Mt Monger Resources (ASX:MTM) has commenced a drilling program at its Albion Project near Norseman, WA, targeting gold and lithium mineralisation believed to be on site following assessment of geochemical data.
The company's share price is up 6% to 15.5cps in morning trade.
Geochemical soil sampling on-site the Albion project conducted earlier this month highlighted extensive surface gold anomalies nearby historical gold mining workings on site nearby mineralised quartz reefs.
Sampling also identified significant lithium anomalies associated with mapped pegmatites present on the Albion acreage.
Drilling at Albion is to be complete by the end of the month with assay results for collected samples due no later than mid-July.
The company notes there is currently a backlog of analytical work orders at the laboratory in question. Results will be used to be better define the dimensions of mineralisation on-site with further drilling to take place.
Twenty holes will be drilled for 1,500m-2,000m; the company believes it is the first time systematic drilling has been undertaken at the project area.
Mt Monger Resources’ says its East Laverton REE drilling program has completed after procurement of a drill in between contracts.
Soil sampling conducted between August 2021 and March 2022 as turned up anomalies supportive of REE mineralisation believed to be present in regolith overlaying ‘REE-enriched’ granite or granite-gneiss basement formations.
The company perceives REE deposits to be flat-lying and near-surface with the possibility of broad mineralisation across the project acreage.
The drill run completed today was made up of 48 holes for 1,080 metres and results will assist the company to further define the dimensions of REE resources believed to be on-site.
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