Mt Monger (ASX:MTM) enters new REE territory at East Laverton
October 7, 2022Mt Monger Resources will chase the extent of high rare earth grades widening exploration following approval for exploration into an area 30 kilometres northeast of its promising Pt Kidman rare earth element prospect, part of its East Laverton Project in Western Australia.
The Company is currently undertaking soil sampling in this part of the East Laverton project and will immediately extend the program to include the newly granted area.
The news follows recent air core drilling intersecting widespread, significant REE mineralisation at shallow depth – fuelling Company confidence that exploration into larger prospective areas (200km2) can lead to the discovery of similar and higher quality REE mineralisation.
The Company’s ASX shares are 13c in early morning trade.
Exploration licences
Exploration licences E38/3509, E39/2218 and E39/2219 are located approximately 120km to the east and southeast of the township of Laverton (Figure 1) and cover the Company’s Dexter prospect area along the known gold mineralised Dexter Shear Zone and the interpreted intersection with the Yamana Shear Zone. Extensive younger cover obscures the bedrock, and historical exploration of the area is limited.
The Company is currently negotiating a heritage agreement over the Dexter tenement areas with the Traditional Owner. It intends to extend its current exploration program at the East Laverton project to include the new licences when this is completed.
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