Moneta Gold (TSX: ME; US-OTC: MEAUF) says metallurgical testing of samples from its Tower gold project in Ontario averaged recoveries of 95.5%, with 38.8% of the gold reporting to the gravity circuit. Recovery was accomplished with 24 hours of leaching with low reagent consumption. The samples showed no acid generating potential.
The testing was conducted on samples from Moneta’s Westaway gold deposit and Discovery deposit in the Golden Highway area of the Tower project. The underground resource there currently consists of 662,000 oz. of gold in 4.4 million inferred tonnes at 4.71 grams gold per tonne.
The Tower gold project is located about 100 km east of Timmins, Ontario. It also contains the Golden Highway and Garrison properties for which preliminary economic assessments were done in 2020. Together they contain 3.3 million oz. of gold in the open pit indicated resource (116.7 million tonnes at 0.89 gram gold per tonne) and 2.3 million oz. of gold in the open pit inferred resource (79.4 million tonnes at 0.89 gram gold per tonne). A cut-off grade of 0.3 gram gold per tonne was used.
The underground indicated resource contains 632,000 oz. of gold (4.9 million tonnes at 4.05 grams gold per tonne) and an inferred resource of 2.1 million oz. of gold (17.7 million tonnes at 4.21 grams gold per tonne). A cut-off grade of 2.6 grams gold per tonne was used for the South West deposit at Golden Highway and 3 grams gold per tonne for other deposits.
SGS Canada is conducting environmental baseline tests at the Tower project for Moneta. These include synthetic precipitation leaching procedures and acid-base accounting.
Moneta says it will update the resource estimate for the entire Tower gold project in the first half of 2022, followed by an updated PEA.
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