Monger Gold Ltd: Strong Soil Assay Results Define Targets at Scotty Lithium

Perth, Australia - Monger Gold Ltd. (ASX:MMG) is delighted to announce the lithium assay results from 643 systematic single hole auger samples analysed at ALS Laboratory in Nevada on the Scotty Lithium Project. Five target areas are defined from the soils values.

Highlights:

- Strong soil assay results of up to 540ppm Li defines targets at 78.1km2 Scotty Lithium Project with each target holding standalone exploration potential

- 643 soils samples taken across the Scotty Lithium Project with:

o 177 samples (~27%) recording greater than 200ppm Li
o 89 samples (~14%) recording greater than 264ppm Li, the maximum recorded at the adjacent Bonnie Claire Lithium Deposit

- 3D modelling of the enclosed basin in conjunction with the soil results has produced five target zones

o 3 sediment target zones - North, East, West
o 2 twin targets (sediment & brine) - Upper South & Lower South

- Soil geochemistry was used effectively in the discovery and delineation of Iconic Minerals Ltd.'s adjoining Bonnie Claire Lithium Deposit, where Inferred Resources comprise 3.4Bt @ 1,013ppm Li for 18.3Mt of LCE resource from 9 drill holes

o Equivalent to a Hard Rock deposit greater than 700Mt @ 1% Li20

- Magnetotelluric (MT) surveys within each zone will now be commissioned to define the basin extent and optimise subsequent drilling programs

Commenting on the soil sampling, Monger CEO, Mr Adam Ritchie, said: "These exceptional assay results from this maiden program across areas never sampled before, discovered higher than anticipated lithium assays over larger and more connected areas than expected on our Scotty Lithium Project. The peak value over the Bonnie Claire Resource is 264ppm lithium, however on Monger Gold's claims the peak value is more than double this at 540ppm lithium.

"These results have greatly assisted in finalising our next steps and represent a key milestone in the advancement of the Scotty Lithium Project."

Target 1 is in the very north of the project area across both recent alluvial fan sediments and gully erosion that has exposed finer grained clays and evaporites.

Over 5.4km2 of >164ppm lithium with the highest value in the northwest at 540ppm Lithium. Target 1 contains an interpreted North Embayment deepening of the basin ~500m) that has returned strong soils and is seen as a primary sediment target with assumed depth and mineralogy like that at the adjacent Bonnie Claire Project which holds 18.37Mt Lithium Carbonate Equivalent.

Target 2 is in the mid-west of the project area covering an area in excess of 10km2 with >165ppm lithium and a peak value of 448ppm lithium, which is more than 40% higher than the maximum soils value found on the adjacent Bonnie Claire resource surface, which occurs over an approximate 16 km2 area at depth. The lithium grades follow the lake surface and recent alluvial fan material may have concealed finer-grained evaporites and clays beneath that contain lithium.

Target 3 is located in the very east of the project area over a >2km2 area of >165ppm lithium with the highest value at 421 ppm Lithium. This area is on the south-eastern flank along trend from the Bonnie Claire deposit. Alluvial fan material partially covers the finer-grained clays and evaporites that have been found to contain higher lithium grades elsewhere.

Target 4 is in the upper south of the project area over a >7km2 area of >165ppm lithium with the highest value at 364 ppm Lithium. This area is directly along trend south from the Bonnie Claire deposit and is both a sediment and brine lithium target for drilling. Alluvial fan material partially covers the finer-grained clays and evaporites that have been found to contain higher lithium grades at Bonnie Claire.

Target 5 contains the lowest lithium on surface of all five targets, however a distinct soils anomaly persists across recent alluvial fan sediments that may be concealing higher grade lithium in evaporites and clays beneath.
There is also the potential extension of lithium brines at depth as found to the north of this area. Gravity and MT data suggest the basin is deeper than originally thought towards this southern area therefore may have substantial host sediments and brine at depth.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/M89VI6R2

About Monger Gold Ltd:

Monger Gold Ltd. (ASX:MMG) is a well-structured listed resource exploration company
with projects in Western Australia, 50km SE and W of Kalgoorlie and Nevada, USA.
Through the systematic exploration of its projects, The Company aims to delineate JORC
compliant resources, creating value for its shareholders.

Source:
Monger Gold Ltd.

Contact:

Adam Ritchie Chief Executive Officer E: aritchie@mongergold.com.au T: +61 (0) 403 462 383 Peter Taylor Media and Investor Relations E: peter@nwrcommunications.com.au T: +61 (0) 412 036 231