With gold expected to reach $US1930 an ounce within 12 months, Mt Monger Resources has continued systematically exploring the future Mt Monger gold project. The company has reported extensive new gold anomalies from soil geochemical results from the site located just 70 kilometres southeast of Kalgoorlie in Western Australia.
The surface geochemical sampling has identified new mineralised structures and extensions to existing known zones over significant areas with coherence over more than 2 kilometres to 3km strike length.
MTM said the latest results build on the recent confirmation of several significant gold anomalies at Mt Monger, south of the Duchess of York prospect.
“The company originally identified the Mt Monger area as being a highly prospective goldfield where historical work had not effectively tested the full potential of the area,” managing director Lachlan Reynolds said.
“And, from the outset of our exploration program at Mt Monger, we were confident that the application of modern exploration methods would define new targets.
“This successful campaign of soil sampling has provided our exploration team with some excellent new priority areas for follow-up work.
“Furthermore, it gives us confidence that soil sampling can be effectively used as a method to rapidly assess other areas on our project areas, particularly where historical data is sparse.
“We are currently working up new drilling targets and are looking forward to mobilising a drilling rig back on-site to evaluate their potential.”
The next step for the company will be further drilling planned to test geochemical anomalies, with soil sampling also expanded.
MTM’s Australian Stock Exchange-listed share price was trading at 15c (9:51 am UTC+ 8 hours)