Moneta drills 114.50 metres of 0.36 g/t gold at Tower Gold, Ontario
Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOP-FSE] reported final assay results of 12 previously partially announced and five new drill holes confirming the recent gold discovery at the Halfway zone, located within the 100%-owned Golden Highway project area of the Tower Gold project, northeast Ontario.
The drilling is part of the 2020/2021 72,500-metre program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ounces indicated gold and 4.4M ounces inferred gold on the Tower Gold project, located 100 km east of Timmins, Ontario. Additional holes and assays from this drill program remain pending.
Drilling successfully intersected gold mineralization over a strike length of 700 metres and a width of 300 metres to the east of the Windjammer South open pit gold resource within the Halfway area. Today’s results confirm significant extensions of gold mineralization to the current gold resource at Windjammer South.
Highlights include drill hole MGH21-220 that intersected 114.50 metres of 0.36 g/t gold, including 69.50 metres of 0.44 g/t gold, including 1.50 metres of 5.29 g/t gold. Hole MGH21-216 intersected 74.30 metres of 0.37 g/t gold, including 30.00 metres of 0.48 g/t gold, including 1.00 metres of 4.09 g/t gold.
MGH20-158 intersected 84.07 metres of 0.28 g/t gold, including 1.50 metres of 2.20 g/t gold. MGH21-216 intersected 22.00 metres of 0.33 g/t gold. MGH21-254 intersected 19.00 metres of 0.37 g/t gold, including 1.00 metre of 2.18 g/t gold.
Gary O’Connor, CEO, commented, “The latest drill results from the recent Halfway gold discovery have confirmed the potential to expand the open pit resources in an area not previously drill tested and beyond the current gold resources. The Halfway exploration drilling program was testing for gold mineralization over a large area located east of the current Windjammer South economic open pit. We look forward to releasing the remaining outstanding drill results when they become available and updating the mineral resource estimate for the Tower Gold project in the first half of 2022.”
The latest assay results from the Halfway resource definition drill program include the final assay results from 12 previously partially released drill holes, as well as full assay results from an additional five new drill holes for 2,656 metres. The drill program was conducted to test a large area east of the Windjammer South economic open pit in an area with little historical drilling. The Windjammer South open pit gold deposit currently hosts 1.10 Moz gold at a grade of 0.84 g/t gold in Indicated Resources and 1.03 Moz grading 1.10 g/t gold Inferred at a cut-off grade of 0.30 g/t gold). Full assays from an additional 26 drill holes for 10,437 metres from the drill program remain pending.
Drilling was targeting Timiskaming-age clastic sediment hosted gold mineralized stacked quartz veins east of Windjammer South in the recent Halfway discovery area located south of the regional Banded Iron Formation “A” unit. The drilling was testing a large area outside of the Windjammer South economic open pit in areas where recent drilling also intersected gold mineralization over wide widths. The Windjammer South area occurs as the largest open pit gold resource within the Golden Highway portion of the Tower Gold project. Previous results from the first drill holes from the Halfway area were released in the February 02, 2021 press release.
Drill results from the current program at Halfway confirmed the occurrence of shallow west dipping stacked quartz veins sets and associated ankerite-albite-sericite-pyrite alteration haloes in large step-outs beyond the current gold resource. The latest assay results confirmed gold mineralization down to depths of over 500 metres.