The final assay results included eight previously announced and three new drill holes at the Gap zone, which is located between the Windjammer South and South West gold deposits within the Golden Highway area of the Tower Gold project.

The results showed hole MGH21-212 intersected 99m at 0.62 grams per tonne gold, including 6m at 1.56g/t gold and 0.8m at 3.21g/t gold. Meanwhile MGH21-224 intersected 31.7m at 0.95g/t gold and included 5m at 3.38g/t gold and 1m at 8.08g/t gold.

Additional highlights included MGH21-214, which intersected 23m at 0.80g/t gold and included 9.5m at 1.33g/t gold and 0.5m at 3.04g/t gold. MGH-204 intersected 28.6m at 0.57g/t gold and included 1m at 6.14g/t gold. MGH21-224 intersected 39m at 0.57g/t gold and included 1.5m at 4.58g/t gold, and also intersected 19.2m at 0.69g/t gold and included 5m at 1.11g/t gold with 1m at 2.38g/t gold. MGH21-211 intersected 19.3m at 0.61g/t gold and included 2m at 2.84g/t gold with 1m at 3.56g/t gold.

Canadian explorer Moneta Gold is focused on its 100%-owned Tower Gold project, which has a gold mineral resource estimate of 4 million ounces indicated and 4.4Moz inferred. The 2021-21 drilling programme was designed to test extensions of the current mineral resource estimate. An updated mineral resource estimate and preliminary economic assessment is expected in the first half of this year.

On February 3, Moneta Gold traded on the Toronto Stock Exchange at C$1.88/share, which valued the company at C$175.76 million.