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Toronto, Ontario–( January 6, 2023) – Moneta Gold Inc. (TSX: ME) (OTCQX: MEAUF) (FSE: MOPA) (“Moneta” or the “Company”) is pleased to provide a summary of the Company’s 2022 key achievements in advancing the 100%-owned Tower Gold project (the “Project”), located in the Timmins Gold camp, Ontario.
Mr. Gary O’Connor, President & CEO commented, “2022 was an extremely rewarding year for Moneta Gold. We completed a major resource update and robust Preliminary Economic Assessment (“PEA”) on our top tier Tower Gold project in September 2022 (see September 07, 2022 press release) and continued to de-risk and advance it towards the Pre-Feasibility (“PFS”) stage. The Tower Gold project has the potential to become one of the larger gold producers in Canada for a projected mine life of at least 24 years, and the potential for the discovery of additional deposits. We will build upon this momentum, as we continue with our 190,000 metres (“m”) resource upgrade and infill drilling program. Following the drill program, an updated mineral resource estimate (“MRE”) will be completed, which will be used as the basis of PFS, expected be completed in 2024.”
2022 Accomplishments & 2023 Plans
(All figures in Canadian dollars except as otherwise stated)
Moneta’s base case scenario for the Tower Gold project PEA outlined a staged approach for a combined open pit and underground mining operation for a 7.0 million tonnes per annum (“tpa”) conventional leach/carbon-in-leach (“CIL”) operation. The PEA also outlined several upside opportunities, including:
In 2023, the scope and focus of the PFS will also consist of geotechnical, metallurgical recovery test work, and hydrological studies. Mine planning studies, process design studies, project lay-out trade-off studies, electricity supply, and ongoing environmental baseline, archaeological, and community engagement studies will progress.
“We are very proud of the many achievements we accomplished over 2022 and we look forward to a productive 2023 and progressing the Tower Gold project,” Mr. O’Connor concluded.
About Moneta Gold
Moneta is a Canadian-based gold exploration company focused on advancing its 100% wholly owned Tower Gold project, located in the Timmins region of Northeastern Ontario, Canada’s most prolific gold producing camp. The September 2022, Preliminary Economic Assessment study outlined a combined open pit and underground mining and a 7.0 million tonne per annum conventional leach/CIL operation over a 24-year mine life, with 4.6 Moz of recovered gold, generating an after-tax NPV5% of $1,066M, IRR of 31.7%, and a 2.6-year payback at a gold price US$1,600/oz. Tower Gold hosts an estimated gold mineral resource of 4.5 Moz indicated and 8.3 Moz inferred. Moneta is committed to creating shareholder value through the strategic allocation of capital and a focus on the current resource upgrade drilling program, while conducting all business activities in an environmentally and socially responsible manner.
Jason Dankowski, P.Geo. V.P. Technical Services & Geology for Moneta, who is a QP as defined by NI 43-101 has reviewed and approved the technical contents of this press release.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gary V. O’Connor, CEO
Linda Armstrong, Investor Relations
The Company’s public documents may be accessed at www.sedar.com. For further information on the Company, please visit our website at www.monetagold.com or email us at [email protected]
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