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Moneta Gold Intersects Further Significant Gold Mineralization at Tower Gold

2023-02-15 05:01:25

Toronto, Ontario–(Newsfile Corp. – February 15, 2023) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (“Moneta”) is pleased to announce assay results from thirty (30) resource infill and step-out drill holes on the 903 gold deposit at the Tower Gold project (the “Project”), located in the Timmins Gold Camp, Ontario. The drilling was conducted as part of the 76,000 metres (“m”) of infill and resource upgrade drill program completed in 2022 on the 4.5 million (“M”) ounces (“oz”) indicated gold (“Au”) and 8.3 Moz inferred Au mineral resource estimate (see September 07, 2022 press release).

Drilling Highlights:

  • MGA22-026 intersected 11.60 m @ 4.77 grams per tonne “g/t” Au, including 0.35 m @ 27.64 g/t Au, and 1.50 m @ 24.95 g/t Au
  • MGA22-033 intersected 23.03 m @ 1.79 g/t Au, including 6.00 m @ 5.64 g/t Au
  • MGA22-043 intersected 91.80 m @ 0.80 g/t Au, including 21.05 m @ 2.00 g/t Au
  • MGA22-026 intersected 48.35 m @ 0.64 g/t Au, including 4.90 m @ 3.92 g/t Au
  • MGA22-048 intersected 68.20 m @ 0.70 g/t Au, including 15.50 m @ 1.44 g/t Au, including 2.00 m @ 3.26 g/t Au
  • MGA22-039 intersected 68.58 m @ 0.63 g/t Au, including 13.00 m @ 1.24 g/t Au, and 21.37 m @ 0.91 g/t Au
  • MGA22-035 intersected 7.75 m @ 3.94 g/t Au, including 4.10 m @ 6.72 g/t Au, including 1.35 m @ 8.27 g/t Au
  • MGA22-042 intersected 48.15 m @ 0.73 g/t Au, including 21.05 m @ 2.04 g/t Au
  • MGA22-044 intersected 49.00 m @ 0.63 g/t Au, including 23.00 m @ 0.88 g/t Au, and 5.90 m @ 1.65 g/t Au
  • MGA22-050 intersected 51.40 m @ 0.60 g/t Au, including 11.25 m @ 0.89 g/t Au, and 22.00 m @ 0.77 g/t Au

Gary O’Connor, Moneta’s President and Chief Executive Officer commented, “These latest infill and step-out 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 (“PFS”).”

Junior Mining NetworkFigure 1: Tower Gold Project – General Location Map

Table 1: 903 Zone – Drill Intercepts (above 10 g/t x m Au)

















































































































