Moneta drills bonanza intercept at Tower project in Ontario

Moneta Gold (TSX: ME; US-OTC: MEAUF) has delivered new assay results from 12 drill holes totalling 6,266 metres. These were completed during exploration drilling on new targets at its Tower gold project, located 100 km east of Timmins, Ont.

Highlight of the batch was drill hole MGA21-012, which intersected 5.1 metres at a bonanza grade of 50.09 grams gold per tonne, including 1.0 metre at 251.0 grams gold, at the Garrcon target. Another hole drilled at Garrcon, MGA21-014, intercepted 16.0 metres at 0.66 gram gold, including 7.5 metres at 1.03 grams gold and including 1.5 metres at 1.83 grams gold.

Elsewhere, hole MGH22-280, drilled in the area at 55 West (west of the 55 deposit), returned 19.9 metres at 2.45 grams gold, including 2.28 metres at 16.88 grams gold and 1.0 metre at 30.20 grams gold. At Halfway East (east of the Windjammer South resource), MGH21-274 intersected 14.0 metres at 1.58 grams gold, including 2.0 metres at 9.75 grams gold, while MGH21-276 hit 1.5 metres of 5.23 grams gold at South Basin (south of the Westaway resource).

An aerial view looking east at the Windjammer gold zones at Moneta Porcupine's Golden Highway gold project in northern Ontario. Source: Moneta Porcupine

"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," Gary O'Connor, Moneta's president and CEO, said.

The company recently announced an updated mineral resource estimate for the Tower gold project, showing 4.27 million indicated ounces (147 million tonnes averaging 0.9 gram gold) and 7.5 million inferred ounces (220 million tonnes averaging 1.06 grams gold). The resource estimates are based on exploration to date on nine deposits at the Tower property. The latest drilling was conducted after the cut-off date of the resource update and beyond the resource areas, and therefore the results were not included in the estimate.

Based on the latest results, another resource upgrade is to be expected, as Moneta believes there is significant gold mineralization beyond the current resource. 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.

Along with further drill results, the company plans to release a preliminary economic assessment (PEA) during the second half of the year.