Moneta Gold drills 0.62 g/t gold over 99 metres of at Tower project, Ontario
Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOP-FSE] reported final assay results of eight previously announced and three new drill holes, testing the resource expansion potential of the Gap zone, located between the Windjammer South and Southwest gold deposits within the Golden Highway area of the 100%-owned 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 4.4 million ounces inferred gold on the Tower gold project, located 100 km east of Timmins, Ontario. Additional holes and assays from this drill program are pending.
Drilling successfully intersected wide zones of gold mineralization in the Gap area located between the Windjammer South open-pit gold resource and the Southwest gold resource over a distance of 700 metres and a width of 350 metres.
Highlights from the drilling include drill hole MGH21-212 that intersected 99.00 metres at 0.62 g/t gold, including 6.00 metres at 1.56 g/t gold, including 0.80 metres at 3.21 g/t gold. MGH21-224 intersected 31.70 metres at 0.95 g/t gold, including 5.00 metres at 3.38 g/t gold, including 1.00 metre at 8.08 g/t gold.
MGH21-214 intersected 23.00 metres at 0.80 g/t gold, including 9.50 metres at 1.33 g/t gold, including 0.50 etres at 3.04 g/t gold. MGH21-204 intersected 28.60 metres at 0.57 g/t gold, including 1.00 metre at 6.14 g/t gold.
MGH21-224 intersected 39.00 metres at 0.57 g/t gold, including 1.50 metres at 4.58 g/t gold. MGH21-224 intersected 19.20 metres at 0.69 g/t gold, including 5.00 metres at 1.11 g/t gold, including 1.00 metre at 2.38 g/t gold. MGH21-211 intersected 19.30 metres at 0.61 g/t gold, including 2.00 metres at 2.84 g/t gold, including 1.00 metre at 3.56 g/t gold.
Gary O’Connor, CEO, commented: “The latest drill results from the Gap zone have confirmed gold mineralization over a large area between the Windjammer South open pit through to the near-surface Southwest, potentially connecting the two large deposits. 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 Gap zone resource expansion drill program include the final assay results from eight previously drill holes, as well as assay results from an additional three new drill holes, including one re-drill, for 1,512.0 metres. The drill program was conducted to test a large area to the west 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 million ounces gold grading 0.84 g/t gold in Indicated Resources and 1.03 million ounces grading 1.10 g/t gold in the Inferred category at a cut-off grade of 0.30 g/t gold. Full assays from an additional 35 drill holes for 14,899 metres from the drill program are pending.