Moneta Intersects Widespread Gold Mineralization Confirming Continuity on the Windjammer Deposit at Tower Gold
Toronto, Ontario--(Newsfile Corp. - October 18, 2022) - Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce assay results from seventeen (17) drill holes from infill drilling on the Windjammer gold deposit at the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was conducted as part of the current 70,000 metres ("m") infill and resource upgrade drill program on the recently announced mineral resource estimate of 4.5 million ("M") ounces ("oz") indicated gold ("Au") and 8.3 Moz inferred Au (see September 07, 2022 press release) at the Tower Gold project.
- MGH22-298 intersected 158.00 m @ 0.55 grams per tonne "g/t" Au, including 55.00 m @ 0.79 g/t Au, including 20.00 m @ 1.05 g/t Au, including 1.00 m @ 4.26 g/t Au, and 1.00 m @ 6.11 g/t Au
- MGH22-323 intersected 125.80 m @ 0.50 g/t Au, including 7.00 m @ 0.87 g/t Au, including 12.50 m @ 1.83 g/t Au, including 1.00 m @ 5.69 g/t Au
- MGH22-316 intersected 232.00 m @ 0.35 g/t Au, including 20.00 m @ 0.53 g/t Au, and 14.00 m @ 0.73 g/t Au, and 24.50 m @ 0.54, including 1.00 m @ 2.49 g/t Au
- MGH22-307 intersected 285.50 m @ 0.34 g/t Au, including 29.00 m @ 0.53 g/t Au, including 1.00 m @ 4.28 g/t Au, and 13.00 m @ 0.62 g/t Au, including 2.00 m @ 1.86 g/t Au, and 12.00 m @ 0.84 g/t Au, including 5.10 m @ 1.22 g/t Au
- MGH22-294 intersected 27.00 m @ 0.81 g/t Au, including 10.00 m @ 1.73 g/t Au, including 4.00 m @ 3.56 g/t Au, including 1.20 m @ 6.90 g/t Au
- MGH21-273 intercepted 50.00 m @ 0.47 g/t Au, including 8.00 m @ 0.84 g/t Au, including 1.00 m @ 1.35 g/t Au
- MGH22-317 intersected 161.00 m @ 0.39 g/t Au, including 18.00 m @ 1.53 g/t Au, including 6.60 m @ 2.39 g/t Au, including 1.60 m @ 4.21 g/t Au, and 1.00 m @ 6.91 g/t Au
- MGH22-312 intersected 83.00 m @ 0.40 g/t Au, including 38.00 m @ 0.51 g/t Au, including 9.00 m @ 0.77 g/t Au, including 1.00 m @ 1.64 g/t Au
Intercepts are calculated using a 0.20 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.
Gary O'Connor, Moneta's President and Chief Executive Officer, commented, "These latest assay results from Windjammer infill drilling continue to confirm the continuity and extensions of the current mineral resource estimate, only just updated in September. These results support wide widths of gold mineralization within the open pit mineral resources and affirm extensions of mineralization outside the resource to the east and at depth. As we continue to advance and de-risk the Tower Gold project, we look forward to completing the resource infill and upgrade drill program in preparation of the planned Pre-Feasibility Study and releasing additional results from the drill program as they become available."
The latest assay results are from seventeen (17) drill holes for 8,205.0 m of diamond drilling completed at Windjammer as part of an initial 70,000 m drill program planned as resource infill and upgrade drilling. Two (2) drill holes (MGH22-313A and MGH22-294A) did not reach targeted depth and were redrilled to completion as MGH22-313 and MGH22-294. Drilling is being conducted on 50 m centres as step-outs and infill of previous drill holes.
Figure 1: Tower Gold Project - General Location Map
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Table 1: Selected Significant Drill Results
|(#)||(m)||(m)||(m)||(g/t)||(g x m)|
Note: Intercepts are calculated using a 0.20 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.
Discussion of Drill Results
Infill drilling at Windjammer was focused on infilling and extending the wide stacked extensional quartz veins hosting the current open pit gold resource from surface to vertical depths of up of 500 m below surface at Windjammer Central. The drill results confirmed continuity of the resource estimate and extended gold mineralization to the east and at depth. The Windjammer open pit currently hosts an indicated resource of 42.05 million tonnes ("Mt") @ 0.78 g/t Au containing 1,058,000 oz gold and an inferred resource of 34.46 Mt @ 0.97 g/t Au containing 1,074,000 oz gold at Windjammer South and 28.50 Mt @ 0.63 g/t Au for 581,000 oz gold indicated and 77.83 Mt @ 0.64 g/t Au for 1,595,000 oz gold inferred at Windjammer Central (see September 07, 2022 press release). The drill holes predominantly tested the areas north of the regional banded iron formation units ("BIF") within altered clastic sediments hosting stacked vein sets in the Windjammer Central area.
Figure 2: Windjammer - Tower Gold: Infill Drill Location Map
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Table 2: Resource Infill Drill Hole Details
Figure 3: Windjammer - Tower Gold: Infill Drilling Cross Section
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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. Jason Dankowski, P.Geo. V.P. 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, Preliminary Economic Assessment study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach/CIL 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
Linda Armstrong, Investor Relations
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