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- Monger Gold (MMG) completes an auger soil sampling program at its recently-acquired Scotty lithium project in Nevada
- Prior to the sampling program, less than three per cent of the Scotty project had been historically sampled
- Minor soil sampling previously completed in the area returned “extremely” strong anomalism and delineated the adjacent Bonnie Claire lithium deposit
- Monger believes there’s a high chance the Scotty project has extensions of high-grade lithium mineralisation and expects to receive results in the next six weeks
- Company shares are down 3.23 per cent to trade at 30 cents per share at 1:05 pm AEST
Monger Gold (MMG) has completed an auger soil sampling program at its Scotty lithium project in Nevada, US.
The program began in June, just after the company gained majority ownership of the Scotty project through its acquisition of American Consolidated Lithium.
Monger Gold’s strategy was to expedite exploration work to eventually deliver a maiden JORC resource for the Scotty project.
Sampling was completed over the entire project area, which covers about 7802 hectares. Prior to this, less than three per cent of the total project area had been soil sampled. However, Monger said the limited sampling work completed in the area successfully returned “extremely” strong anomalism.
The previous soil sampling work delineated the adjacent Bonnie Claire deposit, and so Monger Gold said it believed there was a high chance the Scotty project contained extensions of high-grade lithium mineralisation similar to Bonnie Claire.
The Scotty lithium project lies 70 kilometres from the Clayton Valley (Silver Peak) mine which is reportedly the only producing lithium mine in the US.
Monger Chairman Peretz Schapiro said the company was “delighted” to have completed the program after just two months of acquiring the project.
“In conjunction with the recent appointment of our highly experienced CEO Adam Ritchie, Monger is now poised to maximise shareholder value as it enters its next phase of growth,” Mr Schapiro said.
Monger Gold expects to receive results in six weeks which will help it to define targets for a maiden drilling program.
Company shares were down 3.23 per cent to trade at 30 cents per share at 1:05 pm AEST.
