Moneta Intersects Significant Gold Mineralization in Step-out Drilling at Garrcon, Tower Gold Project

Moneta Intersects Significant Gold Mineralization in Step-out Drilling at Garrcon, Tower Gold Project

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce the assay results from ten (10) drill holes at Garrcon, from the Garrison area of the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was part of the 20202021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project. These results represent the final assays from this drill program.

Today's results, testing both the open pit and underground resource expansion potential at Garrcon, have confirmed significant gold mineralization over a strike length of 750 m and width of 500 m in step-out drilling beyond the current resource and within an area with significant historical gold mineralization not currently in any resource category.

Highlights from the drilling include:

  • MGA21-005 intersected 67.00 m @ 3.05 grams per tonne "g/t" gold "Au", including 38.50 m @ 4.85 g/t Au, including 23.00 m @ 7.50 g/t Au, including 8.75 m @ 15.85 g/t Au, including 1.00 m @ 114.00 g/t Au
  • MGA21-005 intersected 62.45 m @ 1.17 g/t Au, including 10.00 m @ 3.12 g/t Au, including 1.50 m @ 6.96 g/t Au and 1.00 m @ 7.82 g/t Au
  • MGA21-002 intersected 54.70 m @ 1.26 g/t Au, including 1.50 m @ 4.70 g/t Au, and 13.50 m @ 3.16 g/t Au, including 3.00 m @ 10.65 g/t Au, including 1.50 m @ 17.79 g/t Au
  • MGA21-005 intersected 7.00 m @ 5.83 g/t Au, including 1.50 m @ 23.90 g/t Au
  • MGA21-008 intersected 12.50 m @ 2.30 g/t Au, including 4.50 m @ 5.93 g/t Au, including 1.50 m @ 16.10 g/t Au
  • MGA21-005 intersected 39.50 m @ 0.94 g/t Au, including 25.50 m @ 1.11 g/t Au, including 1.05 m @ 16.20 g/t Au
  • MGA21-003 intersected 34.00 m @ 0.85 g/t Au, including 12.00 m @ 1.46 g/t Au, including 5.00 m @ 2.08 g/t Au, including 1.00 m @ 3.09 g/t Au
  • MGA21-009 intersected 46.00 m @ 0.57 g/t Au, including 1.50 m @ 7.08 g/t Au
  • MGA21-003 intersected 7.00 m @ 1.81 g/t Au, including 1.00 m @ 11.80 g/t Au

Gary O'Connor, Moneta's Chief Executive Officer, commented, "These latest drill results, testing both the open pit and underground resource potential at Garrcon, have confirmed significant gold mineralization in step-out drilling beyond the current resource and within an area with significant historical gold mineralization not currently in any resource category. The Garrcon drilling program was testing for gold mineralization outside of the current open pit and as potential high grade underground extensions below the current open pit resource. Gold mineralization was intercepted as both high grade and wide zones, has the potential to expand the current Garcon open pit resource, and add an underground resource at higher grades. The Garrison deposits currently occur as good starter pits in the early years of development with good outcropping gold mineralization at high grades and a low strip ratio. We look forward to adding to this and updating the mineral resource estimate for the Tower Gold project, which is currently underway."

The latest assay results from the Garrcon underground and open pit resource expansion drill program include the assay results from ten (10) drill holes for a total of 6,630.0 m. The drill program was conducted to test the open pit resource expansion potential and to test for the potential for underground resources at Garrcon. The Garrcon target currently contains no underground resources and an open pit gold resource currently containing 0.55 Moz gold at a grade of 0.82 g/t gold in indicated resources and 0.20 Moz at a grade of 0.87 g/t gold in the inferred category at a cut-off grade of 0.30 g/t gold (see January 14, 2021 press release). The Garrcon area has been the subject of significant historical drilling and the development of an underground exploration shaft and development, and surface bulk sampling open pits. Full assays have now been reported for all drill holes from the 2020/2021 resource expansion drill plan, comprised of 72,500 m in 130 drill holes.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4852/117918_5990e45574e5db5f_002.jpg
 
Figure 1: Tower Gold Project: General Location Map

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4852/117918_5990e45574e5db5f_002full.jpg
 

