Mt Monger Resources Ltd listed yesterday after knocking back $3 million in oversubscriptions to proceed with exploration of its two highly prospective gold projects with $5 million cash in the kitty and the stock remaining tightly held by its team of experienced campaigners.
The company holds projects in the Mt Monger and East Laverton regions, with the first containing a contiguous tenement package covering 122 square kilometres of highly prospective shallow targets with hits from shallow drilling just 70 kilometres from the massive Kalgoorlie gold mines, and all within cooee of Silver Lakes Resources 1.2Mtpa Randall’s gold processing facility.
The more than 3000 square kilometre East Laverton land package also shows promise with early high-impact drilling revealing multi-million ounce potential amongst Tropicana style mineralisation and significant structures.
“Discovery is the company’s aim,” managing director Lachlan Reynolds said.
“I’ve worked as a field geologist and I’m confident that there are new deposits to be found there.”
Newly appointed exploration manager, Antony Zebisch, will head up the company’s plans to undertake reverse circulation percussion drilling programs at the respective projects to confirm the mineralised system and historic results while testing for further extensions.