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Exploration drilling continues to expand size of Matheson gold deposit

Moneta Gold serves up more promising drill results from its Tower Gold Project
Moneta Porcupine Mines winter drilling
(Moneta Gold photo)

A new gold discovery made by Moneta Gold, outside Matheson, continues to grow in size.

The Toronto junior miner has been steadily releasing some encouraging drill results this summer from an exploration program being run at its Tower Gold Project. 

Moneta kicked off a 70,000-metre drilling program earlier this year after acquiring new ground from O3 Mining that was located next door to its Golden Highway Project, 100 kilometres east of Timmins in northeastern Ontario.

The company believes its Tower Gold Project has open-pit mine potential that can be a substantial operation on a district scale.

Among the latest batch of results from its Westaway Gold Deposit is one intersection that registered at 5.44 grams per tonne (g/t) of gold over a 7.0-metre length, including 8.39 g/t over 2.0 metres. 

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The company is testing extensions at Westaway, which was discovered in 2020, and continues to pull promising gold mineralization from step-out holes moving out from the deposit. Westaway has an inferred gold resource of 662,000 ounces of gold.

"The drill results from our resource expansion drill program have again confirmed significant gold mineralization in large step-outs to the south, to the west and at depth as we look to continue to expand the underground gold resource at Westaway," said Moneta CEO Gary O'Connor in a news release.

Moneta controls 263 kilometres of ground in the Timmins-area mining camp. Tower is its flagship project, comprised of its Golden Highway property and the newly-acquired Garrison Gold Project, the latter picked up in a partnership deal with O3 Mining earlier this year.

The company refers to Tower one of North America's largest undeveloped gold deposits with a total indicated resource of more than 3.9 million ounces of contained gold with an inferred resource of almost 4.4 million ounces with both open-pit and underground mining potential.

It's believed the entire property is made up numerous gold deposits and multiple zones along a 17-kilometre length of the Destor Porcupine Fault Zone where Moneta continues to do  exploration drilling.

The company is moving to bring in more drill rigs as step-out drilling is taking place to find more gold mineralization around other identified deposits known dubbed South West, Windjammer  South, Garrison and 55 other prospective spots on the property.

Last month, Moneta underwent a name change from Moneta Porcupine Mines to Moneta Gold. To management, this rebranding of more reflective of the desire to establish themselves as one of Canada's premier gold mining companies.