Monger Gold Ltd: Extensive Gold in Soil Anomaly Detected at Gibraltar

Perth, Australia - Monger Gold Ltd. (ASX:MMG) is delighted to announce the first UFF+(TM) soil sampling gold assay results from single hole samples on seventeen 400m spaced traverses, 100m apart, on the Gibraltar Project south tenements (11.89km2 ), 60km SW of Kalgoorlie (fig. 1*).

Highlights:

- UltraFine Fraction (UFF+(TM)) soil sampling assay results outline a significant gold anomaly at Gibraltar that is well defined across deep transported colluvium and deeply weathered rocks

- The >21ppb, 60ppb peak Au in soil anomaly is above background, large and coherent over 2000m by 800m, with copper support

- Monger Gold Ltd. is a sponsor of the CSIRO UFF+(TM) Research Program

- UFF+(TM) soil sampling programs are now being undertaken across all of Mt Monger North and South Projects

Commenting on the soil sampling, Monger Gold's Chairman Mr Peretz Shapiro said "We are pleased to announce this significant gold anomaly as we continue to search for new gold deposits that support a stand-alone mill.

This exploration result is in a "brownfields" area where new gold targets have been generated, previously thought to be non-prospective for gold mineralisation and overlooked by prior explorers.

We look forward to keeping the market updated on new results from our UFF+(TM) soils exploration program and testing of anomalies generated".

Samples were excavated to 30cm depth after clearing a one metre square area.

A total of 119 samples within the anomaly, average 31 ppb and peak at 60ppb (fig. 2*). The program consisted of a total of 469 samples. A rigorous QAQC scheme included UFF+(TM) specific certified reference standards and field duplicates every 33 and 30 samples respectively. Sample analysis of the reactive 2-micron clay fraction, with microwave digestion and low detection level ICPMS technology was used to detect the signatures of Archean basement gold mineralisation below shallow to moderate cover and Cenozoic deep weathering. The anomaly occurs where there is theoretically the deepest transported cover. Coincident Thorium, Uranium and Tin soil anomalism in the SE of the tenements suggest that the gold anomaly is adjacent to a large felsic intrusive with an interpreted WSW contact, which is a key geological model for gold mineralisation in the Gibraltar area. The tenements are around the Bullabulling shear and abuts the Lloyd George and Grosmont open pits, mined in the Late 1980s and 1990s, now owned by Norton Gold Fields Ltd. These adjacent gold resources range from 80koz to 30koz respectively @ 2.4g/t within Bullabulling area total resources of 95Mt for 3.2Moz.

CSIRO have received the full set of multielement soil results and will use their expertise to analyse these and report to MMG next quarter. The aim of this analysis is twofold; firstly, to determine if the anomaly is reflective of basement gold mineralisation; and secondly to determine the ideal locations to test the anticipated basement footprint size, within a large anomalous surface area and therefore optimise the amount of drilling required. Norton Gold Fields Ltd. is currently drilling adjacent to the MMG licence boundary soil anomaly.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/TVPW57F4

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