Hole From To Length Au (gram metres)
(#) (m) (m) (m) (g/t) (g/t x m)
MGA22-018 129.96 137.70 7.74 1.47 11.4
Includes 129.96 133.00 3.04 2.83 8.6
includes 132.00 133.00 1.00 4.76 4.8
MGA22-020 529.00 531.50 2.50 5.50 13.8
includes 529.83 531.50 1.67 7.89 13.2
includes 529.83 530.70 0.87 11.20 9.7
MGA22-026 149.15 197.50 48.35 0.64 30.9
includes 171.15 181.90 10.75 2.13 22.9
includes 177.00 181.90 4.90 3.92 19.2
includes 177.00 179.00 2.00 5.05 10.1
includes 178.00 179.00 1.00 6.61 6.6
and 180.00 181.90 1.90 4.57 8.7
includes 180.00 181.00 1.00 5.77 5.8
MGA22-026 282.40 294.00 11.60 4.77 55.3
includes 282.40 282.75 0.35 27.64 9.7
and 288.20 294.00 5.80 7.76 45.0
includes 291.00 294.00 3.00 13.94 41.8
includes 291.00 292.50 1.50 24.95 37.4
MGA22-026 343.45 350.50 7.05 1.47 10.4
includes 343.45 344.50 1.05 2.61 2.7
MGA22-031 232.00 239.35 7.35 2.13 15.7
includes 236.35 239.35 3.00 3.90 11.7
includes 238.00 239.35 1.35 6.00 8.1
MGA22-032 497.90 517.00 19.10 0.59 11.3
includes 499.50 504.45 4.95 0.86 4.3
and 515.20 517.00 1.80 1.64 3.0
MGA22-033 109.06 137.00 27.94 0.46 12.9
includes 109.06 115.50 6.44 0.94 6.1
MGA22-033 298.00 321.03 23.03 1.79 41.2
includes 303.50 321.03 17.53 2.25 39.4
includes 303.50 309.50 6.00 5.64 33.8
includes 306.50 309.50 3.00 9.99 30.0
includes 306.50 308.00 1.50 14.30 21.5
MGA22-035 158.25 166.00 7.75 3.94 30.5
includes 158.25 162.35 4.10 6.72 27.6
includes 161.00 162.35 1.35 8.27 11.2
MGA22-035 173.00 183.35 10.35 1.21 12.5
includes 173.00 174.50 1.50 2.94 4.4
MGA22-039 377.00 445.58 68.58 0.63 43.2
includes 383.00 396.00 13.00 1.24 16.1
includes 385.30 389.47 4.17 2.08 8.7
and 418.63 440.00 21.37 0.91 19.4
includes 432.00 434.00 2.00 2.83 5.7
MGA22-040 25.50 43.00 17.50 0.65 11.4
includes 37.00 43.00 6.00 1.25 7.5
includes 38.50 40.00 1.50 2.28 3.4
MGA22-040 103.50 144.50 41.00 0.43 17.6
includes 132.00 137.20 5.20 0.83 4.3
includes 133.20 134.00 0.80 2.15 1.7
MGA22-042 188.20 234.00 45.80 0.38 17.4
includes 196.00 212.40 16.40 0.53 8.7
includes 206.65 212.40 5.75 1.03 5.9
MGA22-042 332.85 381.00 48.15 0.73 35.1
includes 332.85 338.00 5.15 1.76 9.1
includes 334.00 336.00 2.00 2.04 4.1
and 375.00 381.00 6.00 1.53 9.2
MGA22-043 186.50 278.30 91.80 0.80 73.4
includes 224.00 245.05 21.05 2.00 42.1
includes 238.00 240.00 2.00 3.43 6.9
MGA22-044 48.00 97.00 49.00 0.63 30.9
includes 50.00 73.00 23.00 0.88 20.2
includes 50.00 53.00 3.00 1.74 5.2
and 67.10 73.00 5.90 1.65 9.7
includes 71.00 73.00 2.00 2.93 5.9
MGA22-045 73.00 113.20 40.20 0.43 17.3
includes 82.45 89.30 6.85 0.86 5.9
includes 82.45 84.00 1.55 1.27 2.0
MGA22-045 345.20 380.00 34.80 0.42 14.6
includes 371.00 378.00 7.00 1.13 7.9
includes 376.00 378.00 2.00 2.61 5.2
MGA22-046 391.38 417.03 25.65 0.48 12.3
includes 413.10 417.03 3.93 1.73 6.8
MGA22-048 285.00 325.50 40.50 0.60 24.3
includes 311.05 325.50 14.45 1.03 14.9
includes 311.05 313.00 1.95 1.87 3.6
MGA22-048 342.80 411.00 68.20 0.70 47.7
includes 362.00 394.00 32.00 0.99 31.7
includes 373.00 388.50 15.50 1.44 22.3
includes 279.00 281.00 2.00 3.26 6.5
MGA22-049 357.00 364.00 7.00 2.79 19.5
includes 362.00 364.00 2.00 9.00 18.0
MGA22-050 113.75 165.15 51.40 0.60 30.8
includes 113.75 125.00 11.25 0.89 10.0
and 141.00 163.00 22.00 0.77 16.9
includes 141.00 144.95 3.95 1.46 5.8
MGA22-050 290.00 312.50 22.50 0.71 16.0
includes 305.00 311.00 6.00 1.36 8.2
MGA22-052 345.50 354.00 8.50 2.45 20.8
includes 348.00 352.35 4.35 3.68 16.0
includes 348.00 350.35 2.35 4.57 10.7
MGA22-053 185.95 199.00 13.05 0.85 11.1
includes 185.95 193.00 7.05 0.98 6.9
MGA22-054 320.10 335.00 14.90 1.16 17.3
includes 320.10 328.00 7.90 1.85 14.6
includes 326.00 328.00 2.00 2.74 5.5
MGA22-054 388.50 403.50 15.00 0.89 13.4
includes 388.50 396.00 7.50 1.39 10.4
includes 388.50 390.00 1.50 2.48 3.7
MGA22-057 201.85 226.00 24.15 1.15 27.8
includes 208.50 226.00 17.50 1.46 25.6
includes 208.50 213.80 5.30 2.19 11.6
includes 210.00 212.00 2.00 3.37 6.7
and 222.00 226.00 4.00 2.58 10.3
MGA22-060 159.15 176.00 16.85 0.79 13.3
includes 159.15 162.90 3.75 1.59 6.0
MGA22-060 211.20 237.50 26.30 0.60 15.8
includes 211.20 218.00 6.80 1.22 8.3
and 234.65 236.00 1.35 3.02 4.1

Note: Drill intercepts above 10 g/t Au x m are reported as significant intercepts. All intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 75% to 95% of true width.

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 x m; however, gold mineralization was intersected above a 0.3 g/t Au cut-off in all eight holes.

A total of 11,080.70 m of drilling was completed in thirty (30) drill holes. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes. An additional 190,000 m resource infill and upgrade drilling program is currently underway. Additional assays are pending and will be released upon receipt of assays.

Discussion of Drill Results

The 903 deposit currently hosts an open pit indicated resource of 18.09 million tonnes (“Mt”) @ 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 (see September 07, 2022 press release). 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 m below surface. Mineralization at 903 is associated with quartz veining within syenites hosted in the Tisdale and Kid-Munro volcanics, and Timiskaming age meta-sediments, located between 2 major splays of the Destor-Porcupine Fault Zone (“DPFZ”) in the Garrison area of the Tower Gold project.

The 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.

