Monger Gold (ASX:MMG) ready to move ahead at US lithium asset with soil sampling completion

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Monger Gold (ASX:MMG) ready to move ahead at US lithium asset with soil sampling completion

 Monger Gold (ASX:MMG) ready to move ahead at US lithium asset with soil sampling completion
Image source: ASX:MMG

Highlights

  • Monger Gold (ASX:MMG) has concluded an extensive auger soil sampling program at its Scotty Lithium Project.
  • The Company remains optimistic about making its own lithium discovery at the project through the sampling program.
  • The results are expected to be received in eight weeks, and a drilling program is scheduled to kick off at the project in the coming months.

Monger Gold Limited (ASX:MMG) is going from strength to strength at its recently acquired lithium asset in the US with the completion of an auger soils sampling program.

The ASX-listed company initiated the extensive campaign in June 2022 at the Scotty Lithium Project. The Company concluded the program in just eight weeks after completing the acquisition of the project.

MMG has submitted 699 samples to the laboratory ALS, Reno, Nevada, for analysis.

Defining targets for maiden drilling at Scotty

The extensive soil sampling program covered the complete Scotty Lithium Project on 400m spaced traverses, and samples were collected at 400m as well as 200m intervals along traverses.

In the past, not even 4% of the overall area of the project had undergone soil sampling. However, sampling undertaken previously across the project delivered very strong and coherent anomalism within the sampled area.

MMG anticipates receiving the results in around six weeks’ time.

Meanwhile, MMG remains confident that the results from the latest soil sampling program will support the Company in defining targets to test in the maiden drilling program. The drilling program is slated to commence in the coming months.

MMG’s optimism for making a discovery

Since previous soil sampling programs effectively delineated the neighbouring Bonnie Claire Lithium Deposit, MMG is optimistic that its exploration endeavours will aid in making its own lithium discovery.

Source: MMG Announcement 12/08/2022

Besides this, MMG believes that there is a significant possibility that the project hosts extensions of high-grade lithium mineralisation. This mineralisation is expected to be similar to that delineated at the nearby Bonnie Claire Deposit.

It is to be noted that the Bonnie Claire Project is a host to one of the largest lithium resources in the North American region.

MMG aims to delineate JORC-compliant resources through the systematic exploration of its lithium project. The objective is to become a major player in the North American downstream battery industry.

MMG shares were trading at AU$0.305 midday on 16 August 2022.

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