Moneta Gold drills 50.09 g/t gold over 5.05 metres at Tower, Ontario
Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOP-FSE] reported assay results from 12 drill holes, totaling 6266.0 metres, from exploration drilling on new targets on the 100%-owned Tower Gold project, located 100 km east of Timmins, northeastern Ontario. The drilling was conducted post the cut-off date and outside of and beyond the recently announced mineral resource estimate of 4.3 million ounces indicated gold and 7.5 Moz inferred gold on the Tower Gold project. All drill results were from areas not included in the current mineral resource estimate.
Today’s results tested new areas all within the Tower Gold project, including east and west of the Garrcon resource, south of the Westaway resource at South Basin, east of the Windjammer South resource at Halfway, and west of the 55 deposit. Drilling has confirmed significant gold mineralization beyond the current resource. Drill Highlights:
Garrcon: MGA21-012 intersected 5.05 metres at 50.09 g/t gold, including 1.00 metre at 251.00 g/t gold. MGA21-014 intersected 16.00 metres at 0.66 g/t gold, including 7.50 metres at 1.03 g/t gold, including 1.50 metres at 1.83 g/t gold.
55 West: MGH22-280 intersected 19.90 metres at 2.45 g/t gold, including 2.28 metres at 16.88 g/t gold, including 1.00 metre at 30.20 g/t gold. MGH22-284 intersected 11.75 metres at 1.09 g/t gold, including 6.00 metres at 1.52 g/t gold, including 1.00 metre at 3.23 g/t gold. MGH22-284 intersected 44.00 metres at 0.61 g/t gold, including 4.00 metres at 1.72 g/t gold, including 1.00 metre at 3.49 g/t gold.
Halfway East: MGH21-274 intersected 14.00 metres at 1.58 g/t gold, including 2.00 metres at 9.75 g/t gold. MGH21-274 intersected 22.60 metres at 0.74 g/t gold, including 5.48 metres at 2.10 g/t gold, including 1.91 metres at 3.39 g/t gold.
South Basin: MGH21-276 intersected 1.50 metres at 5.23 g/t gold. MGH21-276 intersected 1.30 metres at 5.74 g/t gold.
Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 70% to 95% of true width.
Gary O’Connor, Moneta’s President and CEO, commented, “These latest drill results, testing new targets outside the recently updated open pit and underground mineral resources on the Tower Gold project, have highlighted the excellent exploration upside and opportunity to further grow the resource inventory. Gold mineralization was intercepted as both high grade and wide zones over large areas, at Garrcon in the Garrison area, and to the west, east, and south of the current resources in the Golden Highway area. We look forward to completing the Tower Gold Project preliminary economic assessment (PEA) during the second half of the year and to releasing drill results from the current resource upgrade drill program.”
Drilling at the Garrcon target was testing mineralization located adjacent to the regional banded iron formation “BIF” unit over a 900-metre strike length west and east of the current Garrcon resource.
At 55 West, a total of three drill holes for 1,485.0 metres was drilled to test for mineralization west of the current gold resources at 55.
At South Basin, three drill holes for 1,776.0 metres were drilled up to 450 metres south of the current Westaway resource to test for mineralization along the southern contact of the favourable Timiskaming sedimentary basin and the location of a new BIF unit occurring close to this contact.
At Halfway, two drill holes for 954.0 metres was drilled to test the coarse clastic sediments located south of the main BIF A unit in an area over 1,700 metres east of the current Windjammer resource and over 800 metres east of previous Halfway drilling.
Moneta’s 2022 drill program is primarily designed to infill and upgrade the resource categories of the mineral resources. An updated PEA study encompassing the entire Tower Gold project is planned to be completed in the second half of 2022.
In early morning trading on July 7, shares of Moneta Gold gained $0.10 to $1.72.