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New project acquisition triples Monger Gold’s (ASX:MMG) foothold in James Bay Lithium District - Kalkine Media

October 27, 2022 04:03 PM AEDT | By Team Kalkine Media
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Highlights

  • Monger Gold’s land position in the James Bay Lithium District of Québec has upped by an impressive three-folds.
  • The Company has acquired the Trieste Lithium Project, which contains multiple mapped pegmatites and favourable indicator minerology all within close proximity to Winsome’s Adina Lithium Project.
  • The project has strong indicator minerology along the Trieste Greenstone Belt including an anomalous historical lithium assay of 180ppm Li.

Monger Gold Ltd (ASX: MMG) recently entered into agreements with several parties to acquire all of the Trieste Lithium Project. The development marks a milestone for Monger, nearly tripling its land position in the prolific James Bay Lithium District, Québec, Canada.

The large-scale lithium project contains multiple mapped pegmatites, favourable indicator minerology all within close proximity to Winsome Resources’ (ASX:WR1) Adina Lithium Project, which recently recorded high-grade lithium assay results of up to 4.89% Li2O. 

Source: Company update

This latest discovery nearby the Trieste Lithium Project plus the project features boost the Company’s confidence in potentially discovering spodumene bearing pegmatites, highlighted Monger Gold’s CEO, Adam Ritchie.

Triggered by the update, MMG shares gained over 9% to trade at AU$0.48 as on 20 October 2022, 12:46pm (AEDT).

Trieste Lithium Project – A highly prospective lithium project

With a total of 423 mineral claims, the Trieste Lithium Project spans across 220km2 within the Trieste Greenstone Belt. The project was identified because of its prospects of hard-rock, pegmatite-hosted lithium mineralisation.

Many historically mapped pegmatites occur in the project area, covering an 180ppm lithium rock chip sample analysed in the past by the Geological Survey of Canada (GSC). To note, the lithium was contained within a tonalite rock type, 24km along strike east in the same stratigraphic sequence and location that houses Adina Lithium Project.

Image source: Kalkine Media, data source: MMG update

Image source: Kalkine Media, data source: MMG update 

Where does the company’s total North American lithium portfolio stand now?

With this acquisition, Monger’s North American Lithium portfolio, all of which lies within Tier 1 mining jurisdictions, is as follows:


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