Moneta Gold drills 4.77 g/t gold over 11.6 metres at Tower project, Ontario

Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOPA-FSE] reported assay results from 30 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 drilling was conducted as part of the 76,000 metres of infill and resource upgrade drill program completed in 2022 on the mineral resource estimate of 4.5 million ounces indicated gold and 8.3 million ounces inferred gold.

Drilling highlights: MGA22-026 intersected 11.60 metres at 4.77 g/t gold, including 0.35 metres at 27.64 g/t gold, and 1.50 metres at 24.95 g/t gold.

MGA22-033 intersected 23.03 metres at 1.79 g/t Au, including 6.00 metres at 5.64 g/t Au. MGA22-043 intersected 91.80 metres at 0.80 g/t Au, including 21.05 metres at 2.00 g/t Au. MGA22-026 intersected 48.35 metres at 0.64 g/t Au, including 4.90 metres at 3.92 g/t Au.

MGA22-048 intersected 68.20 metres at 0.70 g/t Au, including 15.50 metres at 1.44 g/t Au, including 2.00 metres at 3.26 g/t Au. MGA22-039 intersected 68.58 metres at 0.63 g/t Au, including 13.00 metres at 1.24 g/t Au and 21.37 metres at 0.91 g/t Au.

MGA22-035 intersected 7.75 metres at 3.94 g/t Au, including 4.10 metres at 6.72 g/t Au, including 1.35 metres at 8.27 g/t Au. MGA22-042 intersected 48.15 metres at 0.73 g/t Au, including 21.05 metres at 2.04 g/t Au.

MGA22-044 intersected 49.00 metres at 0.63 g/t Au, including 23.00 metres at 0.88 g/t Au and 5.90 metres at 1.65 g/t Au. MGA22-050 intersected 51.40 metres at 0.60 g/t Au, including 11.25 metres at 0.89 g/t Au and 22.00 metres at 0.77 g/t Au.

Gary O’Connor, President and CEO, commented, “These latest infill and stepout assay drill results from 903 continue to confirm the continuity and extensions of the current mineral resource estimate at the Tower Gold project. These results support significant gold grades across wide widths of gold mineralization within the economic open pit mineral resources at 903 as defined in the Preliminary Economic Assessment (PEA) study and 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 and upgrade drill program in preparation of a mineral resource estimate update for the planned Pre-Feasibility Study.”

Eight drill holes: MGA22-016, MGA22-023, MGA22-031A, MGA22-036, MGA22-037, MGA22-038, MGA22-055, and MGA22-059 did not intersect mineralization above 10 g/t Au; however, gold mineralization was intersected above a 0.3 g/t Au cut-off in all eight holes.

A total of 11,080.70 metres of drilling was completed in 30 drill holes. 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.

The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes (Mt) at 1.01 g/t Au containing 585,000 oz gold and an inferred resource of 24.13 Mt at 0.75 g/t Au containing 581,000 oz gold. The drill holes in this release focused on infill and extensions of the mineral resource within the current open pit gold resource from surface to vertical depths of up to 450 metres below surface.

Drill results confirmed continuity of the resource estimate and extended gold mineralization near surface and at depth to the south. In the eastern area, drill hole MGA22-020 confirmed continuity within the PEA pit and drill holes MGA22-039, MGA22-043, and MGA22-048 extended mineralization at depth to the south. In the central portion of the zone MGA22-033, MGA22-036, MGA22-040, MGA22-045, and MGA22-050 confirmed mineralization within the PEA pit and MGA22-033 and MGA22-045 extended mineralization at depth. In the west, MGA22-042 extended mineralization at depth and MGA22-042, MGA22-044, MGA22-057, and MGA22-060 extended mineralization in the southern area of the resource pit.

The September 2022, PEA study outlined a combined open pit and underground mining and a 7.0 million tonne/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.