Monger Gold Ltd: Extensive Gold Anomaly Discovered at Providence Southeast

Perth, Australia - Monger Gold Ltd. (ASX:MMG) is delighted to announce gold and multi-element assay results from four metre composite channel samples from trenches within the 20km2 Mt Monger North Project, 50km southeast of Kalgoorlie and 5km WNW of Silverlake Resources Limited (ASX:SLR) Daisy Milano Mining Centre.

Highlights:

- Trench sampling at southeast Providence discovers significant anomalous gold results

- The anomalous area has not been previously soil sampled or drill tested

- The >100ppb Au trench anomaly is open to the SE for 500m strike, NW of the Lefroy Exploration Ltd. (ASX:LEX) Hang Glider North anomaly

- The MMG trench anomaly is twice the magnitude of the 50ppb Au LEX Hang Glider North soil anomaly

- No historic soil sampling or drill holes have previously been completed SE of the anomalous trench samples

- UFF soil sampling program is currently being undertaken across all of the Monger North Project including SE Providence (Samocynda Prospect)

Commenting on the trench sampling, Monger Gold's Chairman Mr Peretz Shapiro said "We are pleased to announce this significant anomaly as we continue to grow and search for repetitions of the Providence gold mineralisation.

This exploration result gives us the confidence to continue systematic exploration in a relatively mature mining area where new gold targets have been generated in areas previously believed to be non-prospective for gold mineralisation and therefore overlooked by previous explorers.

We look forward to keeping the market updated on our UFF soil sample exploration program".

Five surface trenches were excavated to a maximum of two metres depth by mini-excavator in NE-SW orientations to test for SE extensions to known gold mineralisation at Providence, where recent RC and diamond drilling defined a 16,400 oz JORC(2012) resource (ASX announcement 3rd July 2022).

A total of 144 channel samples were collected as four metre composites in walls, near the intersection between the wall and floor, at around two metres depth from surface for 576 linear horizontal metres. With the exception of the northwestern-most trench, which was sampled from the floor, as the trench could only be excavated to 1 metre depth due to solid calcrete, all samples south of the Providence trench were composed of calcrete rich mottled clays beneath lateritic nodular and pisolite alluvium and haematitic clays. Calcrete decreases towards the SE in the three middle trenches and nodular and pisolite alluvium with clay increases in depth. Calcrete increases again in the anomalous trench which coincides with the gold anomaly. The depth of transported alluvium increases towards the south, parallel with existing southerly drainage from the topographic highs associated with the silicified and quartz veined Wombola Dolerite Sill gold mineralisation trend of the Providence Prospect, Wombola Dam and Wombola gold mines. It is not known if the mottled clays in trenches are saprolite or transported clays.

The northwest-most trench predictably contained a significant above background gold and copper signature, being proximal to the south-eastern extent of known supergene and basement gold mineralisation at Providence. The southeast area of the prospect has not been drill tested into basement previously, and although the trench is downslope of the Providence deposit, suggesting that it is a lag geochemical signature some drill holes are warranted to constrain known basement gold mineralisation.

Three trenches between the northwest trench and the southeast trench, contained low level gold anomalism, then the south-east trench dramatically increases in gold content with an interval of 52m @ >106ppb gold which is comparable to the signature in the trench adjacent to the Providence Prospect.

There is enhanced bismuth in the trench, which is an element closely associated with gold at Providence and also strong above background Thallium results which are usually associated with sulphide in fresh rock, but occurs in minerals like jarosite in weathered zones, suggesting that there is high sulphide near the trench in the fresh rock.

At Hang Glider North, LEX discovered a soil anomaly peaking at 50ppb gold, with a large coherent 20ppb anomaly to the SE of MMG tenements. This gold in soils anomaly is located on deeper transported alluvium and is interpreted to be the lower-grade tail extension of the gold anomalism discovered in the new MMG trench samples.

The generation of this Samocynda Prospect provides immediate support to the idea that the Wombola Dolerite Sill is not the only prospective rock type to host gold mineralisation at Monger North. Indeed, significant gold mineralisation and resources were found in fresh-rock volcanoclastic sediments in contact with the mafic sill at Providence. Previous explorers have extensively targeted gold mineralisation models of mafic greenstone host rocks in contact with sedimentary sequences that deform in a ductile manner and with a rheological contrast, porosity increases when the more rigid body is hydraulically fractured during faulting and fluid pressure release within the mafic host rocks. But in the recent past volcanoclastic sedimentary sequences have been found to contain significant gold deposits, especially where reducing graphitic shale beds occur and early silica alteration is present. Examples of this type of gold mineralisation in upper greenschist and lower amphibolite metamorphic terranes is the highgrade underground Paradigm Gold Deposit of Northern Star Resources (ASX:NST).

The sedimentary volcanoclastics tend to oxidise deeply and form topographic lows where transported rocks accumulate and have the potential to obscure gold deposits and therefore are left undiscovered by both early miners and modern explorers.

The next steps to test the Samocynda Prospect are;

1. a UFF soils program currently being undertaken across all of the Monger North Project tenements. Then;

2. a drill program to test saprolite and transitional rock beneath and along strike of the trench geochemical gold anomaly

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