Mt Monger ready to list and get the drill spinning at WA gold targets
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Mt Monger Ltd is set to list at 12:30pm AEST tomorrow, following a heavily oversubscribed IPO late last month.
The company raised $5 million through the issue of 25 million shares at 20c each – with its highly prospective ground in Western Australia proving attractive to investors.
Mt Monger Resources (ASX:MTM) holds the Mt Monger Gold Project and the East Laverton Gold Project where it expects to commence drilling at the Duchess of York prospect and the Seahorse target (respectively) in the near-term.
Mt Monger comprises exploration licences and prospecting licences covering an area of around ~100km2 in a region that has proven potential – with gold mining commencing in the area during the late 1890s and continuing to the present day.
Silver Lake Resources (ASX:SLR) is currently operating the 1.2Mtpa Randalls gold processing facility just 1km from the company’s tenure.
Exploration to date has outlined a number of advanced gold prospects; including the Duchess of York prospects where Hampton Hill’s drilling in the 90s culminated in a non-JORC compliant resource of 132,000t at 2.3 grams per tonne gold for 10,000oz.
More recently, the Burns project discovery by Lefroy (ASX:LEX) of 60m at 5g/t Au and 0.35% Cu – just 5km from Mt Monger’s tenements – has put renewed exploration focus on the area.
The company is planning to undertake RC percussion drilling programs to confirm the mineralised system and historic results while testing for further extensions.
The East Laverton gold and rare earth project comprises 12 exploration licences covering an area of around ~3,000km2 near Gold Road Resources’ (ASX:GOR) 6.6 million ounce Gruyere project, AngloGold Ashanti (ASX:AGG) and Independence Group’s (ASX:IGO) 5.9Moz Tropicana gold mine and Lynas Corporation’s (ASX:LYC) Mt Weld rare earths deposit.
While little geological work has been completed due to the area’s extensive sedimentary cover, previous work carried out in search of uranium and diamonds has highlighted gneissic rocks similar to those which host Tropicana.
The early focus for drill-testing will be the Seahorse target, which includes a known surface gold anomaly up to 46ppb stretching over around 1.5km of strike, only part of which has been tested by drilling.
The company will also undertake AC drilling targeting the North Seahorse prospect, which hosts a magnetic anomaly which has never been tested.
This article was developed in collaboration with Mt Monger Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.