2 minute read
Moneta Gold advances to become one of the top undeveloped gold projects in North America
Following its successful 2020 drill program, Moneta Gold reports on its progress at the Tower Gold Project, located in Canada’s most prolific gold producing camp: the Timmins camp.
Since our last update on the Golden Highway Project in the summer of 2020, Moneta Porcupine – now renamed Moneta Gold – has made huge strides in advancing this exciting project. Now called the Tower Gold Project with the largest land position in the eastern portion of the Timmins Camp with 8.4M ounces of gold (4.0M indicated and 4.4M inferred), the Company is poised to make a huge mark on the Timmins camp. The Project is endowed with established infrastructure including existing roads, powerline, mills, and a local experienced workforce.
In December 2020, Moneta updated its mineral resource estimate, which increased mineral resources by 216 per cent year-over-year and added a new underground discovery at Westaway (662,000 ounces). In February 2021, the Company acquired the adjacent open pit resources at Garrison that increased its mineral resources to 8.4 million ounces from 5.5 million ounces, of which 2.8 million ounces are underground and 5.6 million are open pit. To further expand the mineral resources, one more round of drilling was planned for 2021 to test the extensions of the Westaway underground resource, the extensions and in-pit potential at Windjammer South and 55, the Southwest near-surface resources, the Halfway zone, and the near surface
and depth extensions of the Garrcon deposit at Garrison. The Company’s 70,000-metre resource expansion program was completed in October of 2021. Drill results received to date have extended the strike length and have confirmed excellent grades at all targets. Several assays are still pending to be reported on and will be announced as received.
Moneta Gold‘s drill program in 2021 produced excellent results and expanded the deposit footprint to over 12 kilometres. In 2022, Moneta Gold will update its mineral resource estimate in Q1 and will also produce an updated Preliminary Economic Assessment (PEA) on the entire Tower Gold Project in the first half of 2022. This updated PEA will now include not only the Golden Highway project assets but also the adjacent Garrison assets, which Moneta purchased in February 2021.
Moving forward, Moneta will embark on a Pre-Feasibility Study (PFS), planned to be completed in early 2023. The Company is well underway with its environmental baseline studies and has already initiated community engagement programs. The Definitive Feasibility Study is anticipated to begin in 2023.
Summary
The upcoming catalysts for the company include an updated and expanded mineral resource estimate in Q1/2021 and a PEA on the entire Tower Gold Project in H1/2021.
Moneta is one of only a few junior mining companies that are exploring in the Timmins camp and is surrounded by major mining firms. Due to the excellent infrastructure and scope of project, this is definitely one junior to keep your eyes on.
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