(MENAFN- ABN Newswire)
Monger Gold Limited (ASX:MMG) is pleased to provide the Quarterly Activity Report for the three-month period ended 30 September 2022.
Highlights
Corporate:
- Increased focus on lithium: The Company believes that it is in the interests of the Company and its shareholders to increase its focus on its lithium projects
- Monger Gold Limited to be renamed Loyal Lithium Limited - ASX code to change from 'MMG' to 'LLI'
- New name signifies transition to a lithium led battery minerals and technology company - EGM to effect change scheduled to take place in October 2022
- A strategic review of West Australian assets is in progress: Exploration results suggest that the Monger North and Gibraltar Projects are better suited to a larger regional package and Monger will consider opportunities to divest or joint venture these assets with other regional players to maximize shareholder value
- Company holds cash at end of September 2022: $3.054 million, in addition to raising $4.5M before costs subsequent to the quarters end.
Acquisitions:
- Monger Exercises Option to acquire 100% of the Brisk Lithium Project, James Bay Lithium District, Quebec
- Brisk Lithium Project covers six areas over substantial project extents covering 98.5km2 with multiple pegmatite outcrop targets identified
- Brisk acquisition complements Monger's portfolio of foundational lithium assets covering all lithium resource types within Tier 1 mining jurisdictions:
- Brines and Sediment - Scotty Lithium Project (Nevada, USA)
- Hard Rock - Brisk Lithium Project (Quebec, Canada)
- Hard Rock - Trieste Lithium Project (Quebec, Canada)
Operations:
- Inaugural exploration campaign commenced at Brisk with in-country partner, Dahrouge Geological Consulting with initial results due in November 2022
- Completed soil sampling programme at Scotty Lithium Project, with strong results of up to 540ppm Li max, defined five targets, each with standalone exploration potential
- 643 soils samples taken across the Scotty Lithium Project with: 177 samples (~27%) recording greater than 200ppm Lithium
- Historical MT geophysics data used to construct a 3D model of the endorheic basin, in conjunction with the soil results has produced five target zones at Scotty
- Planning well advanced to engage a consultant in early 2023 to complete Geophysics MT surveys, in order to determine the depth of lithium host sediment
*To view the full Quarterly Report, please visit:
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.
Adam Ritchie
Chief Executive Officer
E: T: +61 (0) 403 462 383
Peter Taylor
Media and Investor Relations
E: T: +61 (0) 412 036 231
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