Table 1: Garrcon: Selected Significant Drill Results

HoleFrom ToLengthAuGram metres
(#)(m)(m)(m)(g/t)(g x m)
MGA21-001516.00544.0028.000.4312.0
includes520.00521.001.003.083.1
MGA21-00267.0069.102.102.725.7
including68.0068.800.805.354.3
MGA21-00284.00110.0026.000.4110.7
includes104.00109.005.000.995.0
MGA21-002117.00132.0015.000.416.2
includes130.00131.001.001.741.7
MGA21-002138.50187.5049.000.3517.2
includes149.60161.5011.900.738.7
includes155.50157.001.502.694.0
MGA21-002305.50310.905.401.729.3
includes306.70310.003.302.638.7
includes306.70307.300.607.204.3
MGA21-002333.30388.0054.701.2668.9
includes338.00342.504.502.6011.7
includes341.00342.501.504.707.1
and348.50362.0013.503.1642.7
includes351.50354.503.0010.6532.0
includes353.00354.501.5017.7926.7
MGA21-002400.60404.003.401.876.4
includes400.60402.001.403.925.5
MGA21-002411.50445.0033.500.4214.1
includes435.50438.503.001.975.9
includes437.00438.501.502.433.6
MGA21-002519.50530.0010.500.616.4
includes521.00522.501.501.572.4
MGA21-003492.00499.007.001.8112.7
includes498.00499.001.0011.8011.8
MGA21-003549.00583.0034.000.8528.9
includes555.00567.0012.001.4617.5
includes555.00560.005.002.0810.4
and559.00560.001.003.093.1
MGA21-00462.1578.0015.850.528.2
includes64.1566.001.851.011.9
MGA21-004547.85553.355.501.256.9
including552.35553.351.005.895.9
MGA21-005226.00239.5013.500.8511.5
includes231.00239.508.501.179.9
and238.00239.501.502.994.5
includes238.00239.001.003.193.2
MGA21-005301.50325.0023.500.4310.1
including310.00311.001.001.381.4
and324.50325.000.502.711.4
MGA21-005329.00342.0013.000.516.6
including335.00342.007.000.684.8
including335.00336.001.002.412.4
MGA21-005410.00417.007.005.8340.8
includes415.50417.001.5023.9035.9
MGA21-005465.50505.0039.500.9437.1
includes466.50492.0025.501.1128.3
includes466.50467.551.0516.2017.0
MGA21-005533.00600.0067.003.05204.4
includes554.50593.0038.504.85186.7
includes559.35593.0033.655.45183.4
includes 570.00593.0023.007.50172.5
includes584.25593.008.7515.85138.7
includes 591.00592.001.00114.00114.0
MGA21-005612.15674.6062.451.1773.1
includes612.15630.5018.351.3925.5
includes612.15614.001.852.614.8
and623.00630.507.501.9514.6
includes625.00625.950.953.223.1
and647.00657.0010.003.1231.2
includes648.50650.001.506.9610.4
and656.00657.001.007.827.8
MGA21-005681.00710.0029.000.5616.2
includes689.20691.001.803.466.2
includes690.20691.000.804.673.7
MGA21-00844.5556.5011.950.485.7
includes44.5546.501.951.783.5
includes44.5545.500.952.011.9
MGA21-008180.00181.501.503.605.4
MGA21-008211.00257.0046.000.4118.9
MGA21-008246.00255.809.800.858.3
includes246.00247.501.503.044.6
and255.00255.800.803.632.9
MGA21-008318.00360.3542.350.4217.8
includes333.00334.501.502.784.2
and356.00357.601.602.373.8
MGA21-008363.20376.4513.250.8811.7
includes367.50376.458.951.109.8
includes367.50369.001.502.293.4
MGA21-008415.50427.5012.000.667.9
includes418.40423.004.601.255.8
MGA21-008434.50447.0012.502.3028.8
includes434.50439.004.505.9326.7
includes437.50439.001.5016.1024.2
MGA21-00954.6056.001.406.889.6
includes54.6055.400.8011.909.5
MGA21-009480.00526.0046.000.5726.2
includes489.00490.501.507.0810.6
and520.00521.001.002.612.6
MGA21-009564.70590.0025.300.5213.2
includes580.30585.004.701.617.6
includes584.00585.001.002.882.9
MGA21-010280.00304.0024.000.337.9
includes286.00288.002.001.182.4
and302.00304.002.001.362.7

 
Note: Intercepts are calculated using a 0.20 g/t Au cut-off, 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.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4852/117918_5990e45574e5db5f_003.jpg
 
Figure 2: Garrcon Drill Program: Drill Hole Location Map

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4852/117918_5990e45574e5db5f_003full.jpg

Discussion of Drill Results

Drilling was targeting gold mineralized stacked quartz veins hosted within Timiskaming age clastic sediments located north of the regional Destor Porcupine Fault zone and hosted within a transgressive sedimentary basin setting in the Garrison area. Gold mineralization is spatially associated with a regional Banded Iron Formation ("BIF") unit similar to the geological setting of gold mineralization in the Golden Highway area, situated 5 km to the west of the Garrison area. The main orientation of gold mineralized structures within the Garrison basin is east dipping. The drilling was testing a large area adjacent to and under the current Garrcon open pit resource including mineralization to depth. Significant higher grade mineralization has been drilled and developed at Garrcon down to depths of over 1,000 m. No underground resource currently exists at Garrcon and the Garrison area.

