Perth, Australia -
Monger Gold Ltd. (ASX:MMG) is pleased to announce the results of a JORC 2012 compliant maiden MRE for the Providence Prospect (Figure 1*).
Highlights:
- Maiden JORC (2012) Mineral Resource for the Providence Gold Deposit 204,700 tonnes @ 2.5g/t for 16,400 ounces gold
- Resources is located within typical open pit extractable depths and occurring over a relatively short strike length of circa 200m
- Scope to materially expand Maiden Resource through additional drilling with the mineralisation remaining open along strike with 500 metres of untested strike to the southwest
- Gold mineralisation also remains open down dip to the northwest and down plunge to the southwest
- Geophysics survey commencing shortly to search at depth for massive pyrrhotite gold rich lodes that were discovered in one drill hole, deeper within the Wombola dolerite
- Mt Monger North Project is located only a few kilometres from Silver Lake's flagship Daisy Milano complex
Commenting on the Providence MRE results, Monger Gold's Chairman Mr Peretz Shapiro said "We are pleased to announce this Maiden Resource at Providence that is based on some outstanding high-grade drill intercepts.
The Maiden Resource at Providence is at open pit extractable depths and sits within a prolific gold district SE of Kalgoorlie, Western Australia. Providence displays similar characteristics to Silver Lake's (ASX:SLR) recently mined open pits; namely Wombola Dam (76koz Au) and Wombola Pit (30koz Au) (Figure 1*). The Mt Monger North Project is located only a few kilometres from Silver Lake's flagship Daisy Milano complex.
Importantly, as the Maiden Resource remains open at depth and along strike, we will seek to continue to grow the Resource through continued systematic exploration. We look forward to the results from our EM survey, which we expect to receive in the coming weeks, which is aimed at uncovering new conductor drill targets within the sulphide associated with high-grade gold at depth.
The Maiden Resource illustrates that MMG's decision to drill deeper below historic lowergrade oxide/transitional drill intercepts have paid off, with average resource gold grades 35% higher in fresh rock.
We look forward to informing the market of our progress, as we seek to continue to grow this and discover other economic resources".
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/KDH8UQ5W
About Monger Gold Ltd:
With an enterprise value AUD $1m and AUD $5m in funding, Monger Gold Ltd.'s (ASX:MMG) intention is to generate value for shareholders by directing funds raised by the Offer into targeted and systematic exploration of our Projects, resulting in the definition of one or more JORC compliant gold and nickel resources.
Source:
Monger Gold Ltd.
Contact:
Peretz Schapiro Non-Executive Chairman info@mongergold.com.au
