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Monger Gold Limited (ASX:MMG) announces discovery of gold anomaly at Mt Monger North

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Highlights

  • MMG has announced the discovery of an extensive gold anomaly at the Mt Monger North Project.
  • Over 144 channel samples had also been collected as four-metre composites at a depth of over 576m from the surface.
  • The >100ppb gold trench anomaly is interpreted to be open to the southeast over a 500m long strike and the northeast of the Hang Glider North anomaly.
  • Currently, MMG is progressing on a UFF soil sampling program across the entire Monger North Project, including the Providence (Samocynda Prospect) in the southeast.

Shares of Monger Gold Limited (ASX:MMG) surged 2.32% after the company announced the discovery of an extensive gold anomaly at the Mt Monger North Project. The well-structured listed resource exploration company has announced gold multi-element assay results from four-metre composite channel samples collected during trenching at the project.

As many as five surface trench samples have been excavated to a depth of two metres using a mini excavator to test southeast extensions to known gold mineralisation at the Providence. The latest RC and diamond drilling programs have defined over 16,400 ounces of JORC 2012 resources at the Providence.

Over 144 channel samples had also been collected as four-metre composites at a depth of over 576m from the surface. The northwestern-most trench was sampled from the floor and could be excavated to a depth of 1 metre due to solid calcrete. Remaining all samples south of the Providence trench constituted of calcrete-rich mottled clays beneath lateritic nodular, pisolite alluvium and haematitic clays.

The trenching samples from the southeast Providence have recorded substantial anomalous gold results. Furthermore, the anomaly has never been tested through soil sampling or drilling. The >100ppb gold trench anomaly is interpreted to be open to the southeast over a 500m long strike and the northeast of the Lefroy Exploration Limited’s (ASX:LEX) Hang Glider North anomaly. The trench anomaly discovered at MMG’s tenure is interpreted to be twice in magnitude as the 50ppb Au LEX Hang Glider North soil anomaly. The gold anomalous area is in deeper transported alluvium and is interpreted to have lower extensions of gold grades in new MMG trench samples.

Currently, MMG is progressing on a UFF soil sampling program across the entire Monger North Project, including the Providence (Samocynda Prospect) in the southeast. Furthermore, the company plans to undertake a drill program targeting the saprolite and transitional rocks along strike and beneath the trench geochemical gold anomaly.

Management changes: Appointment of Mr Benjamin Fogelgarn

MMG also announced that Mr Benjamin Fogelgarn would be replacing interim non-executive director Mr Yehoshua Gestetner immediately after the latter resigned from his position. The company is currently in the process to recruit a director with vast experience in developing lithium projects.

Mr Fogelgarn is a seasoned professional with experience in investing in mining companies, both prior to IPO and at equity markets. MMG believes his networking skills and vast investing experience could help the company to facilitate the development of the mineral projects.

Recently, the Company completed the acquisition of American Consolidated Lithium (ACL), which holds the rights to acquire the Scotty Lithium Project. MMG believes that this acquisition is pivotal for the Company and plans to develop the Scotty Lithium Project.

Monger traded at AU$0.22 a share on 11 July 2022 with a market capitalisation of AU$9.25 million.


 


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