Monger Gold Ltd: Copper - Zinc found in Rock Chip Samples at Mt Monger South

Perth, Australia - Monger Gold Ltd. (ASX:MMG) is pleased to announce further assay results from follow-up rock-chip sampling on tenement P26/4106 (fig. 2*), located within the 17.7km2 Mt Monger South Project (MSP).

Highlights:

- Rock-chip sample assay results from the Ben Nevis Prospect at Mt Monger South include:

o Copper 3,870ppm, Zinc 2,623ppm and 44% Iron in the best sample
o Copper 1,892ppm, Zinc 1,399ppm and 36% Iron in a second sample
o A total of ten samples with average Copper grade of 1,012ppm

- Anomaly now extends over 50m within a broader prospective zone of 5km of continuous strike.

- This previously under explored area is being interpreted as a potential zone of copper and zinc VMS style mineralisation

- Geochemical sampling program is being planned for Q2 2022 with samples to utilise CSIRO Ultrafine+ fraction soil technique.

This campaign was designed to follow up MMG's 2021 discovery of one anomalous rock chip sample (MMS0015) from a gossan sub-crop, assaying 31% iron with multielement assays of copper 0.26%, zinc 0.22%, nickel 462ppm, cobalt 287ppm, bismuth 32ppm and tellurium 28ppm (ASX Release 17 Jan 2022 - "Mt Monger South Geological Mapping Program Completed"). Ten additional samples were taken from a stratigraphic horizon along strike, extending the anomaly to over 50m (fig. 1; table 1*).

Monger Gold's Non-Executive Chairman, Peretz Schapiro commented, "Since the company's foundation we have committed to methodically exploring our tenements in order to grow the company through exploration. These results announced today from the Ben Nevis Prospect illustrate that this process is paying off, with our geological team recognising a new and exciting copper and zinc mineralisation geological model.

Importantly, these metal commodities have previously not been explored before on these tenements, hence provide our company with "blue sky" potential at Mt Monger South. We will now move onto more intensive and targeted exploration works such as EM geophysics, which we anticipate will help define drill targets.

The early-stage nature of the Mt Monger South Project slots in nicely with our more advanced gold prospects at Mt Monger North, providing us with projects at different stages in the exploration and development pipeline.

We look forward to announcing further exploration results from Mt Monger South".

The gossans found are highly ferruginous rocks that are oxidation products of weathering and leaching of sulphide bodies. Localised secondary copper staining (green) around ball-like textures in both massive and vein forms are pseudomorphs of pyrite within a ferruginous siliceous layer lodged between two distinct contacts in the Mount Monger Sill. Host rocks are basalt with intercalated meta-pelite, quartzite and chert sediments. The north-western boundary of the ferruginous zone comprises anthophyllite and in the south is bounded by leucogabbro. This horizon has been overlooked by previous explorers as a potential zone of copper and zinc VMS style mineralisation. The zone is interpreted to be a sediment-starved basalt flow, with high copper and zinc, and low lead. There are no historic workings or work done on this newly identified mineralisation. On MMG's tenements there is a significant continuous strike of 5km of a prospective stratigraphic horizon, with copper values increasing towards the southwest. The Mount Monger Sills are correlated with the Kambalda Sequence stratigraphic youngest mafic unit, the Paringa Basalt, that both belong to the High-Th siliceous basalt group (fig. 2). In this area the sill contains a significant ultramafic component suggesting considerable sill differentiation. There are large aerial magnetic data highs 150m to the north of the anomaly, with small low tenor bulls-eye highs directly beneath the zone of interest. Planning is being undertaken with Southern Geoscience Consultants for a Moving Loop EM survey to test if a sulphide body is associated in fresh rock beneath this large gossan.

MMG is planning a geochemical sampling program in the first half 2022 with the geological mapping program having identified prospective areas. Samples from the geochemical program will utilise the CSIRO Ultrafine+ fraction soil technique (MMG announcement 11 August 2021 - "Monger Gold signs Agreement with CSIRO for enhanced exploration"). CSIRO spatial data analytics with the supplemental UFF+ sample data like particle sizing will be effective at separating out different regolith types.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/4V889A55

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