Source: Monger Gold
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Monger Gold (MMG) receives copper results from a single drill hole completed at the Providence prospect in WA
  • The diamond hole returned an intercept of one metre at 0.56 per cent copper in addition to a previous high-grade gold result of 21.3g/t over one metre
  • MMG says the mineralisation style in the hole is more similar to Silver Lake Resources’ high-grade Deflector mine than those in the surrounding Mt Monger project area
  • Chairman Peretz Schapiro says the company is “pleasantly surprised” by the intersection as it points towards the Providence prospect being a copper-gold system
  • MMG shares are up 3.23 per cent to trade at 32 cents at 3:13 pm AEST

Monger Gold (MMG) has received multi-element assays from one drill hole completed at the Providence prospect.

The Providence Prospect is part of the company’s Mt Monger North project in Western Australia.

Today’s copper result comes from diamond hole 22MNDD003 which returned two metres at 0.46 per cent copper from 130 metres including one metre at 0.56 per cent copper.

The same drill hole also returned a result of eight metres at 4.34 g/t gold including one metre at 21.3 g/t gold which was announced earlier this month.

Interestly, the style of mineralisation found in the drill hole was unique in the diamond drilling program.

The intersection is also more comparable with Silver Lake Resources’ (SLR) Deflector copper-gold mine in the Gullewa greenstone belt that contains 27,000 tonnes of copper resources with gold, as opposed to the mines in the surrounding Mt Monger area.

Monger Gold Chairman Peretz Schapiro said the high-grade copper result associated with high-grade gold within massive sulphides “pleasantly surprised us because the adjacent Silver Lake Resources mines do not contain this level of copper with gold in their ore.”

“This early-stage copper discovery in a drill hole at Providence dovetails nicely with our foray into battery metals used in electric vehicles. Over three to five times the amount of copper is used in an EV compared to a combustion engine vehicle, thereby significantly increasing the demand for both copper and lithium,” he said.

The copper-gold system at the Providence prospect remains open along strike to the northwest and southwest as well as open at depth.

Monger Gold plans to conduct an electromagnetic survey in June which will support targeting in a follow-up drilling program.

MMG shares were up 3.23 per cent to trade at 32 cents at 3:13 pm AEST.

MMG by the numbers
More From The Market Herald
Genetic Technologies (ASX:GTG) - CEO, Simon Morriss

" Genetic Technologies (ASX:GTG) expands EasyDNA into Indian and European markets

Genetic Technologies (ASX:GTG) has embarked on a significant expansion of its recently acquired at-home DNA testing…

" Flynn Gold (ASX:FG1) intersects high-grade gold from maiden Trafalgar drilling

Flynn Gold (ASX:FG1) has intersected up to 52.20g/t gold under the maiden drilling program at the…

" Bubs Australia (ASX:BUB) halts trade ahead of $63m equity raising

Bubs Australia (ASX:BUB) halts trade ahead of its underwritten $63 million capital raise to support the…