Shares of Moneta Gold Inc (OTCMKTS:MEAUF) (TSX:ME) have been consolidating after moving up 7% in the past week.
Market Reaction
On Thursday , MEAUF stock ended flat at $1.51 with 500 shares, compared to its average volume of 9.5k shares. The stock has moved within a range of $1.5100 – 1.5100 after opening trade at $1.51.
Additional Gold Mineralization Found in Gap, Tower Gold Project, as Announced by Moneta
The final assay results of 8 previously announced and 3 new drill holes, testing the resource expansion potential of the Gap Zone, located between the Windjammer South and South West gold deposits within the Golden Highway area of the Tower Gold project, has been announced by Moneta Gold Inc (OTCMKTS:MEAUF) (TSX: ME).
The drilling is part of the 20202021 72,500 m program in 130 drill holes for testing extensions of the current mineral resource estimate of 4.0 million ounces indicating presence of gold and 4.4M ounces inferred gold as mentioned in the February 24, 2021 press release, on the Tower Gold project, situated 100 km. east of Timmins, Ontario. Additional assays and holes from the drill program are still pending.
Gary O’Connor, Moneta’s Chief Executive Officer, stated that latest drill results from the Gap Zone definitely confirm gold mineralization over a huge area between the Windjammer South open pit through to the near surface South West. It potentially connects both large deposits. The mineral resource estimate for the Tower Gold project should be released in the first half of 2022.
The drilling program successfully intersected wide zones of gold mineralization in the Gap area located between the Windjammer South open pit gold resource and the South West gold resource over a distance of 700 m and a width of 350 m.
