Moneta Gold Intersects Significant Gold Mineralization in Exploration Drilling on Tower Gold Project with up to 5.05 m @ 50.09 g/t Gold

2022-07-07 04:00:05

Toronto, Ontario–(Newsfile Corp. – July 7, 2022) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) (“Moneta”) is pleased to announce the assay results from twelve (12) drill holes, totaling 6266.0 metres (“m”), from exploration drilling on new targets on the Tower Gold project, located 100 kilometres (“km”) east of Timmins, 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 (“M”) ounces (“oz”) indicated gold (“Au”) and 7.5 Moz inferred Au (see May 11, 2022 press release) 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 m @ 50.09 grams per tonne “g/t” Au, including 1.00 m @ 251.00 g/t Au
  • MGA21-014 intersected 16.00 m @ 0.66 g/t Au, including 7.50 m @ 1.03 g/t Au, including 1.50 m @ 1.83 g/t Au

55 West

  • MGH22-280 intersected 19.90 m @ 2.45 g/t Au, including 2.28 m @ 16.88 g/t Au, including 1.00 m @ 30.20 g/t Au
  • MGH22-284 intersected 11.75 m @ 1.09 g/t Au including 6.00 m @ 1.52 g/t Au, including 1.00 m @ 3.23 g/t Au
  • MGH22-284 intersected 44.00 m @ 0.61 g/t Au, including 4.00 m @ 1.72 g/t Au, including 1.00 m @ 3.49 g/t Au

Halfway East

  • MGH21-274 intersected 14.00 m @ 1.58 g/t Au, including 2.00 m @ 9.75 g/t Au
  • MGH21-274 intersected 22.60 m @ 0.74 g/t Au, including 5.48 m @ 2.10 g/t Au, including 1.91 m @ 3.39 g/t Au

South Basin

  • MGH21-276 intersected 1.50 m @ 5.23 g/t Au
  • MGH21-276 intersected 1.30 m @ 5.74 g/t Au

Note: Intercepts are calculated using a 0.20 g/t Au cut-off, a maximum of 3m internal dilution and no top cap applied. 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 Chief Executive Officer 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.”

