Mt Monger Resources (ASX:MTM) flag nickel deposit potential at Seahorse
November 28, 2022Mt Monger Resources rock chip assays have “suggested the presence of a new nickel deposit”, returning 1.1% nickel and 1.57% cobalt at the Seahorse prospect, part of the Company’s East Laverton Project in the north Eastern Goldfields of Western Australia.
The exceptional results were obtained gossanous samples within broad 2.5km x 2.5km nickel-copper-cobalt soil geochemistry anomaly, suggesting potential nickel gossans (highly weathered sulphide mineralisation) in several locations with high nickel, copper and cobalt values.
The Company said the ELRK024 sample coincides with a large magnetic high and is within an anomalous nickel, copper and cobalt surface geochemical anomaly defined in April.
“These are highly significant results, possibly suggesting the presence of a new nickel sulphide deposit, Exploration Manager Antony Zebisch said.
“We have previously identified a large magnetic high that is coincident with a MMI geochemical nickel, copper, cobalt and gold anomaly – this new gossanous float rock comes from directly over the central region of that anomaly.”
“We also have identified two other gossans that appear to be hosted on similar regional structures and one of these seems to be associated pillow basalts, potentially representing an active volcanic centre and a prime environment for all sorts of mineralisation to occur.
“What also makes me excited about the area is that the MMI sampling that was undertaken has the potential to see through the transported cover, which is extensive.
“The geochemical anomaly may therefore represent a large polymetallic mineralised area. I’m very excited to get our inaugural drilling program on this target underway”
Price Action
The Company’s ASX-listed shares are 10.5c at Market Open.
Next Steps
Heritage clearances are currently being arranged to allow drilling evaluation of the target areas defined by geochemical sampling and these rock chip samples. The Company plans to undertake drilling in early 2023.
About Mt Monger Resources
Mt Monger Resources was incorporated in November 2020 to consolidate several gold exploration projects in the Mt Monger region of Western Australia. The Company intends to pursue an ASX listing to raise sufficient capital to undertake exploration programs on the Mt Monger and Laverton tenement portfolios, to delineate economic minerals deposits for future development or other means of increasing shareholder value. The board and management of Mt Monger are highly experienced in the junior ASX exploration sector and management of exploration activities.
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