Moneta Gold (TSX:ME; OTCQX:MEAUF) has shared assay results from 13 infill and step-out drill holes on the Windjammer gold deposit at the Tower gold project, located in the Timmins gold camp, Ont.
The drilling was conducted as part of a 76,000-metre program completed in 2022 on the 4.5 million oz. indicated gold and 8.3 million oz. inferred gold resource estimate.
Among notable drilling highlights is hole MGH22-321, which intersected 46 metres at 26.95 g/t gold, including 7 metres at 175.81 g/t gold and 1.00 m at 1,228.00 g/t gold. Hole MGH22-315 intersected 66.15 metres at 0.62 g/t gold, including 14.50 metres at 1.27 g/t gold and 1.30 metres at 3.85 g/t gold. Also, hole MGH22-324 intersected 4.5 metres 2.36 g/t gold and 1.00 metre at 9.79 g/t gold.
The latest resource estimates from Sept 2022 are reported at two different cut-off grades; 0.3 g/t gold for the surface mining scenario and 2.6 g/t gold for the underground mining scenario. The cut-off grade was determined at a gold price of US$1,750 per oz. and an exchange rate of USD$/CDN$ of 0.78. The resource estimate is supported by statistical analysis with different high-grade capping applied to each of the deposits ranging from 1.6 g/t gold to 80.0 g/t gold applied on assays composited into one 1 metre composites
"As we continue to de-risk and advance Tower Gold, 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,” said Gary O'Connor, Moneta's president and CEO.
To learn more, visit www.MonetaGold.com.
April 23, 2024
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