On September 7, 2022, Moneta announced an updated mineral resource estimate (“MRE”) for its Tower Gold project, with an effective date of September 7, 2022, and using a drillhole database current as of March 15, 2022. The MRE was independently prepared by APEX Geoscience Limited in accordance with National Instrument 43-101 (“NI 43-101”) and is used to support the Preliminary Economic Assessment (“PEA”) Assessment for the Company’s 100% owned Tower Gold project in Timmins, Ontario, published on September 7, 2022.
The MRE is an update to, and supersedes, the technical report (“Technical Report”), entitled “NI 43-101 Report & Mineral Resource Estimate for Tower Gold Project, Northeastern Ontario, Canada” with an effective date of May 11, 2022 and filed on June 24, 2022, where the resource estimation domains and open pit block model size were modified.
NI 43-101 Mineral Resource Estimate by Deposit, Tower Gold Project
|
September 2022 Resource
|
Category
|
Indicated
|
Inferred
|
|
Tonnes
(t)
|
Grade
(g/t Au)
|
Ounces
(oz)
|
Tonnes
(t)
|
Grade
(g/t Au)
|
Ounces
(oz)
|
|
Total
|
Open Pit
|
149,773,000
|
0.90
|
4,338,000
|
223,910,000
|
0.92
|
6,652,000
|
|
Underground
|
801,000
|
4.75
|
122,000
|
11,719,000
|
4.35
|
1,640,000
|
|
Total Open Pit + Underground
|
150,574,000
|
0.92
|
4,460,000
|
235,629,000
|
1.09
|
8,292,000
|
|
Breakdown by Deposit
|
| South West
|
Open Pit
|
16,687,000
|
0.90
|
482,000
|
49,415,000
|
0.97
|
1,546,000
|
|
Underground
|
211,000
|
4.53
|
31,000
|
6,725,000
|
4.26
|
920,000
|
| Windjammer South
|
Open Pit
|
42,049,000
|
0.78
|
1,058,000
|
34,461,000
|
0.97
|
1,074,000
|
|
Underground
|
-
|
-
|
-
|
704,000
|
4.16
|
94,000
|
| Westaway
|
Open Pit
|
750,000
|
2.20
|
53,000
|
22,106,000
|
1.95
|
1,383,000
|
|
Underground
|
-
|
-
|
-
|
2,349,000
|
4.23
|
320,000
|
|
Windjammer Central
|
Open Pit
|
28,498,000
|
0.63
|
581,000
|
77,834,000
|
0.64
|
1,595,000
|
|
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
|
55 Zone
|
Open Pit
|
4,780,000
|
1.30
|
199,000
|
4,266,000
|
1.01
|
139,000
|
|
Underground
|
-
|
-
|
-
|
150,000
|
3.95
|
19,000
|
|
Discovery
|
Open Pit
|
3,244,000
|
1.20
|
125,000
|
5,767,000
|
0.85
|
158,000
|
|
Underground
|
-
|
-
|
-
|
326,000
|
3.97
|
42,000
|
|
Garrcon
|
Open Pit
|
26,787,000
|
1.01
|
872,000
|
971,000
|
0.83
|
26,000
|
|
Underground
|
590,000
|
4.82
|
91,000
|
1,466,000
|
5.22
|
246,000
|
|
903
|
Open Pit
|
18,090,000
|
1.01
|
585,000
|
24,127,000
|
0.75
|
581,000
|
|
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Jonpol
|
Open Pit
|
8,898,000
|
1.34
|
383,000
|
4,962,000
|
0.94
|
151,000
|
|
Underground
|
-
|
-
|
-
|
-
|
-
|
-
|
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant factors.
Notes:
- Mineral Resource Estimates are reported at two different cut-off grades; 0.3 g/t Au for the surface mining scenario and 2.6 g/t Au for the underground mining scenario.
- The cut-off grade was determined at a gold price of US$1,750 per ounce and an exchange rate of USD$/CDN$ of 0.78.
- The resource estimate is supported by statistical analysis with different high-grade capping applied to each of the deposits ranging from 1.6 g/t Au to 80.0 g/t Au applied on assays composited into one (1) metre composites
- The mineral resources presented here were estimated with a block size of 2.5mx2.5mx2.5m utilizing percent blocks and constrained within geological wireframes with a minimum width of 1.50m. Gold was estimated by Ordinary Kriging using locally varying anisotropy variogram models. The maximum range of the variogram models generally are between 65mx25mx2.5m and 80m x 45m x5m. The search ellipse was constrained to selecting composites flagged within each domain.
- The mineral resources presented here were estimated by personnel from APEX Geoscience Ltd. using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves definitions and guidelines.
- The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- The historical underground voids from mining in any of the deposit areas have been removed.
- Tonnage estimates are based on bulk densities individually measured and calculated for each of the deposit areas. Resources are presented as undiluted and in situ.
- This mineral resource estimate is dated September 7, 2022. The effective date for the drill-hole database used to produce this updated mineral resource estimate is March 15, 2022. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred, respectively. Numbers may not total due to rounding.
- A new updated NI 43-101 technical report will be produced with updated resources as part of the updated PEA.
- Discovery includes the Windjammer North resource. Windjammer South includes the Golden Highway Iron Formation resource. South West North resource is included in South West.
- Mr. Mike Dufresne, P.Geo. of APEX Geoscience Ltd., who is deemed a qualified persons as defined by NI 43-101 is responsible for the completion of the updated mineral resource estimation.
Mineral Resource Location Map, Tower Gold Project