Moneta Gold drills 98.35 g/t gold over 3.3 metres at Tower project, Ontario

Moneta Gold Inc. [ME-TSX; MEAUF-OTCQX; MOPA-FSE] released assay results from 52 resource infill and step-out drill holes on the 903 deposit at the 100%-owned Tower gold project, located in the Timmins gold camp, northeastern Ontario.

The drilling was conducted as part of a 76,000-metre drilling program, completed in 2022, and an additional 60,000-metre drilling program that is currently underway. Both drilling programs are designed for resource upgrade and infill of the 4.5 million ounces indicated gold and 8.3 Moz inferred gold mineral resource estimate.

Drilling highlights: MGA22-125 intersected 3.30 metres at 98.35 g/t gold, including 1.80 metres at 180.00 g/t Au. MGA22-096 intersected 1.27 metres at 18.70 g/t Au. MGA22-071 intersected 20.00 metres at 1.13 g/t Au, including 2.00 metres at 2.85 g/t Au.

MGA22-119 intersected 9.90 mettres at 2.03 g/t Au, including 2.00 metres at 4.65 g/t Au. MGA22-071 intersected 12.20 metres at 1.44 g/t Au, including 7.00 metres at 2.06 g/t Au. MGA22-084 intersected 28.44 metres at 0.88 g/t Au, including 5.75 metres at 2.48 g/t Au.

MGA22-064 intersected 28.00 metres at 0.79 g/t Au, including 14.57 mteres at 1.09 g/t Au, including 3.77 metres at 2.69 g/t Au, including 0.69 metres at 8.44 g/t Au. MGA22-089 intersected 3.00 metres at 6.74 g/t Au. MGA22-118 intersected 6.00 metres at 2.81 g/t Au, including 4.00 metres at 3.82 g/t Au, including 2.00 metres at 5.86 g/t Au.

Gary O’Connor, president and CEO, commented: “These latest infill and step-out assay drill results continue to confirm the continuity and extensions of significant gold mineralization at 903, on the Tower Gold project. These results support significant gold grades across wide widths of gold mineralization within the economic open pit mineral resources 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 (PFS).”

A total of 12,082.8 metres of drilling was completed in 52 drill holes. Drilling is being conducted on 50-metres centres as step-outs and infill of previous drill holes. All assays are now released from 2022 drilling. An additional 60,000 metres open pit resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

Thirty-two drill holes did not intersect mineralization above 10 “g/t Au x m”; however, gold mineralization was intersected in all holes above the 0.3 g/t Au economic cut-off. Five drill holes, MGA22-079, MGA22-112, MGA22-129, MGA22-130, and MGA23-139 drilled outside of the current resource estimate, to the north of the 903 deposit, did not intersect mineralization extensions above 0.3 g/t Au cut-off.

The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes 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 350 metres below surface.

The drill results confirmed the continuity and expanded the resource estimate in the central, eastern, and southern areas of the 903 deposit while to the north, extensions were tightened and constrained by the new drilling. In the east, MGA22-103, MGA22-133, MGA-22-092, MGA23-144, and MGA22-084 extended mineralization at depth directly below the PEA pit.

In the central portion of the 903 zone, MGA23-134, MGA22-120, MGA22-140, MGA22-107 confirmed mineralization within the southern area of the PEA pit and MGA22-126 and MGA23-136 constrained mineralization, highlighting the discrete nature of the stockwork vein zones. In the western area of the 903 deposit, drill holes MGA22-119 and MGA22-089 and MGA22-096 extended mineralization at depth below the PEA phase 2 pit, and to the south drill holes MGA22-064 and MGA22-071 confirmed and extended mineralization at depth.

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