17 kms in strike length and 4 splays of the gold rich Destor Porcupine Fault Zone

Mar 1, 2022

By: Mining Life
Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOP-XETRA] is developing its wholly-owned, district scale Tower Gold Project located in the prolific Timmins camp in Ontario, a region area that has historically produced more than 85 million ounces of gold over the past 100 years.
The Tower Gold project is located 100 km east of the city of Timmins. The Tower Gold project is comprised of a total resource of 4.0MM ounces indicated and 4.4MM ounces inferred due to district consolidation undertaken by Moneta in 2021.

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The Company’s 2021 drill program of 72,500 meters was targeted to test the expansion of the current resource, with a new mineral resource estimate anticipated in H1 2022.
This would position the Tower Gold project amongst one of the largest undeveloped gold resources in Canada, with over 17 kms in strike length and 4 splays of the gold rich Destor Porcupine Fault Zone.
The project hosts both high grade underground resources, amenable to bulk tonnage underground mining methods, and near surface economic open pit resources over a combined strike length of 8 km.
The majority of gold is hosted within a Timiskaming age sedimentary basin hosting a regional banded iron formation, adjacent to which the majority of ounces occur, over a strike length of 17 km.
Moneta’s 2022 drill program of 70,000 meters will focus on infill drilling and upgrading the resources to the indicated category with some mineral resource expansion occurring as a result of this drilling as well as some exploration drilling targeting new gold mineralization.
Moneta’s economic open pit resources are comprised of a total of 3.3MM ounces of indicated  resources contained within 116.7MM tonnes grading 0.89 g/t gold and 2.3MM ounces of inferred resources contained within 79.4MM tonnes of 0.89 g/t gold, at a cut-off grade of 0.30 g/t gold. The project also includes underground resources comprised of 632,000 ounces of indicated resources contained within 4.9MM tonnes of 4.05 g/t gold and 2.1MM ounces of inferred underground resources within 15.7MM tonnes of 4.21 g/t gold, at a 3.0 g/t gold cut-off.

Moneta well financed, looks to an exciting 2022

It is expected that the expanded resource base from the most recent 72,500 m drill campaign will result in a significantly expanded scope and production profile in the Company’s updated PEA study, expected in H1 2022, which will address the entire Tower Gold project.
The project is located within trucking distance of six mills, each of which could potentially offer toll milling services.
Moneta is well financed and has $15 million in cash to carry it through the updated PEA and 2022, 70,000 m drill program.
Gary O’Connor, CEO, said, “With the completion of the 2022 70,000-metre drill program, we will be well on our way to upgrading mineral resources for the Pre-Feasibility Study and working towards Feasibility level studies.”

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Moneta Gold Inc.’s management team combines over 35 years of financial management, geology, and mineral exploration experience. Moneta’s CEO, Gary O’Connor, has a proven track record of project development and brings world-class expertise in mining investment. Together, he and his team are preparing the Company for outstanding economic growth and mineral exploration opportunities.
The company is supported by various institutional shareholders, including Scotia (1832), Dundee-Goodman, Eric Sprott, RBC, Mackenzie, K2, J. Zechner and Delbrook. Moneta Gold has 94.7M shares outstanding.

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