Monger Gold finds gold-in-soil anomaly during sampling at Gibraltar project
Monger Gold has raised $5 million to fund its first two years of exploration in WA’s eastern goldfields.
Monger Gold (ASX: MMG) has detected an extensive gold-in-soil anomaly during sampling of assays from the Gibraltar project near Kalgoorlie in Western Australia.
Results from UltraFine Fraction work on 149 samples have outlined the anomaly, which is believed to be well defined across deep transported colluvium and deeply weathered rocks.
A total of 119 samples within the anomaly averaged 31 parts per billion and a peak of 60ppb gold, with the anomaly occurring in areas where there is theoretically the deepest transported cover.
Coincident thorium, uranium and tin soil anomalism in the southeast of the tenements suggest the anomaly is adjacent to a large felsic intrusive with an interpreted west-southwest contact, which is a key geological model for gold mineralisation in the Gibraltar area.
The tenements are located around the Bullabulling shear and abut the Lloyd George and Grosmont open pits which were mined in the late-1980s and 1990s and are now owned by private company Norton Gold Fields.
These adjacent gold resources range from 80,000 ounces to 30,000oz respectively at 2.4 grams per tonne gold within the Bullabulling area, for a total resource of 95 million tonnes for 3.2 million ounces.
Valued addition
Monger non-executive chairman Peretz Schapiro said the anomaly was a valued addition to the company’s exploration efforts.
“We are pleased to announce this significant gold anomaly as we continue to search for new gold deposits which can support a standalone mill,” he said.
“This exploration result is in a brownfields area where new targets have been generated, considered non-prospective for gold mineralisation and overlooked by previous explorers.”
CSIRO analysis
Monger has forwarded the full set of multi-element soil results to the CSIRO (Commonwealth Scientific and Industrial Research Organisation) for analysis, to determine if the new anomaly is reflective of basement gold mineralisation.
Analysis will also help determine ideal locations to test the anticipated basement footprint size within a large anomalous surface area and therefore optimise the amount of drilling required.