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Moneta Intersects significant mineralization @ Tower Gold Project up to 5.05m @ 50.09 g/t Gold

Jul 7, 2022

Moneta Gold Inc. has announced the assay results from twelve (12) drill holes, totaling 6266.0 metres ("m"), from exploration drilling on new targets on the Tower Gold project, located 100 kilometres ("km") east of Timmins. The drilling was conducted post the cut-off date and outside of and beyond the recently announced mineral resource estimate of 4.3 million ("M") ounces ("oz") indicated gold ("Au") and 7.5 Moz inferred Au (see May 11, 2022 press release) on the Tower Gold project. All drill results were from areas not included in the current mineral resource estimate. 

Today's results tested new areas all within the Tower Gold project, including east and west of the Garrcon resource, south of the Westaway resource at South Basin, east of the Windjammer South resource at Halfway, and west of the 55 deposit. Drilling has confirmed significant gold mineralization beyond the current resource. 

Drill Highlights:


  • MGA21-012 intersected 5.05 m @ 50.09 grams per tonne "g/t" Au, including 1.00 m @ 251.00 g/t Au
  • MGA21-014 intersected 16.00 m @ 0.66 g/t Au, including 7.50 m @ 1.03 g/t Au, including 1.50 m @ 1.83 g/t Au

55 West

  • MGH22-280 intersected 19.90 m @ 2.45 g/t Au, including 2.28 m @ 16.88 g/t Au, including 1.00 m @ 30.20 g/t Au
  • MGH22-284 intersected 11.75 m @ 1.09 g/t Au including 6.00 m @ 1.52 g/t Au, including 1.00 m @ 3.23 g/t Au
  • MGH22-284 intersected 44.00 m @ 0.61 g/t Au, including 4.00 m @ 1.72 g/t Au, including 1.00 m @ 3.49 g/t Au 

Halfway East

  • MGH21-274 intersected 14.00 m @ 1.58 g/t Au, including 2.00 m @ 9.75 g/t Au
  • MGH21-274 intersected 22.60 m @ 0.74 g/t Au, including 5.48 m @ 2.10 g/t Au, including 1.91 m @ 3.39 g/t Au 

South Basin 

  • MGH21-276 intersected 1.50 m @ 5.23 g/t Au
  • MGH21-276 intersected 1.30 m @ 5.74 g/t Au

Note: Intercepts are calculated using a 0.20 g/t Au cut-off, a maximum of 3m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 70% to 95% of true width.

Gary O'Connor, Moneta's President and Chief Executive Officer commented, "These latest drill results, testing new targets outside the recently updated open pit and underground mineral resources on the Tower Gold project, have highlighted the excellent exploration upside and opportunity to further grow the resource inventory. Gold mineralization was intercepted as both high grade and wide zones over large areas, at Garrcon in the Garrison area, and to the west, east, and south of the current resources in the Golden Highway area. We look forward to completing the Tower Gold Project preliminary economic assessment ("PEA") during the second half of the year and to releasing drill results from the current resource upgrade drill program."

Tags: Northern Ontario / Exploration / Gold / All Articles