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Moneta Gold’s Tower Gold Project one of the largest undeveloped gold deposits in Canada

Dec 5, 2023

Moneta Gold had another very busy year in 2023 with some major steps in the progress of our company. Moneta is a Timmins-based company that has been based there since 1910. Their head offices are there, and they’re putting together and advancing what is a major gold project in the Timmins camp.
Moneta Gold’s flagship project is its 100 percent owned Tower Gold Project which is located 98 km east of Timmins.
In September 2022 the company completed a PEA announcing their global resource at 4.5 million ounces indicated, 8.3 million ounces inferred, and that consisted of both underground and open-pit resources. The PEA proved robust economics, both in size and location along with a pipeline of projects. With other exploration targets and the potential to add additional higher-grade material at or near surface Moneta is poised for mining success. 
The September 2022, PEA study outlined a 7.0 million tonne per annual conventional leach operation over a 24-year mine life.
The PEA had an NPV after-tax of just under 1.1 billion Canadian dollars, an IRR of 32%. That’s at US $1,600 per gold ounce. The pay back is at 2.6 years. It is a stage development mine scenario where they start with the open pit, then move into the underground and develop that out of cash flow. The first 11 years shows a very robust 261,000 ounces a year production.
Moneta is looking at optimizing the project. They’re looking at the timing of the decline, the timing of the underground, and optimizing the throughput as part of their Pre-Feasibility Study (PFS), and they’re looking to have the PFS for those first 11 years out midway through 2024.
The Tower Gold Project had its latest assay results released on October 19 as part of a project update. The results encompassed 25 drill holes totaling 5,534 metres on the Windjammer South deposit.
The drilling was conducted as part of the original 140,000 metre drilling program, which started in 2022, designed for resource upgrade and infill of the 4.5 million ounces indicated gold and 8.3 million ounces inferred gold mineral resource estimate.
Some of the highlights of the project update include:

  • 115,000 m, in 426 drill holes, of 140,000 m infill drill program completed, with the remaining drill holes to be executed during the winter season,
  • Thirteen drill holes completed, totaling 3,665 m, for open pit geomechanical and hydrogeological testing, including packer testing. Two drill holes remain and are planned for the winter season. Downhole televiewer surveys are planned for December,
  • Overburden geotechnical drilling is 50% complete and is ongoing,
  • Metallurgical drilling and sample collection are ongoing. Lab analysis, including communication and variability test work, starting in the fourth quarter of 2023.

“I am very pleased with the team’s progress as we advance towards a pre-feasibility study,” said Josef Vejvoda, Moneta’s Chairman and interim President and Chief Executive Officer.
“These most recent assay results continue to confirm the continuity of gold mineralization at the Tower Gold project, while the completed open pit geomechanical and hydrogeological testing, with the data currently being analyzed, has the potential to increase resources by steepening the open-pit wall slope angle, presently designed at a conservative 46 degrees in the September 2022 PEA.”
Drilling is being conducted on 50 metre centres as step-outs and infill of previous drill holes. Additional assays from 2023 drilling are pending and will be released upon receipt of assays.
Moneta said it 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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Mining Life & Exploration News - Fall 2023


Tags: Northern Ontario / Exploration / Gold / All Articles