Moneta Gold firms up its case for open-pit and underground operation with intensive 2023 drilling campaign
The president of Moneta Gold is predicting many “upside opportunities” for its flagship Tower Gold Project near Matheson. In a recent news release, Gary O’Connor reflected on 2022 being “an extremely rewarding year” for the company.
Moneta posted an updated gold resource estimate for Tower Gold and released a positive preliminary economic assessment (PEA) in September, making the economic case for an open-pit and underground mining operation.
Tower Gold is 100 kilometres east of Timmins on Highway 101. It sits on the Destor Porcupine Fault Zone, the major geological structure for all the gold deposits in the Timmins mining camp. Parts of the property once hosted open-pit gold production.
At this stage, Tower Gold contains a 12.8-million-ounce resource with 4.3 million ounces in the indicated category and 8.5-million-ounces inferred.
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