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Home > News > Moneta intersects...

Moneta intersects significant new gold mineralization at Tower Gold Project

Aug 25, 2022


"These latest drill results, designed to infill and upgrade the recently updated open pit and underground mineral resources at South West at the Tower Gold project, have highlighted the continuity and extensions of the current South West mineral resource estimate," Gary O'Connor, Moneta's President and Chief Executive Officer said.  

"Results have confirmed both good grade and widths across wide zones of mineralization within the current South West open pit and underground mineral resources. We look forward to completing the Tower Gold project Preliminary Economic Assessment ("PEA") during the third quarter of this year and to releasing additional drill results from the current resource infill and upgrade drill program as they become available." 

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta")  announced the assay results from seven (7) drill holes from infill drilling on the South West gold deposit at the Tower Gold project, located 100 kilometres ("km") east of Timmins. The drilling was conducted as part of the current 70,000 m infill and resource upgrade drill program on 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) at the Tower Gold project. 

Drilling Highlights:
South West

  • MGH22-288 intersected 37.40 m @ 1.12 grams per tonne "g/t" Au, including 12.40 m @ 2.98 g/t Au, including 7.60 m @ 4.19 g/t Au, including 2.00 m @ 11.87 g/t Au, including 1.00 m @ 16.10 g/t Au
  • MGH22-288 intersected 21.90 m @ 1.43 g/t Au, including 9.15 m @ 2.82 g/t Au, including 5.15 m @ 3.96 g/t Au, including 2.00 m @ 5.59 g/t Au, including 1.00 m @ 6.41 g/t Au
  • MGH22-287 intersected 14.28 m @ 1.98 g/t Au, including 8.55 m @ 3.06 g/t Au, and 1.60 m @ 9.71 g/t Au, including 0.60 m @ 15.90 g/t Au
  • MGH22-283 intersected 11.05 m @ 3.10 g/t Au, including 8.05 m @ 3.99 g/t Au, including 2.85 m @ 6.16 g/t Au
  • MGH22-293 intersected 56.50 m @ 1.03 g/t Au, 11.05 m @ 2.76 g/t Au, including 3.00 m @ 6.70 g/t Au, including 1.00 m @ 11.20 g/t Au
  • MGH22-291 intersected 20.50 m @ 1.61 g/t Au, including 12.00 m @ 2.21 g/t Au, including 1.00 m @ 7.10 g/t Au and 5.15 m @ 2.38 g/t Au 
  • MGH22-288 intersected 8.00 m @ 2.13 g/t Au, including 2.00 m @ 6.81 g/t Au, including 1.00 m @ 12.00 g/t Au
  • MGH22-293 intersected 13.50 m @ 1.23 g/t Au, including 1.00 m @ 11.30 g/t Au
  • MGH22-291 intersected 3.70 m @ 3.34 g/t Au, including 1.00 m @ 9.52 g/t Au 
  • MGH22-283 intersected 7.65 m @ 2.40 g/t Au, including 1.65 m @ 9.05 g/t Au, including 1.00 m @ 13.30 g/t Au
  • MGH22-287 intersected 7.90 m @ 1.64 g/t Au, including 4.05 m @ 2.81 g/t Au, including 2.16 m @ 4.00 g/t Au, including 1.08 m @ 5.97 g/t Au 
  • MGH22-288 intersected 12.00 m @ 1.73 g/t Au, including 6.00 m @ 3.05 g/t Au, including 2.00 m @ 6.78 g/t Au, including 1.00 m @ 7.19 g/t Au

The latest assay results are from seven (7) drill holes for 5,328.0 m of diamond drilling completed at South West as part of an initial 70,000 m drill program planned as resource infill and upgrade drilling. Two (2) of the holes MGH22-290 and MGH22-290A did not reach targeted depth. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes.



Tags: Northern Ontario / Exploration / Gold / All Articles