Junior Mining NetworkFigure 2: 903 Zone – Tower Gold: Infill Drill Location Map

Junior Mining NetworkFigure 3: 903 Zone – Tower Gold: Infill Drilling Cross Section “A-B”

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Junior Mining NetworkFigure 4: 903 Zone – Tower Gold: Infill Drilling Cross Section “C-D”

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Junior Mining NetworkFigure 5: 903 Zone – Tower Gold: Infill Drilling Cross Section “E-F”

Note: Intercepts are shown and calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied.

Table 2: 903 Zone – Resource Infill Drill Hole Details



































Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGA22-016 576521 5373069 310 340 -50 300.0
MGA22-018 576635 5373048 306 340 -50 300.0
MGA22-020 576704 5373172 304 338 -50 552.0
MGA22-023 576940 5372977 305 340 -50 600.0
MGA22-026 576899 5373052 306 340 -50 450.0
MGA22-031 576993 5373375 298 340 -70 264.9
MGA22-031A 576994 5373375 298 340 -50 146.8
MGA22-032 576809 5372855 307 340 -50 522.0
MGA22-033 577106 5373055 302 340 -50 600.0
MGA22-035 577296 5372987 298 340 -50 562.0
MGA22-036 577103 5373380 297 340 -50 456.0
MGA22-037 577129 5373443 297 340 -50 120.0
MGA22-038 577165 5373490 297 340 -50 243.0
MGA22-039 577023 5372839 304 340 -50 495.0
MGA22-040 577192 5373406 295 340 -50 198.0
MGA22-042 577605 5373122 293 340 -45 471.0
MGA22-043 576912 5372865 306 340 -50 399.0
MGA22-044 577460 5373136 296 340 -50 330.0
MGA22-045 577213 5373063 300 340 -50 405.0
MGA22-046 576878 5372945 306 340 -50 426.0
MGA22-048 576988 5372854 304 340 -50 441.0
MGA22-049 577007 5372979 303 340 -45 411.0
MGA22-050 577330 5373044 298 340 -45 436.0
MGA22-052 577026 5372924 304 340 -45 426.0
MGA22-053 577198 5373002 300 340 -51 200.0
MGA22-054 576824 5372977 307 340 -45 423.0
MGA22-055 576931 5373487 304 340 -45 102.0
MGA22-057 577521 5373023 294 340 -46 318.0
MGA22-059 577047 5373371 297 340 -52 231.0
MGA22-060 577459 5373028 295 340 -45 252.0

Quality Control Procedures

NQ drill core is oriented and cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Bureau Veritas Commodities Ltd.

Qualified Person

Jason Dankowski (APEGM #35155), Vice President Technical Services & Geology for Moneta, who is a QP as defined by NI 43-101, has reviewed and approved the technical contents of this press release.

About Moneta Gold

Moneta is a Canadian-based gold exploration company focused on advancing its 100% wholly owned Tower Gold project, located in the Timmins region of Northeastern Ontario, Canada’s most prolific gold producing camp. 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. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource upgrade drilling program, while conducting all business activities in an environmentally and socially responsible manner.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO
416-357-3319
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Ardem Keshishian, VP Corporate Development
416-471-5463
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The Company’s public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetagold.com or email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

Certain statements in this press release including certain information about Moneta’s business outlook, objectives, strategies, plans, strategic priorities and results of operations, as well as other statements which are not current statements or historical facts, constitute “forward-looking information” or “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (without limitation, statements regarding exploration programs, potential mineralization, future plans and objectives of the Company, updated to the mineral resources, and the timing and results thereof) are forward-looking statements. Sentences and phrases containing words such as “believe”, “estimate”, “anticipate”, “plan”, “will”, “intend”, “predict”, “outlook”, “goal”, “target”, “forecast”, “project”, “scheduled”, “proposed”, “expect”, “potential”, “strategy”, and the negative of any of these words, or variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company.

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Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the forward-looking statements contained in this press release include, but are not limited to: uncertainties relating to the availability and costs of financing needed in the future; changes in commodity prices; changes in equity markets; changes to regulations affecting the Company’s activities; the uncertainties involved in interpreting exploration results and other geological data and the other risks involved in the mineral exploration industry; the impact of COVID-19 related disruptions in relation to the Corporation’s business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19 and the ability of the Corporation to finance and carry out its anticipated goals and objectives; international conflicts and other geopolitical risks, including war, military action, terrorism, trade and financial sanctions, which have historically led to, and may in the future lead to, uncertainty or volatility in global commodity and financial markets and supply chains; and the impact of Russia’s invasion of Ukraine and the widespread international condemnation has had a significant destabilizing effect on world commodity prices, supply chains, inflation risk, and global economies more broadly, may adversely affect the Corporation’s business, financial condition, and results of operations. Additional risks and uncertainties not currently known to Moneta or that Moneta currently deems to be immaterial may also have a material adverse effect on Moneta’s financial position, financial performance, cash flows, business or reputation.

Forward-looking statements made in this press release are based on a number of assumptions that Moneta believed were reasonable at the time it made each forward-looking statement. The assumptions, although considered reasonable by Moneta on the day it made the forward-looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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