Tower Gold Project Mineral Resource Estimate

On May 11, 2022, Moneta announced an updated mineral resource estimate (“MRE”) for its Tower Gold project, with an effective date of May 11, 2022, and using a database current as of March 15, 2022. Located 100 kilometres east of Timmins, Ontario, the Tower Gold project is comprised of the Golden Highway and Garrison areas. The updated MRE is based on a drill hole database comprised of a total of 824,806 metres of drilling in 2,856 diamond drill holes, consisting of 464,849 m of drilling in 1,476 drill holes from the Golden Highway area and 359,927 m of drilling in 1,388 drill holes from the Garrison area. The drill hole data base was updated in 2021 with an additional 72,493 m of drilling in 130 drill holes from the 2021 drill program.

 

NI 43-101 Mineral Resource Estimate by Deposit, Tower Gold Project

May 2022 Resource

Category

Indicated

Inferred

Tonnes
 (t)

Grade
 (g/t Au)

Ounces
 (oz)

Tonnes
 (t)

Grade
 (g/t Au)

Ounces
 (oz)

Total

Open Pit

146,294,000

0.88

4,153,000

207,878,000

0.87

5,801,000

Underground

701,000

4.95

112,000

12,269,000

4.30

1,695,000

Total Open Pit + Underground

146,995,000

0.90

4,265,000

220,147,000

1.06

7,496,000

Breakdown by Deposit

South West

Open Pit

11,176,000

0.88

316,000

41,178,000

0.90

1,195,000

Underground

168,000

4.54

25,000

6,761,000

4.36

948,000

Windjammer South

Open Pit

45,146,000

0.78

1,135,000

26,631,000

0.72

613,000

Underground

918,000

4.57

135,000

Westaway

Open Pit

312,000

2.22

22,000

15,530,000

2.14

1,067,000

Underground

 -

3,214,000

3.94

407,000

Windjammer Central

Open Pit

31,986,000

0.62

632,000

85,086,000

0.65

1,780,000

Underground

 -

 -

 -

55 Zone

Open Pit

4,379,000

1.25

176,000

4,621,000

1.02

151,000

Underground

186,000

4.20

25,000

Discovery

Open Pit

2,251,000

1.72

125,000

5,511,000

1.50

266,000

Underground

440,000

4.19

59,000

Garrcon

Open Pit

25,614,000

1.02

841,000

707,000

0.67

15,000

Underground

533,000

5.08

87,000

750,000

4.98

120,000

903

Open Pit

18,843,000

1.01

610,000

25,040,000

0.74

600,000

Underground

 -

 -

 -

Jonpol

Open Pit

6,587,000

1.40

297,000

3,574,000

0.99

114,000

Underground

 -

 -

 -

 -

 -

Notes:

  1. 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. 
  2. 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.
  3. 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
  4. 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 max 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.
  5. The mineral resources presented here were estimated by APEX Geoscience Ltd. using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves definitions and guidelines.
  6. 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.
  7. 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.
  8. The historical underground voids from mining in any of the deposit areas have been removed.
  9. 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.
  10. This mineral resource estimate is dated May 11, 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.
  11. A new NI 43-101 report will not be produced as the total tonnage or total contained metal have not changed by more than 100% over the most recent previous resources. A new updated NI 43-101 technical report will be produced with updated resources upon completion of the updated PEA.
  12. Discovery includes the Windjammer North resource.
  13. 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