December 6, 2023

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Moneta Gold Tower Project

Moneta Gold Tower Project

The open pit pre-feasibility study is being completed in the second half of 2024.

Moneta Gold announced a project update and assay results from 32 holes at the Windjammer and Westaway deposits at its Tower gold project, located at Timmins Gold Camp, Ontario.

Drilling was conducted as part of a 140,000 meter (m) drilling programme, commencing in 2022, designed to enhance the resource and fill 4.5 million ounces of indicated gold (Au) and an Au inferred mineral resource estimate of 8.3 Moz.

Recent milestones include the commencement of geomechanical drilling and hydrogeological studies, testing and announcement of additional assay results from drill and outlet holes, which continue to confirm the continuity and extension of gold mineralization at Windjammer and Westaway, commented Josef Vejvoda, Chairman, Acting President and CEO of Moneta.

“I am very pleased with the dedication and effort of our entire team as they continue to move the tower toward pre-feasibility study. Drilling has focused on the open pit portions of the mineral resource as defined in the 2022 Project Implementation Plan for the first 11 years of production,” he said.

Project update

  • A drilling program of 110,000 meters out of 140,000 meters has been completed
  • WSP Global is committed to designing and supervising the implementation of pre-feasibility study (PFS) engineering studies and supporting Moneta through licensing for the Tower Gold Project.
  • Open-pit geomechanical drilling and hydrogeological testing began in mid-August.
  • Geotechnical drilling work is underway.
  • Mineral drilling and sample collection are currently underway in anticipation of laboratory analyses, including contrast testing work, starting in the fourth quarter of 2023.
  • An Initial Project Description (IPD) was submitted to the Canadian Impact Assessment Agency in late Q4 2023, which will begin the federal impact assessment (IA) process.
  • Mine Technical Services (MTS) has been appointed to lead resource upgrades in anticipation of the PFS and to support the design of the remaining meters of the drilling programme.
  • Completion of the open pit PFS is on track for the second half of 2024, with a focus on the first 11 years of the September 2022 Preliminary Economic Assessment (PEA).
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Most notable pits

wind jamming

  • MGH23-416 exceeded 4.25m @ 31.17 grams per tonne (g/t) Au, including 1.40m @ 93.00 g/t Au
  • MGH22-433 exceeded 38.10 m @ 1.18 g/t Au, including 16.50 m @ 2.02 g/t Au, including 4.90 m @ 3.75 g/t Au.
  • MGH23-433 crossed 17.47 m @ 1.01 g/t Au


  • MGH23-401 topped 12.90m at 3.90 g/t Au, including 7.10m at 6.25 g/t Au.
  • MGH23-427 topped 8.47m at 4.05 g/t Au, including 2.00m at 12.85 g/t Au.
  • MGH23-407 expressed 11.80 m @ 2.75 g/t Au, including 7.50 m @ 3.84 g/t Au.

Moneta Gold indicated that drilling work with a total length of 6,176 meters in thirty-two (32) holes has been completed. Drilling is carried out on 50-metre-long centers as steps and backfill from previous drill holes. Additional testing from the 2023 drilling operation is still pending and will be published once results are received.

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