Monger Gold (ASX:MMG) shares welcome extensive gold anomaly at Gibraltar

Highlights

• Monger Gold has reported a significant gold anomaly at Gibraltar, highlighted by UFF+^TM soil sampling assay results.
• The company is a sponsor of the CSIRO UFF+^TM Research Program, and UFF+^TM soil sampling is being performed across all of Mt Monger South and North Projects.
• MMG remains committed to identifying new gold deposits aiding a stand-alone mill.

Australian resource explorer Monger Gold Limited (ASX:MMG) continues to make a mark with its gold exploration endeavours. The company has reported encouraging gold assay results from the maiden Ultrafine Fraction (UFF+^TM) soil sampling on the Gibraltar Project south tenements. The results have highlighted a substantial gold anomaly at Gibraltar.

Trigged by the update, MMG shares traded in green on 19 July 2022. The shares were trading at AU$0.220 midday on 20 July 2022, up nearly 10% from the last close.  

Significant gold anomaly outlined at Gibraltar

The single-hole sampling outcomes have defined a substantial gold anomaly at Gibraltar. The >21ppb, 60ppb peak gold in soil anomaly is well defined across deeply weathered rocks and deep transported colluvium. The sampling was performed on seventeen 400m spaced traverses.  

The anomaly is above background, huge and coherent over 2,000m by 800m, with copper support.

Sample collection and geological model for gold mineralisation

Within the anomaly, a total of 119 samples average 31 ppb and peak at 60ppb, and the program comprised a total of 469 samples.

A robust QAQC scheme comprised UFF+^TM specific certified reference standards and field duplicates every 33 and 30 samples, respectively.

Moreover, the signatures of Archean basement gold mineralisation beneath shallow to moderate cover and Cenozoic deep weathering were detected using sample analysis of the reactive 2-micron clay fraction, with microwave digestion and low detection level ICPMS technology.

The coincidence of Th, U and Sn soil anomalism in the southeast of the tenements highlights that the gold anomaly adjoins a large felsic intrusive with an interpreted WSW contact. This is a vital geological model for gold mineralisation in the region.

Besides this, MMG has observed that the tenements lie around the Bullabulling shear and abuts the Lloyd George and Grosmont open pits. These pits, owned by Norton Gold Fields Ltd, were mined in the late 1980s and 1990s.

At present, Norton Gold Fields is undertaking drilling operations next to the company’s licence boundary soil anomaly.

Ongoing UFF+^TM soil sampling program

Notably, Monger Gold is a sponsor of the CSIRO UFF+^TM Research Program, and all of Mt Monger North and South Projects are undergoing the UFF+^TM soil sampling programs.

The complete set of multielement soil results has been received by CSIRO. Utilising their expertise, CSIRO will undertake an analysis of these and report to MMG in the next quarter.