Bulletin
Investor Alert

New York Markets Close in:

Dec. 16, 2021, 6:53 a.m. EST

Moneta's Resource Expansion Drilling on the Windjammer Open Pit Gold Deposit Continues to Intersect Significant Gold Mineralization

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Moneta Gold Inc. (ME)

or Cancel Already have a watchlist? Log In

Toronto, Ontario, Dec 16, 2021 (Newsfile Corp via COMTEX) -- Toronto, Ontario--(Newsfile Corp. - December 16, 2021) - Moneta Gold Inc. (otcqx:MEAUF) (xetra:MOP) ("Moneta") /zigman2/quotes/209414531/delayed CA:ME 0.00% is pleased to announce assay results from fourteen (14) drill holes at the Windjammer South open pit gold deposit, located within the Golden Highway area of the Tower Gold project. The drilling is part of the 2020/2021 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, located 100 kms east of Timmins, Ontario. Additional holes and assays from this drill program remain pending.

Drilling successfully intersected gold mineralization over a strike length of 1,000 m and a width of 400 m within the Windjammer South economic open pit as extensions to the Windjammer South gold resource. Continuous gold mineralization has been confirmed over wide zones outside of the current gold resource in the southern part of the open pit. Today's results confirm significant extensions of gold mineralization to the current gold resource at Windjammer South.

Highlights from the drilling include:

  • MGH21-227 intersected 18.40 m @ 2.22 grams per tonne "g/t" gold "Au", including 7.00 m @ 2.71 g/t Au, including 1.00 m @ 9.49 g/t Au

  • MWJ11-48x intersected 88.55 m @ 0.61 g/t Au, including 25.50 m @ 1.05 g/t Au, including 10.50 m @ 1.64 g/t Au, including 4.50 m @ 2.40 g/t Au

  • MGH21-227 intersected 36.00 m @ 0.83 g/t Au, including 3.00 @ 7.09 g/t Au, including 1.50 m @ 13.50 g/t Au

  • MGH19-124x intersected 9.45 m @ 4.01 g/t Au, including 2.90 m @ 11.87 g/t Au, including 1.00 m @ 19.80 g/t Au

  • MGH21-233 intersected 66.00 m @ 0.62 g/t Au, including 1.50 m @ 2.49 g/t Au

  • MWJ11-48x intersected 42.00 m @ 0.42 g/t Au, including 22.50 m @ 0.89 g/t Au, 13.50 m @ 1.07 g/t Au, including 1.50 m @ 4.16 g/t Au

  • MGH21-240 intersected 47.70 m @ 0.45 g/t Au, including 8.00 m @ 1.46 g/t Au, including 2.00 m @ 2.86 g/t Au

Gary O'Connor, Moneta's CEO commented, "The latest drill results from our 2021/2022 program from the resource expansion drilling at Windjammer South confirm the potential to continue to expand the open pit resources in an area not previously drill tested and beyond the current gold resource estimate. The drilling program was designed to test for extensions of gold mineralization over a large area located within the southern part of the current economic open pit at Windjammer South. Drilling has also targeted the South West extensions in the Gap area, the northern Windjammer South area, the 55 mineral resource areas, the new Halfway discovery east of Windjammer South, the Garrcon underground potential and Garrcon open pit extensions in the Garrison area. We look forward to releasing these drill results when they become available and updating the mineral resource estimate for the Tower Gold project in 2022."

The latest assay results from the Windjammer South resource expansion drill program include assay results from fourteen (14) new drill holes, including four (4) drill hole extensions (MWJ11-36x, MWJ11-40x, MWJ11-48x and MGH19-124x), for a total of 6,974.25 m. The drill program was conducted to infill areas of the Windjammer South economic open pit not previously drill tested. The Windjammer South open pit gold deposit currently hosts 1.10 Moz gold at a grade of 0.84 g/t gold in indicated resources and 1.03 Moz at a grade of 1.10 g/t Gold in the inferred category at a cut-off grade of 0.30 g/t Gold (see December 10, 2020 press release ). Full assays from an additional 66 drill holes for 31,209 m from the full drill program remain pending.

