Moneta drills more gold – 4.77 g/t over 11.6 metres – at Tower near Timmins

Moneta Gold (TSX: ME; OTC: MEUAF; FSE: MOPA) continues to drill significant gold at its Tower project in the Timmins, Ont., gold […]
Drill core showing visible gold. Credit: Moneta Gold

Moneta Gold (TSX: ME; OTC: MEUAF; FSE: MOPA) continues to drill significant gold at its Tower project in the Timmins, Ont., gold camp. The best intersection was from hole MGA22-026 with 4.77 g/t over 11.6 metres, including 27.64 g/t gold over 0.4 metre and 25.95 g/t over 1.5 metre. A cut-off of 0.3 g/t gold was used.

Other notable holes include:

  • MGA22-033: 1.79 g/t gold over 23.0 metres, including 5.64 g/t gold over 6.0 metres.
  • MGA22-043: 0.80 g/t gold over 91.8 metres, including 2.00 g/t gold over 21.1 metres.
  • MGA22-026: 0.64 g/t gold over 48.4 metres, including 3.92 g/t gold over 4.9 metres.
  • MGA22-048: 0.70 g/t gold over 68.2 metres, including 1.44 g/t gold over 15.5 metres, including 3.26 g/t gold over 2.0 metres.
  • MGA22-039: 0.63 g/t gold over 68.6 metres, including 1.24 g/t gold over 13.0 metres, and 0.91 g/t gold over 21.4 metres.
  • MGA22-035: 3.94 g/t gold over 7.8 metres, including 6.72 g/t gold over 4.1 metres, including 8.27 g/t gold over 1.4 metres.
  • MGA22-042: 0.73 g/t gold over 48.2 metres, including 2.04 g/t gold over 21.1 metres.
  • MGA22-044: 0.63 g/t gold over 49.0 metres, including 0.88 g/t gold over 23.0 metres, and 1.65 g/t gold over 5.9 metres.
  • MGA22-050: 0.60 g/t gold over 51.4 metres, including 0.89 g/t gold over 11.3 metres, and 0.77 g/t gold over 22.0 metres.

The company completed 11,080 metres of drilling in 30 holes last year. This year’s infill and upgrade program will total 190,000 metres on 50-metre centres. 

Moneta has already outlined an indicated resource of 4.5 million oz. gold contained in 150.6 million tonnes grading averaging 0.92 g/t and an inferred resource of 8.3 million oz. contained in 235.7 million tonnes at 1.98 g/t gold. The resources are suitable for both open pit and underground mining.

The preliminary economic assessment for the Tower gold project was prepared last year. Pre-production capital would be $517 million plus sustaining capital of $886 million over a mine life of 24 years. After-tax payback would be 2.5 years. The after-tax net present value with a 5% discount is $1.1 billion, and the after-tax internal rate of return is 31.7% with US$1,600/oz. gold. The mine would produce a total of 4.6 million oz. over its lifetime. The all-in sustaining cost is pegged at US$1,073/oz.

More details about the Tower gold project are posted at www.MonetaGold.com.

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