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Moneta Intersects further mineralization and commences testing at Tower Gold

Sep 8, 2023

Moneta Gold Inc. has announced a project update and assay results from thirty-two (32) drill holes on the Windjammer and Westaway deposits at the Tower Gold project (the "Project"), located in the Timmins Gold Camp. The drilling was conducted as part of a 140,000 metre ("m") drilling program, started in 2022, designed for resource upgrade and infill of the 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au mineral resource estimate. 

Project Update:

  • 110,000 m of 140,000 m infill drill program completed

  • WSP Global is engaged to design and oversee the execution of pre-feasibility study ("PFS") engineering studies and to support Moneta through permitting of the Tower Gold project

  • Commenced open pit geomechanical drilling and hydrogeological testing in mid-August

  • Overburden geotechnical drilling underway

  • Metallurgical drilling and sample collection are underway in anticipation of lab analysis, including variability test work, starting in Q4 2023

  • Environmental Permitting - Submission of Initial Project Description ("IPD") to the Impact Assessment Agency of Canada on track for late Q4 2023, which will initiate the Federal Impact Assessment ("IA") process

  • Mine Technical Services ("MTS") was appointed to lead resource updates in anticipation of the PFS and to support the design of the remaining metres of the infill drill program

  • Completion of open pit PFS on track for H2 2024, focusing on the first 11 years of September 2022 preliminary economic assessment ("PEA")

Drilling Highlights:


  • MGH23-416 intersected 4.25 m @ 31.17 grams per tonne "g/t" Au, including 1.40 m @ 93.00 g/t Au

  • MGH22-433 intersected 38.10 m @ 1.18 g/t Au, including 16.50 m @ 2.02 g/t Au, including 4.90 m @ 3.75 g/t Au

  • MGH23-433 intersected 17.47 m @ 1.01 g/t Au


  • MGH23-401 intersected 12.90 m @ 3.90 g/t Au, including 7.10 m @ 6.25 g/t Au

  • MGH23-427 intersected 8.47 m @ 4.05 g/t Au, including 2.00 m @ 12.85 g/t Au

  • MGH23-407 intersected 11.80 m @ 2.75 g/t Au, including 7.50 m @ 3.84 g/t Au

Josef Vejvoda, Moneta's Chairman and Interim President and Chief Executive Officer commented, "I am very pleased with the dedication and effort of our entire team as they continue to advance Tower Gold towards a pre-feasibility study. Recent milestones include commencing geomechanical drilling and hydrogeological testing, and announcing further assay results from infill and step-out drilling, which continue to confirm the continuity and extensions of gold mineralization at Windjammer and Westaway. Drilling has been focussed on the open pit portions of the mineral resources as defined in the 2022 PEA study during the first 11 years of production."

A total of 6,176 m of drilling was completed in thirty-two (32) drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. Additional assays from 2023 drilling are pending and will be released upon receipt of results.

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