Moneta Gold drills 4.60 g/t gold over 24.75 metres at Tower, Ontario

Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOPA-FSE] reported assay results from 43 resource infill and step-out drill holes on the 903 gold deposit at the 100%-owned Tower Gold project, located in the Timmins Gold Camp, northeastern Ontario.

The latest drilling results are part of the 76,000 metres of infill and resource upgrade drill program completed in 2022 on the 4.5 million ounces indicated gold and 8.3 Moz inferred Au mineral resource estimate.

Drilling Highlights included hole MGA22-097 that intersected 24.75 metres of 4.60 g/t Au, including 14.85 metres of 5.90 g/t Au, including 1.00 metre of 17.80 g/t Au, and 1.00 metre of 18.00 g/t Au.

MGA22-087 intersected 10.05 metres of 6.02 g/t Au, including 6.05 metres of 9.35 g/t Au, including 1.05 metres of 36.20 g/t Au. MGA22-087 intersected 20.00 metres of 2.90 g/t Au, including 7.25 metres of 2.32 g/t Au, and 4.65 metres of 8.49 g/t Au, including 2.00 metres of 17.40 g/t Au.

MGA22-088 intersected 47.00 metres of 1.18 g/t Au, including 35.00 metres of 1.43 g/t Au, including 3.23 metres of 5.70 g/t Au, including 1.23 metres of 10.70 g/t Au. MGA22-076 intersected 26.25 metres of 1.84 g/t Au, including 15.00 metres of 2.64 g/t Au, including 2.25 metres of 6.78 g/t Au.

MGA22-074 intersected 20.96 metres of 1.48 g/t Au, including 7.42 metres of 2.17 g/t Au. MGA22-076 intersected 11.00 metres of 2.60 g/t Au, including 2.00 metres of 12.70 g/t Au, including 1.00 metre of 17.57 g/t Au. MGA22-047 intersected 11.00 metres of 2.14 g/t Au, including 3.40 metres of 4.35 g/t Au, including 1.00 metre of 7.98 g/t Au.

Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 75% to 95% of true width.

Gary O’Connor, President and CEO, commented, “We are very pleased to announce additional infill and step-out assay drill results from 903, which continue to confirm the continuity and extensions of the current mineral resource estimate at the Tower Gold project. These results support wide widths of mineralization containing significant gold grades within the economic open pit mineral resources at 903 as defined in the Preliminary Economic Assessment (PEA) study, within an area contained during the payback period in the first 5 years of production. Extensions of good gold mineralization have also been intersected outside the resource and pit. As we continue to grow, de-risk, and advance the Project, we look forward to completing the current resource infill drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study (PFS). We are also very pleased to welcome Dennis Wilson to the company as VP Sustainability. His expertise in the areas of permitting, Environmental, Social, and Governance (ESG), safety and importantly First Nations engagement will prove to be an important addition to the management team at Moneta Gold.”

A total of 10,057.00 metres of drilling was completed in the 43 drill holes reported. Drilling is being conducted on 50-metre centres as step-outs and infill of previous drill holes. An additional 190,000 metres resource infill and upgrade drilling program is currently underway. Additional assays are pending, including the results for a further 43 drill holes from the 903 infill program completed in 2022.

The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes of 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13 Mt @ 0.75 g/t Au containing 581,000 oz gold.

The September 2022, PEA study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach 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.