Junior Mining Network
Figure 1: Tower Gold Project – General Location Map 

Table 1: Selected Significant Drill Results

















































































Target Hole From To Length Au Grade thickness
(Name) (#) (m) (m) (m) (g/t) (g x m)
SB MGH21-269 226.00 238.00 12.00 0.78 9.4
  includes 226.00 228.00 2.00 1.42 2.8
SB MGH21-272 246.00 282.00 36.00 0.41 14.8
  includes 270.00 272.00 2.00 1.26 2.5
SB MGH21-272 426.00 436.00 10.00 0.82 8.2
  includes 430.00 432.00 2.00 1.48 3.0
SB MGH21-276 194.00 196.00 2.00 1.87 3.7
SB MGH21-276 205.00 206.50 1.50 5.23 7.8
SB MGH21-276 289.00 291.00 2.00 3.36 6.7
SB MGH21-276 319.70 321.00 1.30 5.74 7.5
55 MGH22-279 50.47 66.00 15.53 0.59 9.2
  includes 50.47 54.00 3.53 1.63 5.8
  includes 53.00 54.00 1.00 3.11 3.1
55 MGH22-279 126.37 139.00 12.63 0.44 5.6
  includes 126.37 130.50 4.13 0.84 3.5
  includes 128.00 129.00 1.00 1.33 1.3
55 MGH22-279 298.00 303.85 5.85 0.62 3.6
  includes 299.00 300.00 1.00 2.10 2.1
55 MGH22-280 68.00 87.90 19.90 2.45 48.8
  includes 79.72 86.00 6.28 7.92 49.7
  includes 79.72 82.00 2.28 16.88 38.5
  includes 81.00 82.00 1.00 30.20 30.2
55 MGH22-280 96.00 106.00 10.00 0.91 9.1
  includes 105.00 106.00 1.00 2.80 2.8
55 MGH22-284 130.30 170.35 40.05 0.46 18.4
  includes 130.30 138.00 7.70 0.61 4.7
  and 153.15 161.00 7.85 0.89 7.0
  includes 153.15 155.00 1.85 2.21 4.1
55 MGH22-284 179.00 223.00 44.00 0.61 26.8
  includes 180.00 182.00 2.00 1.75 3.5
  and 216.00 220.00 4.00 1.72 6.9
  includes 216.00 217.00 1.00 3.49 3.5
55 MGH22-284 339.00 344.00 5.00 1.13 5.7
  includes 342.00 344.00 2.00 2.05 4.1
55 MGH22-284 355.00 362.00 7.00 0.48 3.4
  includes 355.00 356.00 1.00 1.98 2.0
55 MGH22-284 504.25 516.00 11.75 1.09 12.8
  includes 504.25 505.00 0.75 2.63 2.0
  and 509.00 515.00 6.00 1.52 9.1
  includes 509.00 511.00 2.00 2.66 5.3
  includes 510.00 511.00 1.00 3.23 3.2
HW MGH21-274 252.00 266.00 14.00 1.58 22.1
  includes 260.00 262.00 2.00 9.75 19.5
HW MGH21-274 278.40 301.00 22.60 0.74 16.7
  includes 289.00 294.48 5.48 2.10 11.5
  includes 292.57 294.48 1.91 3.39 6.5
HW MGH21-275 128.00 130.00 2.00 0.68 1.4
HW MGH21-275 210.00 224.00 14.00 0.37 5.2
  includes 222.00 224.00 2.00 1.15 2.3
HW MGH21-275 248.00 254.00 6.00 0.77 4.6
  includes 252.00 254.00 2.00 1.61 3.2
HW MGH21-275 394.25 399.00 4.75 0.78 3.7
  includes 394.25 396.00 1.75 1.45 2.5
GA MGA21-011 183.50 205.00 21.50 0.31 6.7
  includes 204.00 205.00 1.00 1.54 1.5
GA MGA21-011 303.55 307.45 3.90 0.67 2.6
  includes 306.50 307.45 0.95 1.74 1.7
GA MGA21-012 459.00 464.05 5.05 50.09 253.0
  includes 459.00 460.00 1.00 251.00 251.0
GA MGA21-012 493.00 499.00 6.00 0.83 5.0
  includes 496.00 499.00 3.00 1.30 3.9
GA MGA21-013 21.00 27.00 6.00 0.52 3.1
  includes 21.00 22.00 1.00 1.55 1.6
GA MGA21-013 32.00 36.00 4.00 0.70 2.8
GA MGA21-013 41.00 61.00 20.00 0.39 7.8
  includes 45.00 51.70 6.70 0.58 3.9
  includes 51.30 51.70 0.40 2.64 1.1
GA MGA21-013 297.00 298.00 1.00 2.98 3.0
GA MGA21-013 396.75 404.00 7.25 0.52 3.8
  includes 398.00 399.00 1.00 1.04 1.0
GA MGA21-013 442.00 461.75 19.75 0.50 9.9
  includes 445.00 448.00 3.00 1.50 4.5
  includes 447.00 448.00 1.00 3.57 3.6
GA MGA21-014 140.00 156.00 16.00 0.66 10.6
  includes 145.00 152.50 7.50 1.03 7.7
  includes 151.00 152.50 1.50 1.83 2.7

Note: Intercepts are calculated using a 0.20 g/t Au cut-off, a maximum of 3m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 70% to 95% of true width.

Discussion of Drill Results

Garrcon

Drilling at the Garrcon target was testing mineralization located adjacent to the regional banded iron formation “BIF” unit over a 900 m strike length west and east of the current Garrcon resource. A total of 4 (four) drill holes for 2,051.0 m was drilled and intersected quartz veining hosted in strongly sericite-carbonate-albite-silica altered clastic sediments on the northern contact of the BIF. Drilling results were returned of up to 5.05 m @ 50.09 g/t Au, containing 1.00 m @ 251.00 g/t Au in drill hole MGA21-012. Drill hole MGA21-013 intersected 19.75 m @ 0.50 g/t Au, including 1.00 m @ 3.57 g/t Au, and drill hole MGA21-014 intersected 16.00 m @ 0.66 g/t Au, including 7.50 m @ 1.03 g/t Au, including 1.50 m @ 1.83 g/t Au.

