Monger Gold Ltd: Mt Monger South Geological Mapping Program Commences

Perth, Australia - Monger Gold Ltd. (ASX:MMG) is pleased to provide assay results from a geological mapping and sampling program completed across the entire 13 (thirteen) tenements of the Mt Monger South Project (MMSP). The geological mapping program was completed by New Finds Minerals Exploration Pty Limited in December 2021 and work continues with delivery of a final report imminent. Fire Assay 50g AAS gold assay results have been received and are listed in table 1*.

The highest-grade sample assay was discovered in the eastern sector of the Three Emus Prospect at 89.79g/t gold from an in-situ limonitic quartz vein hosted within ultramafic host rock near a tonalite intrusive contact with surrounding volcanogenic sediments.

The second highest sample assay of 9.65g/t gold was found from an in-situ quartz vein hosted in oxidised felsic volcanic rock in a small old workings shaft located 360m northwest of the Three Emus Prospect.

Historical carbonate sampled auger soils programs discovered anomalous samples >100ppb gold above Tommies Dam Prospect and proximal down slope anomalies at Three Emus that have been tested by historical shallow drilling. These two prospects align in a linear north-westerly striking trend that also coincides with the Angus Prospect and other prospects outside of MMG's tenements.

The geomorphic regime in the north-eastern sector of the MMSP is alluvial plains with the deepest areas having up to 5m of transported material. These covered areas have the potential to conceal basement gold mineralisation, as do higher-energy intermittent water courses and alluvial terraces in the central sector.

In the northeast two historical short RAB drill lines (targeting magnetic highs) intersected 1m @ 1.99 g/t gold at the end-of-hole (11MMAC004 ASX.SLR). These historical gold results illustrate that gold mineralisation in basement sediments exists beneath the transported cover. Historical surface stream sediment sample assays were found between 170-370ppb gold in alluvium (Integra Mining Ltd.). Proximal and to the south of these samples, on the mid-eastern boundary, MMG geological mapping identified relatively recent mechanical scraping of alluvium that accessed gold nuggets over a 300m wide by 170m long zone (area of 40,000m2).

The north-eastern sector of MMG's tenements has east-striking geological units of the Daisy-Milano mine (DM) corridor, as observed from Christmas Flats to the Mirror Open Pit. The DM stratigraphy consists of ultramafic rocks within felsic/intermediate volcanics and associated volcanoclastics (including conglomerates). Faults that strike from 330deg to 360deg magnetic that intersect DM stratigraphy have been identified as the most prospective for gold mineralisation at DM. A major north-striking dextral fault lies immediately east of the MMG tenements that separates the Randall group of gold mines and MMSP. Another northerly structural trend appears at the Three Emus Prospect where rockchip samples of 89.79 g/t gold were found on the surface, to the northeast of a historical drill traverse.

MMG is planning a major geochemical sampling program to be completed in the first half 2022 with the geological mapping program having identified the most prospective areas. Samples from the geochemical program will utilise the CSIRO Ultrafine+ fraction soil technique (MMG announcement 11 August 2021 - "Monger Gold signs Agreement with CSIRO for enhanced exploration"). There are colluvium and high energy alluvium deposits at MMSP deriving from relatively elevated topographic relief in the south (Mt Monger). This significant relief produced colluvium, alluvial drainage channels, alluvial fans and alluvial plains and CSIRO spatial data analytics with the supplemental UFF+ sample data like particle sizing will be effective at separating out different regolith types.

Tenements covered by this program included; P26/4086, P26/4113, P25/2439, P26/4310, P25/2438, P25/2493, P26/4111, P26/4110, P26/4107, P26/4109, P26/4108, P26/4106, P26/4409 area of 17.7km2.

Monger Gold's Non-Executive Chairman, Peretz Schapiro says, "Since the company's formation we have been committed to a program of systematically exploring our tenements. Today's results are exceptionally encouraging and warrant further exploration at the Mt Monger South Project, of which planning is well underway.

The early-stage nature of the Mt Monger South Project dovetails nicely with our more advanced prospects at Mt Monger North, providing us with a significant number of prospective targets, all at different stages of the development pipeline.

We look forward to further exploration at Mt Monger South, as well as our upcoming RC drilling campaign at Mt Monger North, which is scheduled to begin by the end of the month".

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/C43KDD8K

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