Moneta's prior exploration on the Golden Highway Project in the 1980s resulted in the discovery of several promising gold zones including the Southwest Zone, which has a historical inferred resource of 624,500 gold ounces. The Southwest Zone resource is based on 3.25 million tonnes averaging almost 6 grams/tonne with a cut-off of between 3 and 4 grams/tonne. The historical resource estimate was developed by Barrick Gold in a mid-to-late-1990s joint venture with Moneta was done at a time when gold traded in the range of $250 to $350 per ounce. The estimate is also based on cut-off grades which are above current gold cut-off grades in the region.
Historical resource means it was assessed prior to the implementation of National Instrument 43-101 standards. As yet, no “qualified person” has done the work to bring it to NI 43-101 standards, and resource statement should not be relied upon. Please see “Historical Resource Estimates” under Corporate.
