Quarterly Activities Report
Perth, Oct 31, 2022 AEST (ABN Newswire) - Monger Gold Limited (
ASX:MMG) is pleased to provide the Quarterly Activity Report for the three-month period ended 30 September 2022.
Highlights
Corporate:
- Increased focus on lithium: The Company believes that it is in the interests of the Company and its shareholders to increase its focus on its lithium projects
- Monger Gold Limited to be renamed Loyal Lithium Limited - ASX code to change from "MMG" to "LLI"
- New name signifies transition to a lithium led battery minerals and technology company - EGM to effect change scheduled to take place in October 2022
- A strategic review of West Australian assets is in progress: Exploration results suggest that the Monger North and Gibraltar Projects are better suited to a larger regional package and Monger will consider opportunities to divest or joint venture these assets with other regional players to maximize shareholder value
- Company holds cash at end of September 2022: $3.054 million, in addition to raising $4.5M before costs subsequent to the quarters end.
Acquisitions:
- Monger Exercises Option to acquire 100% of the Brisk Lithium Project, James Bay Lithium District, Quebec
- Brisk Lithium Project covers six areas over substantial project extents covering 98.5km2 with multiple pegmatite outcrop targets identified
- Brisk acquisition complements Monger's portfolio of foundational lithium assets covering all lithium resource types within Tier 1 mining jurisdictions:
- Brines and Sediment - Scotty Lithium Project (Nevada, USA)
- Hard Rock - Brisk Lithium Project (Quebec, Canada)
- Hard Rock - Trieste Lithium Project (Quebec, Canada)
Operations:
- Inaugural exploration campaign commenced at Brisk with in-country partner, Dahrouge Geological Consulting with initial results due in November 2022
- Completed soil sampling programme at Scotty Lithium Project, with strong results of up to 540ppm Li max, defined five targets, each with standalone exploration potential
- 643 soils samples taken across the Scotty Lithium Project with: 177 samples (~27%) recording greater than 200ppm Lithium
- Historical MT geophysics data used to construct a 3D model of the endorheic basin, in conjunction with the soil results has produced five target zones at Scotty
- Planning well advanced to engage a consultant in early 2023 to complete Geophysics MT surveys, in order to determine the depth of lithium host sediment
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/34JMZXM7
About Loyal Lithium Limited
Loyal Lithium Limited (ASX:LLI) is a well-structured listed resource exploration company with projects in Tier 1 North American mining jurisdictions in the James Bay Lithium District in Quebec, Canada and Nevada, USA. Through the systematic exploration of its projects, the Company aims to delineate JORC compliant resources, creating value for its shareholders.
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