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Jan. 6, 2022, 6:52 a.m. EST

Moneta Confirms Good Metallurgical Gold Recoveries from Tower Gold Project

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Toronto, Ontario, Jan 06, 2022 (Newsfile Corp via COMTEX) -- Toronto, Ontario--(Newsfile Corp. - January 6, 2022) - Moneta Gold Inc. (otcqx:MEAUF) (xetra:MOP) ("Moneta") /zigman2/quotes/209414531/delayed CA:ME +0.45% is pleased to announce the results of gold recovery test work conducted on drill core samples from the new Westaway underground and the Discovery underground gold deposits within the Tower Gold project, located 100 km east of Timmins, Ontario. The metallurgical gold recovery test work was conducted as part of the planned preliminary economic assessment ("PEA") study to be conducted on the Tower Gold project upon updating the resource estimate. Moneta recently completed a 72,500 m program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0M ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release ) on the Tower Gold project. Additional holes and assay results from this drill program remain pending.

Highlights from the metallurgical recovery test work include:

  • Average total gold recoveries of 95.5 percent ("%") at Westaway at a standard grind size

  • Significant amount of gold (38.8%) reporting to the gravity circuit at Westaway

  • Quick recovery of gold achieved after 24 hours leach time

  • Optimal gold recoveries with low reagent consumption

  • Clean material showing no acid generation potential and below guidance levels for all deleterious elements

Gary O'Connor, Moneta's CEO commented, "We are pleased the metallurgical gold recovery test work has confirmed excellent gold recoveries at the new Westaway underground gold deposit, confirming good gravity recoveries, quick leach times and low reagent consumptions. The results support the good economics shown in previous studies. The latest test work has confirmed that a conventional gold recovery process plant at standard grind sizes can achieve good gold recoveries for the gold deposits at the Tower Gold project. Test work has also shown that the processed material after gold recovery is non-acid generating and conforms with all the required guidance and regulations."

The metallurgical gold recovery test-work was conducted to assess the potential gold recoveries and optimum process flow sheet required as part of the current economic assessment study underway on the Tower Gold project. The test work was conducted on two (2) composite samples collected from quarter core sampled from 2020/2021 drill holes, completed on the Westaway and Discovery underground gold deposits. The Westaway composite sample was comprised of 32.03 metres ("m") of quarter cut drill core for a total weight of 30.58 kilograms ("kg") with an estimated head grade of 4.80 g/t gold ("Au") based on drill core assays. The Discovery composite sample was comprised of 32.68 m of quarter cut core weighing 31.59 kg with an estimated grade of 3.67 g/t Au based on drill core assays. Composites were selected to be spatially and geologically representative of the deposits. Metallurgical test work was undertaken by SGS Canada Minerals Lakefield at the SGS Lakefield Laboratory, Ontario.



Figure 1: Tower Gold Project: General Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4852/109177_add0a476f48cc9c8_002full.jpg

Discussion of Gold Recovery Test Work Results

Both composites were tested for whole ore leaching (Table 2) to test the gold recovery after crushing and leaching the ore directly. The Westaway composite returned a direct leaching total gold recovery of 92.4% after 72 hours. The Discovery composite returned a direct leaching total gold recovery of 90.5% after 72 hours.

Both composites were tested with gravity gold recovery followed by leaching of the gravity tails (Tables 1 and 3) to ascertain the overall recovery of a gravity/leach circuit which was shown to result in the highest gold recoveries in previous test work ( see press release dated January 14, 2020, ME PR-02-2020). At a nominal 75 micron ("µm") industry standard grind size the Westaway composite returned overall gold recoveries of 95.5% and the Discovery composite returned overall gold recoveries of 88.9%. Gravity only gold recovery for the Westaway composite was high at 38.8% average gold recovery and lower for gravity gold recovery at the Discovery composite at 8.9%. Gold recoveries at Westaway were notably higher with the addition of the gravity circuit and overall recoveries were not seen to be grind size sensitive.

Ball-mill work index ("BWI") test work was conducted on the Westaway and Discovery composites. The Westaway composite returned a BWI of 20.2 kilowatt hours per tonne ("kWh/t") and the Discovery composite returned a BWI of 18.8 kWh/t.

The Westaway gold deposit is hosted within altered Timiskaming age clastic sediments and the Discovery gold deposit is hosted with altered ultramafic volcanic rocks of the Kidd-Munro Formation.

Table 1: Westaway: Total (gravity and leach) Gold Recoveries (48 hours)

Sample Grind Size Gravity Rec'y CN Conc. Leach Tail Leach Rec'y Head Grade Recovery
(#) (P80, µm) (%) (g/L) (g/t Au) (%) (g/t Au) (%)
CN-4 74 29.3% 0.50 0.31 93.0 3.03 95.9
CN-7 73 41.4% 0.50 0.29 91.0 2.74 95.1
CN-14 63 45.7% 0.50 0.30 90.0 2.72 94.6
Average 70 38.8% 0.50 0.30 91.3 2.83 95.2
/zigman2/quotes/209414531/delayed
CA : Canada: Toronto
$ 2.22
+0.01 +0.45%
Volume: 47,333
May 17, 2022 2:02p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$209.91 million
Rev. per Employee
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