Monger Gold (ASX:MMG) sharpens focus on expanding lithium footprint

Highlights

• Monger Gold (ASX:MMG) is engaged in establishing an asset portfolio encompassing all lithium resource types within Tier 1 mining jurisdictions.
• The Company is considering opportunities to divest or enter joint ventures for its gold assets with other regional players.
• To tap the emerging opportunities in the battery metals space, MMG looks to build a team that comprises lithium experts and industry professionals.

With sky-high battery metal prices, many exploration & development companies are striving to boost their capacity to secure higher market share and generate maximum value.

In the current buoyant setting, Monger Gold Ltd (ASX:MMG) is actively pursuing exciting opportunities in the battery metals space, on the back of its robust project portfolio. 

Recently, the Company shared its progress from exploration works undertaken across its projects. Besides realising value from its gold projects, the Company has also been focusing on building a portfolio of lithium assets.

MMG is considering taking major steps to enhance its focus on lithium assets.

Building lithium asset portfolio

MMG has been advancing well towards establishing its lithium asset portfolio encompassing all lithium resource types within Tier 1 mining jurisdictions. These include the recently acquired Scotty Lithium Project in Nevada, US and the Brisk Lithium Project in Québec, Canada.

Source: MMG Announcement

MMG believes that its increased focus on lithium projects will be in the interests of the Company as well as its shareholders, generating increased shareholder value.

The Company has also appointed lithium professional Mr Adam Ritchie as its CEO, who is expected to guide the team to develop and advance these projects further. MMG intends to establish a team around Mr Ritchie that will include lithium experts as well as industry professionals.  

Key developments across MMG’s gold projects

At its Gibraltar Project, MMG sponsored a soil sampling program, executed across a contiguous set of tenements. The program delivered 469 sample assays, which were analysed by CSIRO.

At the Providence prospect (Monger North Project), the Company has completed RC drilling across 20 holes for 2,016m, along with three diamond drill holes for 247.8m.

Subsequent to the completion of the new drill programs, a JORC (2012) Inferred Resource of 16,400 ounces at 2.5g/t was estimated using data from the samples gathered.

MMG completed a geological mapping and sampling program at the Mt Monger South Project. Rock chip samples gathered from this program delivered gold assay results with values of up to 89.79 g/t gold (MMS0032) and 9.65 g/t gold (MMS0027).  

A summary of key highlights of the Company’s exploration work across projects includes the following:

Data Source: MMG | Image Source: © Awcnz62|Megapixl.com

Where is MMG headed?

MMG’s strategic review of exploration results across its gold assets indicates that both Monger North and Gibraltar Projects are well aligned to be a part of the bigger regional package. The Company is considering possibilities to collaborate with other regional players to divest or joint venture these projects for maximising shareholder value.

MMG believes that the strong fundamentals for the lithium market would continue in the upcoming years. This is supported by the continuously increasing demand for lithium from consumers as well as legislative shifts towards electric vehicles, along with the electrification of energy grids across the globe.

Presently, MMG is engaged in the development of an FY23 Strategic Business Plan, which is intended to be shared soon.

MMG shares traded at AU$0.420 on 31 August 2022, up over 6% from the last close.