Moneta Gold drills 1.82 g/t gold over 70 metres at Tower Project, Ontario

Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOP-XETRA] reported assay results from 14 drill holes from resource infill and step-out drilling on the Westaway and South West gold deposits at the 100%-owned Tower gold project 100 km east of Timmins, northeastern Ontario.

The drilling was conducted as part of the current 70,000-metre infill and resource upgrade drill program on the recently announced mineral resource estimate of 4.5 million ounces indicated gold and 8.3 Moz inferred gold at the Tower Gold project.

At Westaway, drill hole MGH22-310 intersected 70 metres at 1.82 g/t gold, including 37.00 metres at 3.10 g/t Au, including 22.15 metres at 4.62 g/t Au, including 6.95 metres at 6.40 g/t Au, and 0.80 metres at 11.90 g/t Au.

MGH22-320 intersected 29.00 metres at 3.34 g/t Au, including 2.12 metres at 12.60 g/t Au, including 0.92 metres at 22.70 g/t Au, and 5.00 metres at 5.05 g/t Au, and 3.90 metres at 5.32 g/t Au.

MGH22-309 intersected 4.00 metres at 11.43 g/t Au, including 2.75 metres at 16.21 g/t Au, including 1.40 metres at 19.50 g/t Au. MGH22-299 intersected 27.00 metres at 2.23 g/t Au, including 7.10 metres at 7.70 g/t Au, including 3.05 metres at 15.49 g/t Au, and 0.95 metres at 23.30 g/t Au.

MGH22-292 intersected 16.35 metres at 2.77 g/t Au, including 7.45 metres at 3.51 g/t Au, including 1.20 metres at 12.80 g/t Au, and 1.25 metres at 8.91 g/t Au. MGH22-292 intersected 6.00 metres at 7.47 g/t Au, including 1.30 metres at 14.62 g/t Au, including 0.60 metres at 20.20 g/t Au, and 1.00 metres at 16.50 g/t Au.

MGH22-304 intersected 19.00 metres at 2.15 g/t Au, including 7.00 metres at 4.44 g/t Au, including 2.00 metres at 13.81 g/t Au, including 1.00 metres at 23.80 g/t Au. MGH22-300 intersected 13.10 metres at 2.59 g/t Au, including 8.10 metres at 3.05 g/t Au, including 1.00 metres at 7.41 g/t Au, and 1.00 metre at 5.75 g/t Au.

At South West, MGH22-293 intersected 56.50 metres at 1.10 g/t Au, including 10.00 metres at 3.30 g/t Au, including 3.00 metres at 6.70 g/t Au, including 1.00 metre at 11.20 g/t Au. MGH22-291 intersected 20.50 metres at 1.61 g/t Au, including 12.00 metres at 2.21 g/t Au, including 1.00 metre at 7.10 g/t Au.

MGH22-291 intersected 3.70 metres at 3.34 g/t Au, including 1.00 metres at 9.52 g/t Au. MGH22-293 intersected 27.50 metres at 0.99 g/t Au, including 8.70 metres at 1.95 g/t Au, including 1.20 metres at 5.72 g/t Au.

Gary O’Connor, president and CEO, commented: “These latest infill assay drill results from Westaway and South West continue to confirm the continuity and extensions of the current mineral resource estimate, recently updated in September. These results support significant gold grades across wide widths of gold mineralization within the mostly underground mineral resources and have intersected extensions of mineralization outside the resource up to 150 metres to the west and at depth and up to 300 metres to the east. As we continue to de-risk and advance the Tower Gold project, we look forward to completing the current resource infill and upgrade drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study, set to commence in the first quarter of 2024.”

The September 2022, Preliminary Economic Assessment study outlined a combined open pit and underground mining and a 7.0 million tonne/year conventional leach/CIL operation over a 24-year mine life, with 4.6 Moz of recovered gold, generating an after-tax NPV5% of $1,066M, IRR of 31.7%, and a 2.6-year payback at a gold price US$1,600/oz. Tower Gold hosts an estimated gold mineral resource of 4.5 Moz indicated and 8.3 Moz inferred.