Mt. Monger kicks off REE, gold drilling at East Laverton project

Mt. Monger Resources (ASX:MTM) kicked off a 10,000m drilling campaign on Friday to kickstart the first exploration activity of 2023. 

A combination of Reverse Circulation (RC) and Aircore (AC) drilling will be used. Both drill types collect rock chips from underground in barrel chambers as opposed to Diamond-tipped Drilling (DD) which captures entire cores and returns cylindrical bodies to the surface. 

RC drills are capable of going to greater depths than AC.

The company is to drill two prospective targets on its radar interpreted to contain potential commercial-scale mineralisation. 

Those prospects are named “Point Kidman” and “Seahorse” respectively. Both are located within Mt. Monger’s East Laverton Gold Project. 

Broken down 

The company is looking for Rare Earth Elements (REEs) at Point Kidman, and it’s looking for gold at Seahorse. 

“RC drilling is being used to target an anomalous nickel-cobalt gossan in the Pt Kidman prospect,” company exploration manager Antony Zebisch said.

Drilling at Kidman will test surface soil anomalies found in earlier 2022 fieldwork. Worth keeping in mind is that soil anomalies can often turn over more promising signals than what is actually found underground, in terms of grades. 

Of course, every now and then, the opposite is true. 

“We also have exciting geochemical anomalies at the Seahorse prospect that we are targeting with both RC and AC drilling, including gold targets and an area where a 1.1% nickel and 1.57% cobalt rock chip sample was taken.

The company frames Seahorse as being situated in an area largely underexplored. 

Want to know more? 

Free company data available on Market Index provides a number of data points with which investors can form first-stage considerations about stock price performances. 

For Mt. Monger, those include but are not limited to: 

• Share price of 8.4c*

• Market cap of $4.7m* 

• One year returns down -49% 

• Year to date performance up 6.3% 

• Average 4 week volume of 189,399 shares 

• Ranked 871 of 943 materials sector companies 

• Company finished September quarter with $583,000 in cash 

• It spent $808,000 in opex over the same period

• The company raised $1.074m through an entitlement offer in late 2022

*As at 1405 AEST Friday 20 January 2023 

Mt. Monger's one year charts