Monger Gold Ltd: Gold Results Uncover New Prospect at Mt Monger North
20.03.2022 | ABN Newswire
Perth, Australia - Monger Gold Ltd. (ASX:MMG) is pleased to announce the success of one recent RC drill hole that tested the Hoffmann North prospect. This drill hole is 200m NW of the Hoffmann Prospect and structures in the area are interpreted to strike in a NW direction which is antithetic to the Hoffmann Prospect that strikes NE.Highlights:
- RC drilling at the Hoffmann North prospect, Mt Monger North returns significant gold results, including;
- 7m at 1.92 g/t from 52m; including
1m at 2.97 g/t from 54m
1m at 3.27 g/t from 57m
- Only 1 RC hole was drilled for 100m with the program designed to follow up on vacuum drill assay results from MMG's 2021 program which included:
o 1m @ 6.26 g/t from 39m
- Follow up drilling is being planned to target the mineralized quartz veins which are open at both depth and along strike
- Planning is underway for a diamond drilling campaign at the Providence prospect where assays have returned results of up to 8m @ 31.84 g/t Au from 66m including 1m@ 190.08 g/t Au from 70m
Commenting on the drilling campaign, Monger Gold's Chairman Mr Peretz Schapiro said "The discovery of the Hoffman North prospect, continues to bolster our portfolio of prospective targets across our tenements.
The drill results for this new area illustrate the potential for generating new prospects with significant gold mineralisation at Monger North. This first RC drill hole into the Hoffmann North Prospect requires more drilling to test the quartz vein gold in fresh rock where depletion of has not occurred.
In addition to following up the Hoffman North Prospect we are also looking forward to drilling some diamond holes at the Providence prospect as we seek to gain a greater structural understanding of the exceptionally high-grade gold system that appears to be present.
We look forward to keeping the market updated with our exploration progress across our projects".
Hoffmann North comprises subvertical quartz veins in a felsic volcanic host rock with little transported cover but very deep weathering in an upper saprolite profile. A few very shallow old workings are found targeting quartz veins from surface, but potentially because of the deep weathering of the felsic volcanic host rock, gold was leached from the quartz veins.
An adjacent vacuum drill hole, to the northeast, has anomalous support of 1.39g/t Au at endof-hole. Elevated arsenic with a NW strike in vacuum holes suggests an associated structure.
Other notable above background trace elements associations found from MMG vacuum drilling across the prospect are bismuth, molybdenum, tellurium and tungsten. The molybdenum associated with porphyry in the NW also has elevated chromium as is a mix of porphyry and ultramafic with fuchite alteration which is very prospective geology for gold mineralisation and therefore extensions along strike for this gold mineralisation.
The Hoffmann Prospect is around 3.5km NE from the Providence Prospect where diamond drill holes are currently being planned to intersect and characterise the significant high-grade gold mineralisation announced there from a recent RC drill program.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/E3482D18
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