Monger Gold Ltd: Providence Stage 2 RC Drill Program Approved

Monger Gold Ltd. (ASX:MMG) is pleased to announce that a Stage Two follow-up Reverse Circulation (RC) drill program of 27 holes for 2,790m (plus 200m contingency for hole extensions if required) has been approved by the Board of Directors at the Providence Prospect, Mt Monger North Project. The program aims to test the discovery of high-grade gold intercepts from the Stage One RC drill program at depth and along strike. (MMG announcement below on 09 November 2021 "Drilling Uncovers Significant High-grade Gold at Providence")

Extension RC drilling at the Providence Prospect (Mt Monger North) returned the following gold intersections:

- MNRC004 8m @ 16.15 g/t Au from 60-68m including 1m @ 111.4 g/t Au from 61-62m and 1m @ 15.01 g/t Au from 63-64m

- MNRC007 8m @ 31.84 g/t Au from 66-74m including 1m @ 37.03 g/t Au from 68-69m; 1m @ 18.20 g/t from 69-70m and 1m @ 190.06 g/t Au from 70-71m

The Stage One drilling was designed to follow-up Silver Lake Resources Ltd.'s (ASX:SLR) drill intersections (2011) into upper saprolite portions of the new deeper discovery:

- NMRC070 1m @ 20.7 g/t from 54m (ends in mineralisation)

- NMRC078 2m @ 7.93 g/t from 22m

- NMRC077 2m @ 4.21 g/t from 33m

Commenting on the upcoming drilling campaign, Monger Gold's Chairman Mr Peretz Schapiro said "The exceptional results from our maiden drill campaign have demonstrated the prospectively of the Providence prospect and enhanced our confidence in the project.

Whilst this project has been explored by numerous companies over the years, it appears that they had been focused on shallow oxide mineralization and have overlooked the potential for deeper narrow vein high-grade gold mineralization in the fresh rock. The high-grade results we have recently received validate our hypothesis.

We are very much looking forward to this next phase of drilling as we look to increase the potential strike and add depth to this high-grade gold system. Subject to results, we anticipate that following this campaign we will be able to release a Maiden Mineral Resource".

Testing of gold mineralisation is planned to deeper levels (new drill holes have -60deg dip and 130 deg magnetic azimuths) over a 270m southwest extension, towards old surface workings also with a southwest strike. No drill holes have been completed in the proposed new MMG drill program extension area, both at depth and along strike. The parallel drill traverses are spaced at 25 metre intervals in the northeast drilling beneath shallow historical holes (grid of historical drilling by other mining companies) and 40 metres towards the southwest (new extension step-out grid) with drill holes 20 metres apart along each traverse. This drill hole spacing will test the extents and continuity of gold mineralisation discovered by MMG and will enable a resource estimation if confidence is increased in gold continuity.

The orebody is interpreted to be steeply northwest dipping and southwest striking in the form of high-grade narrow veins with silica-sericite-sulphide alteration, primarily hosted in fresh rock on the contact between mafic dolerite, intrusive porphyry and shale in the hinge of an antiform on the eastern side of a major northwest striking regional fault zone. Interpretation of MMG's November 2021 exploration extension drill results demonstrate that previous explorers' drilling primarily targeted shallow oxide zone gold mineralisation in the northeast sector. It is apparent that historical drilling overlooked the potential for significant deeper narrow vein high-grade gold mineralisation in fresh rock. MMG is currently in negotiations with drill companies to complete this substantial second stage drill program, which will likely commence in mid-late January 2022. A plan and three sections from MMG's November drill holes and the planned drilling are illustrated in figures 1-4*.

Analysis of multi-element samples from end-of-hole vertical vacuum drilling to basement (gold results announced 3rd November 2021) imply that the Providence Prospect area is traversed by a large northwest striking structure in the southwest sector, with above background trace element values (arsenic, tungsten, molybdenum). Also, previously unidentified high-magnesium diorites (sanukitoids), frequently associated with gold deposits in the Yilgarn Craton, have been identified east of the prospect, from MMG's multi-element assays, suggesting that the adjacent area contains deep-seated mantle-taping structures.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/X50AA1W8

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.



Contact:

Monger Gold Ltd.
Peretz Schapiro, Non-Executive Chairman
info@mongergold.com.au