Moneta Gold (TSX:ME; OTCQC:MEAUF)has completed about 80% of its 140,000-metre resource upgrade drilling program at the Tower gold project in the Timmins mining camp in northern Ontario. The results are very promising.
The company noted these highlights from the Windjammer South deposit:
- MGN23-463 – 0.90 g/t gold over 105.9 metres, including 2.90 g/t over 18 metres, and another intersection of 1.49 g/t gold over 81.7 metres.
- MGN23-441 – 0.91 g/t gold over 124 metres, including 143 g/t over 10 metres, and 1.45 g/t gold over 22 metres.
- MGH23-458 – 0.87 g/t gold over 120 metres, including 1.39 g/t over 24.65 metres.
- MGN23-435 – 2.47 g/t gold over 20 metres, including 5.25 g/t over 8 metres, including 11.55 g/t gold over 2 metres.
Moneta president and CEO Josef Vejvoda said he is pleased with his team’s progress. “These most recent assay results continue to confirm the continuity of gold mineralization at the Tower gold project, while the completed open pit geomechanical and hydrogeological testing, with the data currently being analyzed, has the potential to increase resources by steepening the open pit wall slope angle, presently designed at a conservative 46° in the September 2022 PEA.”
In 2022 the resources were divided into open pit and underground portions. The open pit resources include 149.8 million indicated tonnes at 0.90 g/t gold (4.3 million oz.) and 223.9 million inferred tonnes at 0.92 g/t gold (6.7 million oz.) The underground resource was 801,000 indicated tonnes at 4.75 g/t gold (112,000 oz.) plus 11.7 million inferred tonnes at 4.35 g/t gold (1.6 million oz.)
The September 2022 PEA for Tower gold is available on www.MonetaPorcupine.com.