Tower Gold Project Overview

The Company’s 100% owned flagship Tower Gold Project, located 100 km east of Timmins, is one of the largest undeveloped gold deposits in North America.  Moneta has the largest land position in the eastern Timmins Camp, the most prolific gold producing belt in Canada and one of the top gold-producing areas in the world, with over 85 million ounces of gold produced to date.  The project currently hosts a total indicated resource of 4,265,000 ounces contained gold and a total inferred resource of 7,496,000 ounces contained gold.

The combined Golden Highway and Garrison areas, collectively the Tower Gold project, captures 17 kms of the Destor. The combined project currently hosts a NI 43-101 resource, spanning only 9 km of the corridor and found primarily within sedimentary host rocks along a southern splay of the Destor. Resource growth potential exists along the remaining 8 km of largely sediment hosted mineralization along the regional banded iron formation (“BIF”) contact and within untested mafic volcanic rocks along additional splays of the Destor in contact with ultramafic units, where limited historical drilling has already confirmed gold mineralization. The main unconformity which occurs as the mafic volcanic-sediment contact also remains largely untested.

The Golden Highway area has no royalties and the Garrison gold area is subject to net smelter royalties, of which some can be acquired, averaging approximately 1.5%.

The Tower Gold Project combined resource includes:

  • a total of 4,153,000 ounces of open pit indicated resources contained within 146.3 Mt @ 0.88 g/t Au and 5,801,000 ounces of open pit inferred resources contained within 207.9 Mt @ 0.87 g/t Au, at a cut-off grade of 0.30 g/t Au, and,
  • 112,000 ounces of underground indicated resources contained within 0.7 Mt @ 4.95 g/t Au and 1,695,000 ounces of underground inferred resources within 12.3 Mt @ 4.30 g/t Au, at a 2.60 Au cut-off grade.

The updated mineral resource was independently prepared by APEX Geoscience Ltd. in accordance with National Instrument 43-101 (“NI 43-101”), with an effective date of May 11, 2022 and using a database current as of March 15, 2022. The Tower Gold project has shown a significant improvement in size over the December 2020 resource estimate and remains open in several directions. The majority of the new resources are attributed to the addition of over 3.0 Moz of total inferred gold resources and 0.3 Moz indicated resources, including the re-establishment of an open pit resource at South West, the discovery of additional resources at Westaway, the infill of the Windjammer open pit at Windjammer Central, and the definition of underground resources at Garrcon.

Drilling for the coming 2022 year will be focused on infill and resource category upgrade drilling and will also include some drill testing of new exploration targets. Upon completion of the updated PEA, Moneta will focus on conducting a pre-feasibility study (“PFS”) on the Tower Gold project. The focus of the PFS will be determined by the results of the new updated PEA study and will consist of resource category upgrade drilling, geotechnical studies, mine plan studies, metallurgical recovery test work, process design studies, hydrological studies and ongoing environmental and community engagement studies. The environmental impact assessment studies will continue throughout the year as will community engagement.

Tower Gold Project, Mineral Resource Location Map

The Tower Gold project will be large enough to support milling infrastructure and an updated Preliminary Economic Assessment study will be produced on the project in H2, 2022.

The Tower Gold Project 2022 mineral resource estimate table can be found under the Mineral Resources tab on this website.


Tower Gold Project Geological Setting

Nine deposits on the property which have mineral resource estimates are South West, Westaway, Windjammer South, Windjammer Central, Discovery, 55 Zone, Garrcon, 903 and Jonpol have been classified as structurally controlled orogenic gold deposits in an Archean greenstone belt setting. This deposit type is a significant source of gold mined in the Superior and Slave provinces of the Canadian Shield.