Moneta’s 100% owned Golden Highway Project (“Golden Highway“) is a largely contiguous land package of 689 claim units or approximately 11,000 hectares, east of Timmins, Ontario. Golden Highway hosts a significant National Instrument 43-101 (“NI 43-101“) Gold Resource Estimate (Jan 2019) of 383,400 oz indicated (2.6Mt @ 4.61g/t) plus 873,200 oz inferred (6.5Mt @ 4.21 g/t).
The updated mineral resource was independently prepared by Micon International in accordance with NI 43-101 and an effective date of January 16, 2019. A compliant technical report will be filed within 45 days. The deposits have shown a significant improvement in grade over the previous resource estimates and remain open. Moneta has identified several adjacent targets at surface displaying the same style and tenor of mineralization within the Golden Highway Project which were not included in this mineral resource update.
A total of 71 geological wireframes were constructed to constrain the resource estimate based on detailed geological and structural interpretation with a minimum true thickness of 1.50 m. The estimate only considered mineralized zones potentially mineable by underground methods at a cut-off grade of 3.0 g/t Au.
Mineral Resource Estimate by Deposit- Golden Highway Project
- Mineral Resource Estimates are reported at a cut-off grade of 3.00 g/t Au for an underground mining scenario. The cut-off grade was calculated at a gold price of US$1,250 per ounce and an exchange rate of USD$/CDN$ of 0.75.
- The resource estimate is supported by statistical analysis with different high-grade capping applied to each of the deposits ranging from 13.0 g/t Au to 37.0 g/t Au on one (1) metre composites.
- The mineral resources presented here were estimated with a block size of 5mx5mx10m utilizing sub-blocks as required and constrained within geological wire-frames with a minimum width of 1.50m. The cells are estimated by Ordinary Kriging using the appropriate variogram model of each structure with individual search ellipsoids generally varying from 70x70x20m to 100x100x20m within each structure.
- The mineral resources presented here were estimated by Micon International using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards on Mineral Resources and Reserves definitions and guidelines.
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues.
- Indicated Mineral resources were classified using a 50 m search ellipse and a minimum of three drill holes.
- The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources.
- There are no historical underground voids from mining including shafts, ramps or drifts in any of the deposit areas.
- Tonnage estimates are based on bulk densities individually measured and calculated for each of the deposit areas, averaging 2.78 tonnes per cubic metre for the total resource. Resources are presented as undiluted and in situ.
- This mineral resource estimate is dated January 16, 2019. The effective date for the drill-hole database used to produce this updated mineral resource estimate is November 19, 2018. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred respectively. Numbers may not total due to rounding.
- West Block mineral resources were not included due to a lack of drilling.
- Additional details will be provided in the pending 43-101 technical report.
Mineral Inventory Sensitivity by Cut-Off Grade- Golden Highway Project
Note: The mineral inventory used in the sensitivity analysis table at various cut-off grades have not been corrected to remove isolated blocks which do not have a reasonable chance of extraction. The removal of isolated blocks has been conducted for the mineral resource estimate reported at a 3.00 g/t Au cut-off (Table 1) resulting in a loss of 9.8% of tonnes and 7.6% of ounces from the mineral inventory at this cut-off grade.