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Moneta logs huge intercepts at Tower Project east of Timmins

Oct 19, 2023

Moneta Gold Inc. has announced a project update and assay results from twenty-five drill holes for a total of 5,534.0 metres ("m") on the Windjammer South deposit at the Tower Gold project, in the Timmins Gold Camp. The drilling was conducted as part of a 140,000 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:

  • 115,000 m, in 426 drill holes, of 140,000 m infill drill program completed, with remaining drill holes to be executed during the winter season
  • Thirteen (13) 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 communition and variability test work, starting in Q4 2023

Windjammer South Drilling Highlights:

  • MGH23-463 intersected 0.95 grams per tonne "g/t" Au over 105.87 m, including 2.20 g/t Au over 14.15 m
  • MGH23-463 intersected 1.49 g/t Au over 81.70 m, including 2.90 g/t Au over 18.00 m
  • MGH23-441 intersected 0.91 g/t Au over 124.00 m, including 1.43 g/t Au over 10.00 m, and 1.45 g/t Au over 22.00 m
  • MGH23-458 intersected 0.87 g/t Au over 120.00 m, including 1.39 g/t Au over 24.65 m
  • MGH23-435 intersected 2.47 g/t Au over 20.00 m, including 5.25 g/t Au over 8.00 m, including 11.55 g/t Au over 2.00 m

Josef Vejvoda, Moneta's Chairman and interim President and Chief Executive Officer commented, "I am very pleased with the team's progress as we advance towards a pre-feasibility study. 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 analysed, 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 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 assays.

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