Drill results from the current program at Garrcon have confirmed the continuation of east dipping stacked quartz vein sets and associated ankerite-albite-quartz-pyrite alteration haloes in large step-outs below the open pit occurring as both potentially open pit and underground resources. The latest assay results confirmed gold mineralization over an area 750 m long, 500 m wide, and down to depths of over 500 m.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/4852/117918_5990e45574e5db5f_004.jpg
 
Figure 3: Garrcon Drilling- Cross Section

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4852/117918_5990e45574e5db5f_004full.jpg

Table 2: Drill Hole Details: Garrcon

HoleEastingNorthingElevationAzimuthInclinationDepth
(#)(mE)(mN)(masl)(°)(°)(m)
MGA21-0015789785373746289280-65546.0
MGA21-0025795495374049309280-55750.0
MGA21-0035797285374006306280-55714.0
MGA21-0045795795374149301280-60720.0
MGA21-0055790155373852292280-60807.0
MGA21-006 5793915374079286280-60299.0
MGA21-0075797105374127307280-60702.0
MGA21-0085788865373922285280-60687.0
MGA21-0095797205374227307280-55699.0
MGA21-0105786895373804288280-75706.0

 

QA/QC Procedures

Drill core is oriented and cut with half sent to AGAT Laboratories Inc. (AGAT) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). AGAT is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. Moneta inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Activation Laboratories Ltd. Randall Salo, P.Geo. is a qualified person under NI 43-101 and has reviewed and approved the technical contents of this press release.

About Moneta Gold

Moneta is a Canadian based gold exploration company focussed on advancing its 100% wholly owned Tower Gold project, which currently hosts a gold mineral resource estimate of 4.0M ounces indicated and 4.4M ounces inferred. The Company's 2020/2021 drill program was designed to test extensions of mineralization and expand the current mineral resource. An updated mineral resource estimate and Preliminary Economic Assessment study encompassing the entire Tower Gold project will be announced in the first half of 2022. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource expansion drilling program, while conducting all business activities in an environmentally and socially responsible manner.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Gary V. O'Connor, CEO
416-357-3319

Linda Armstrong, Investor Relations
647-456-9223

The Company's public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetagold.com or email us at info@monetagold.com.

This news release includes certain forward-looking information and forward-looking statements, collectively "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements include, but are not limited to information with respect to the future performance of the business, its operations and financial performance and condition such as the Company's drilling program and the timing and results thereof; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. and the ability of the Company to finance and carry out its anticipated goals and objectives.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117918

News Provided by Newsfile via QuoteMedia

ME:CA
The Conversation (0)
Moneta Announces Voting Results from Annual General & Special Meeting of Shareholders

Moneta Announces Voting Results from Annual General & Special Meeting of Shareholders

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta" or the "Corporation") announced the approval of each of the matters set out in the Corporation's Management Information Circular ("Circular") dated April 15, 2022 at the 2022 Annual General and Special Meeting of Shareholders held via webcast on June 2nd, 2022.

The total number of shares represented by shareholders present in person virtually and by proxy at the Meeting was 52,456,986, representing 55.23% of the Corporation's outstanding shares.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Moneta Increases Resources to 4,265,000 Oz Gold Indicated and 7,496,000 Oz Gold Inferred at Tower Gold Project

Moneta Increases Resources to 4,265,000 Oz Gold Indicated and 7,496,000 Oz Gold Inferred at Tower Gold Project

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.

Highlights of the Updated Tower Gold Mineral Resource Estimate:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Moneta Gold: Invitation to VRIC Booth 216

Moneta Gold: Invitation to VRIC Booth 216

Moneta Gold (TSX: ME) would like to cordially invite you to visit us at Booth #216 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Tuesday May 17 Wednesday May 18, 2022.

Former Prime Minister of Canada, Stephen Harper and Former President of Mexico, Felipe Calderon are two of the marquee speakers at the 2022 Resource Investment Conference. The Vancouver Resource Investment Conference (VRIC) will host over 100 international keynote speakers covering the hottest topics in finance, economics and geopolitics on May 17th and 18th, 2022.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Moneta Expands Gold Mineralization at 55 Zone, Tower Gold Project

Moneta Expands Gold Mineralization at 55 Zone, Tower Gold Project

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce the final assay results from ten (10) drill holes at the 55 Zone, from the Golden Highway area of the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was part of the 20202021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project. Additional holes and assays from this drill program remain pending from the Garrcon deposit area.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Moneta Continues to Expand Gold Mineralization at Windjammer Central, Tower Gold Project

Moneta Continues to Expand Gold Mineralization at Windjammer Central, Tower Gold Project

Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (XETRA: MOP) ("Moneta") is pleased to announce the final assay results from twelve (12) previously partially announced and six (6) new drill holes at Windjammer Central, from the Golden Highway area of the Tower Gold project, located 100 kilometres ("km") east of Timmins, Ontario. The drilling was part of the 20202021 72,500 metre ("m") program in 130 drill holes designed to test extensions of the current mineral resource estimate of 4.0 million ("M") ounces indicated gold and 4.4M ounces inferred gold (see February 24, 2021 press release) on the Tower Gold project. Additional holes and assays from this drill program remain pending.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Rio Silver

Rio Silver


Keep reading...Show less
M&A graphic.