Junior Mining Network
Figure 2: Garrison – Tower Gold: Oblique view of drill results 

55 West

A total of 3 (three) drill holes for 1,485.0 m was drilled to test for mineralization west of the current gold resources at 55. Drilling was conducted up to 550 m west of the current open pit resources and south of the regional BIF “A” unit within coarse grained clastic sediments, the favoured host for the majority of the current gold resources at the Tower Gold project. Drilling intersected well mineralized quartz-pyrite veins hosted within sericite-albite-carbonate-silica altered sediments in an area not previously drill tested. Drill hole MGH22-280 returned 19.90 m @ 2.45 g/t Au, including 6.28 m @ 7.92 g/t Au, including 2.28 m @ 16.88 g/t Au, including 1.00 m @ 30.20 g/t Au. MGH22-284 intersected 44.00 m @ 0.61 g/t Au, including 4.00 m @ 1.72 g/t Au, including 1.00 m @ 3.49 g/t Au, 40.05 m @ 0.46 g/t Au, including 7.85 m @ 0.89 g/t Au, including 1.85 m @ 2.21 g/t Au, and 11.75 m @ 1.09 g/t Au, including 6.00 m @ 1.52 g/t Au, including 1.00 m @ 3.23 g/t Au.

South Basin

Three (3) drill holes for 1,776.0 m were drilled up to 450 m 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. The southern basin and BIF contact located in this area have not been well tested by drilling. Drilling intersected well altered sericite-albite-carbonate-silica clastic sediment hosted quartz-pyrite veins north of the BIF and returned up to 10.00 m @ 0.82 g/t Au, including 2.00 m @ 1.48 g/t Au in drill hole MGH21-272. Drill hole MGH21-276 returned 1.50 m @ 5.23 g/t Au and 1.30 m @ 5.74 g/t Au.

Halfway

A total of 2 (two) drill holes for 954.0 m was drilled to test the coarse clastic sediments located south of the main BIF A unit in an area over 1,700 m east of the current Windjammer resource and over 800 m east of previous Halfway drilling. The drilling confirmed the occurrence stacked quartz vein sets and associated ankerite-albite-quartz-pyrite alteration haloes and returned assay results of up to 14.00 m @ 1.58 g/t Au, including 2.00 m @ 9.75 g/t Au and 22.60 m @ 0.74 g/t Au, including 5.48 m @ 2.10 g/t Au in drill hole MGH21-274. Drill hole MGH21-275 returned 4.75 m @ 0.78 g/t Au, including 1.75 m @ 1.45 g/t Au, and 6.00 m @ 0.77 g/t Au, including 2.00 m @ 1.61 g/t Au.

Junior Mining Network
 Figure 3: Golden Highway – Tower Gold: Oblique view of drill results 

Table 2: Exploration Drill Hole Details

















Hole Easting Northing Elevation Azimuth Inclination Depth
(#) (mE) (mN) (masl) (°) (°) (m)
MGH21-269 570614 5368778 321 50 -60 597.0
MGH21-272 570772 5368784 321 50 -60 699.0
MGH21-274 573317 5370757 334 80 -60 480.0
MGH21-275 573606 5370818 332 80 -60 399.0
MGH21-276 570761 5368908 321 50 -60 555.0
MGH22-279 568464 5368599 318 110 -55 507.0
MGH22-280 568606 5368657 325 110 -55 456.0
MGH22-284 568917 5368758 324 110 -60 522.0
MGA21-011 580013 5374258 302 300 -55 513.0
MGA21-012 579730 5374029 308 255 -55 500.0
MGA21-013 578498 5373823 290 280 -60 501.0
MGA21-014 578305 5373918 299 309 -55 537.0

   
QA/QC Procedures

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 Activation Laboratories Ltd. Randall Salo, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta Gold

Moneta is a Canadian-based gold exploration company focussed on advancing its 100% wholly owned Tower Gold project, which currently hosts a gold mineral resource estimate of 4.3 Moz indicated and 7.5 Moz inferred. The Corporation’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. 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

Linda Armstrong, Investor Relations
647-456-9223

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..

This news release includes certain forward-looking information and forward-looking statements, collectively “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements include but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Corporation’s drilling program and the timing and results thereof and the timing of the Corporation’s PEA. Forward-looking statements are subject to inherent risks and uncertainties including without limitation 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; 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.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.

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