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TOWER

Owner: Moneta Gold Inc The combination of Golden Highway and Garrison has pushed
Location: 540km north of Toronto, Ontario, global resources up to more than 4 moz gold indicated and 4.4
Canada moz gold inferred between open pit and underground deposits.
Resources: Golden Highway open pit –1.511 moz Both projects were subject to positive PEAs in 2020, paving the
@ 0.93 g/t (indicated) and 1.207 moz way for development.
@ 1.1 g/t inferred; Golden Highway
underground – 632,300oz @ 4.05 g/t The Golden Highway PEA found a 75,700 ozpa operation would
(indicated) and 2.128 moz @ 4.21 g/t command a NPV of $C236 million and IRR of 30% off the back of
(inferred); Garrison open pit – a $C144 million capex.
1.822 moz @ 0.86 g/t (indicated) and O3 Mining’s assessment of Garrison – prior to its takeover by
1.002 moz @ 0.73 g/t (inferred) Moneta – forecast a 121,000 ozpa mine would deliver a NPV of
Project status: PFS $C321 million and IRR of 33% after initial capex of $C267 million.
The combined project will be subject to an updated PEA with a
ne of the largest undeveloped gold projects in North America,
PFS and DFS planned for 2022.
Ofor nearly a century the Tower project in north-east Ontario
According to the Moneta exploration team, the preservation of
was largely left untouched by explorers due to a lack of outcropping
historical drill core and data sets was crucial to exploration success,
mineralisation in comparison to other projects in the Timmins camp.
resulting in the definition of new areas of gold mineralisation and
The project had originally been tested in the 1930s, but it wasn’t
the generation of several new drill targets.
until current owner Moneta Gold Inc took up its initial position in the
The company cites preservation of decades of historical drill
1980s that significant exploration began to take place.
core as invaluable to the discovery process. The relogging and
Moneta started exploring the Golden Highway area, building up its
reinterpretation of historical core by Moneta geologists and the
land position in parallel over the ensuing 30 years. The acquisition
application of new ideas and challenging conventional thinking
of the adjacent Garrison area in February 2021 was the final piece
resulted in significant upside being recognised, according to the
of the jigsaw, adding both resources and ground to the Tower
company.
package.
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axt.com.au | +61 (0)8 9455 6111 | AMI, Perth, Western Australia | info@axt.com.au

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