Figure 1: Tower Gold Project: General Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4852/107757_9286f0ff84b6fb32_002full.jpg

Table 1: Selected Significant Drill Results

Target Hole From To Length Au
Name # (m) (m) (m) (g/t)
WJS MWJ11-36x 677.50 683.45 5.95 0.76

includes 681.50 682.50 1.00 2.80
WJS MWJ-11-40x 468.00 487.00 19.00 0.59

includes 474.00 475.65 1.65 2.59

includes 474.00 474.75 0.75 3.26

and 484.00 487.00 3.00 1.36

includes 484.00 485.00 1.00 2.89
WJS MWJ11-48x 708.00 750.00 42.00 0.42

includes 726.00 748.50 22.50 0.89

includes 726.00 739.50 13.50 1.07

includes 738.00 739.50 1.50 4.16
WJS MWJ11-48x 754.45 843.00 88.55 0.61

includes 792.00 817.50 25.50 1.05

includes 807.00 817.50 10.50 1.64

includes 811.50 816.00 4.50 2.40

includes 811.50 813.00 1.50 3.07
WJS MGH19-124x 407.00 416.45 9.45 4.01

includes 412.10 415.00 2.90 11.87

includes 413.00 414.00 1.00 19.80
WJS MGH19-124x 429.00 437.00 8.00 0.64

includes 432.00 434.00 2.00 1.34
WJS MGH19-124x 479.00 486.10 7.10 0.51

includes 485.00 486.10 1.10 2.68
WJS MGH21-227 69.00 87.40 18.40 2.22

includes 70.00 77.00 7.00 2.71

includes 75.00 76.00 1.00 9.49

and 83.00 87.40 4.40 4.01

includes 83.00 85.00 2.00 7.15
WJS MGH21-227 106.00 136.50 30.50 0.47

includes 114.50 116.00 1.50 1.65
WJS MGH21-227 174.00 210.00 36.00 0.83

includes 198.00 201.00 3.00 7.09

includes 199.50 201.00 1.50 13.50
WJS MGH21-227 388.00 400.00 12.00 0.59

includes 388.00 390.00 2.00 1.13

and 398.00 400.00 2.00 2.02
WJS MGH21-228 146.00 162.00 16.00 0.70

includes 160.00 162.00 2.00 4.96
WJS MGH21-229 306.95 313.40 6.45 0.43
WJS MGH21-229 380.40 383.00 2.60 1.96
WJS MGH21-229 424.00 431.00 7.00 0.98

includes 426.00 428.00 2.00 2.55

includes 426.00 427.00 1.00 3.20
WJS MGH21-233 82.50 96.00 13.50 0.51

includes 82.50 84.00 1.50 3.24
WJS MGH21-233 118.50 184.50 66.00 0.62

includes 168.00 169.50 1.50 2.49
WJS MGH21-233 193.50 208.50 15.00 0.52

includes 207.00 208.50 1.50 1.81
WJS MGH21-233 228.00 241.50 13.50 0.55

includes 232.50 234.00 1.50 3.01
WJS MGH21-234 367.00 384.00 17.00 0.66

includes 373.00 374.50 1.50 3.47
WJS MGH21-234 418.00 433.00 15.00 0.93

includes 430.40 432.00 1.60 2.50

includes 430.40 430.95 0.55 3.14
WJS MGH21-234 438.00 449.80 11.80 0.53

includes 443.00 444.00 1.00 2.04
WJS MGH21-236 256.00 260.00 4.00 0.98

includes 259.70 260.00 0.30 8.20
WJS MGH21-240 294.30 342.00 47.70 0.45

includes 304.00 312.00 8.00 1.46

includes 304.00 306.00 2.00 2.86

 

Intercepts are calculated using geological boundaries, a maximum of 3m internal dilution and no top cap applied. Drill intercepts are not true widths, are reported as drill widths, and are estimated to be 80% to 95% of true width.

Discussion of Drill Results

Drilling was targeting Timiskaming age clastic sediment hosted gold mineralized stacked quartz veins in the Windjammer South area located south of the regional Banded Iron Formation "A" ("BIF A") unit. The drilling was testing a large area within the economic open pit occurring outside of the current Windjammer South open pit gold resource in areas not previously drill tested. The Windjammer South area occurs as the largest open pit gold resource within the Golden Highway portion of the Tower Gold project.

/zigman2/quotes/209414531/delayed
CA : Canada: Toronto
$ 2.28
0.00 0.00%
Volume: 50,953
May 24, 2022 11:37a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$216.64 million
Rev. per Employee
N/A
loading...
1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.