Announcement Date: 2022-05-11
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Moneta Gold Inc.
Project name: Tower
Location: Canada
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Toronto, Ontario – May 11, 2022 – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) (“Moneta” or the “Company”) is pleased to provide an updated mineral resource estimate (“MRE”) for its 100% owned Tower Gold project (“Project”), located 100 kilometres (“km”) east of Timmins, Ontario. The consolidated mineral resource now totals 4.27 million (“M”) ounces (“oz”) indicated gold (“Au”) and 7.50 Moz inferred gold, positioning Tower Gold as one of the advanced exploration projects in Canada. The MRE will form the basis of an updated preliminary economic assessment (“PEA”) scheduled for completion later this quarter. The updated mineral resource was independently prepared by APEX Geoscience Ltd. in accordance with National Instrument 43-101 (“NI 43-101”), with an effective date of May 11, 2022, and using a database current as of March 15, 2022. The Tower Gold project has shown a significant improvement in size over the December 2020 resource estimate and remains open in several directions. The majority of the new resources are attributed to the addition of over 3.0 Moz of total inferred gold resources and 0.3 Moz indicated resources, including the re-establishment of an open pit resource at South West, the discovery of additional resources at Westaway, the infill of the Windjammer open pit at Windjammer Central, and the definition of underground resources at Garrcon.
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