Orla to Buy Musselwhite Gold Mine from Newmont for US$850 Million

Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) has entered into a definitive deal to buy the Musselwhite gold mine from Newmont (TSX:NGT,NYSE:NEM), positioning the company to more than double its annual gold production.

The purchase, valued at US$810 million, with two additional contingent payments of US$20 million each, will set Orla up as a diversified North American gold producer as it marks the company's entry into Canada.

The first contingent payment will be made if the spot gold price exceeds US$2,900 per ounce in the first year after the transaction closes, and the second will be made if the price exceeds US$3,000 in the second year after closure.

Keep reading...Show less
Gold map of the world over black background.

10 Largest Producers of Gold by Country (Updated 2024)

The top countries for gold production are poised to benefit from the current gold bull market, as are the gold mining operations in those countries.

After climbing throughout the year, the price of gold hit a high of US$2,782 per ounce on October 30, up more than US$700 since the start of 2024. While it pulled back to around US$2,600 in the weeks following the US election on November 5, prices are still elevated.

Additionally, falling interest rates, geopolitical tensions in Ukraine and the Middle East and continued central bank gold purchases are providing ongoing support for the price of gold.

Keep reading...Show less
Gold bars in front of Canadian flag.

Indigenous-owned Mining Royalty Firm Targeting Canadian Resource Opportunities

Nations Royalty (TSXV:NRC,OTCQB:NRYCF), the first mining royalty company with majority Indigenous ownership, is attracting attention since listing on the TSX Venture Exchange this past June.

With 77 percent ownership by the Nisga’a Nation, the firm is also backed by Canadian businessman Frank Giustra.

As explained on Nations Royalty's website, the idea is to use mining royalties as a means to achieve financial independence for Indigenous communities, while also providing opportunities for investors.

Keep reading...Show less

Kestrel Option Partner Centerra Gold Continues Drilling at QCM Property

Kestrel Gold Inc. ("Kestrel" or the "Corporation")(TSXV:KGC) is pleased to provide an update on work completed by Centerra Gold Inc. ("Centerra")(TSX:CG) on the QCM gold property ("QCM") located in the Manson-Germanson area of central British Columbia. Centerra is currently in the process of earning a 75% interest in QCM by making cash payments totaling $900,000 and completing $6,500,000 in exploration work, which must include a minimum of 13,500 metres of drilling, by May 7th, 2029

Centerra's reverse circulation ("RC") drill program is well underway. A total of 6 holes and 813.97 metres have been completed to date with drilling ongoing. Completed holes are located in the 14 Vein area where RC drilling by Kestrel in 2022 returned up to 2.33 g/t Au over 44.19 metres. Results for the Centerra drill program will be released once analytical results have been received and interpreted. Centerra has also advised that they have submitted to the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia an application for a 5-year Multi-Year-Area-Based (MYAB) permit, which upon receipt will allow for property wide exploration and drilling.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

White Gold Corp. Announces Significant Increase in Mineral Resources to 1,203,000 oz Gold Indicated and 1,116,600 oz Gold Inferred at the White Gold Project, Yukon, Canada

White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W ) (the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for its flagship White Gold project located approximately 95 km south of Dawson City in west-central Yukon, Canada. The updated mineral resource includes a significant increase in total gold ounces, including a 18.5% increase in inferred resources and an 4.3% increase in indicated resources. The White Gold project now comprises 1,203,000 ounces of gold in the Indicated Resource category (17.7 million tonnes averaging 2.12 gt Au) and 1,116,600 ounces of gold in the Inferred Resource category (24.5 million tonnes averaging 1.42 gt Au) at US$2,000oz gold. The gold resources at the White Gold Project are near surface, almost entirely captured within an open pit, and remain open for expansion in multiple directions with additional opportunities to increase total resources via targets within close proximity. Additional increases to the size of the resource may also be possible through an ongoing analysis of the resource block model and by capturing additional ounces hosted within the Target for Further Exploration area which hosts an additional estimated 10 12 million tonnes grading between 1 2 gt Au. These results form part of the Company's work program supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×