Join our daily newsletter At The Bell to receive exclusive market insights
- Mt Monger Resources (MTM) uncovers extensions to the known mineralisation at its namesake project near Kalgoorlie in Western Australia
- Assay results from the company’s 26-hole reverse circulation drilling program have returned up to 4.4 grams of gold per tonne
- Additionally, drilling confirms the presence of a gold mineralised zone over 250 metres long with mineralisation open along strike and at depth
- Managing Director Lachlan Reynolds says this work has identified several areas for follow-up drilling and the company believes the project has “excellent” exploration potential
- At market close shares were down 26.7 per cent to trade at 11 cents
Mt Monger Resources (MTM) has uncovered extensions to the known mineralisation at its namesake project near Kalgoorlie in Western Australia.
As part of its 1731-metre drilling program, Mt Monger completed 26 reverse circulation percussion drill holes across the Red Dale North, Duchess of York, Duchess of York South and the Peters Dam prospects.
With the assay results in hand, MTM said it has confirmed the presence of a gold mineralised zone over 250 metres long at the Red Dale North prospect. The mineralisation is open along strike and at depth.
Grades peaked at 3.7 grams of gold per tonne (g/t) over six metres from 48 metres down hole which included three metres at 4.4 g/t.
Mt Monger Managing Director Lachlan Reynolds said the results “bear out” the company’s contention that the area contains widespread gold mineralisation.
“Once again, the drilling has successfully identified several areas that will require further drilling follow-up and we continue to believe that this project has excellent exploration potential for a gold deposit discovery,” Mr Reynolds said.
Moving forward, the company will send samples collected during the program for assaying to confirm and refine the intersections.
Soil sampling is also being completed to evaluate the extension of the mineralised structure to the southeast and MTM may choose to carry out further drilling to test exploration targets.
At market close, company shares were down 26.7 per cent to trade at 11 cents.
