Mt Monger Resources : Albion Drilling Results, Significant Gold Mineralisation

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ASX Announcement

ASX:MTM

28 July 2022

DRILLING INTERSECTS SIGNIFICANT GOLD MINERALISATION AT THE ALBION PROJECT

Highlights:

• Gold assay results received for recent RC percussion drilling program
• Nuggety gold mineralisation intersected in quartz lodes and other structures
• Significant intersections include:

1. 22ALRC010 7m @ 2.96g/t Au from 36m including 3m @ 1.23g/t Au from 36m 1m @ 12.2g/t Au from 39m 1m @ 1.45g/t Au from 41m 1m @ 3.03g/t Au from 42m

1. 22ALRC003 3m @ 4.14g/t Au from 123m 1m @ 1.01g/t Au from 128m

1m @ 1.10g/t Au from 130m

1. 22ALRC020 3m @ 2.16g/t Au from 27m

1. 22ALRC019 3m @ 0.61g/t Au from 39m

• 1. 22ALRC002 3m @ 0.48g/t Au from 39m
• Mineralisation remains open along strike and down dip
• Further assays pending

Mt Monger Resources Limited (ASX:MTM) (Mt Monger or the Company) has received initial gold assay results for the inaugural reverse circulation (RC) drilling program recently completed at the Albion project located near Norseman in Western Australia (Figure 1). Note that multi-element assays, including lithium, are still awaited for the drilling samples.

Drilling has intersected has successfully intersected gold mineralisation beneath the historical Albion workings and has identified other mineralised structures further to the southwest where there has been no previous drilling. Importantly, the gold mineralisation appears to be quite nuggety in its distribution and an assessment of composite 3m samples versus primary 1m drilling samples indicates that composite samples may be under-reporting the true gold grade. Given the potentially nuggety gold distribution, the Company intends to assay additional 1m drilling samples and expects further significant gold results once these assays are completed.

Mt Monger Resources Limited (ABN 27 645 885 463)

Suite 2, 38 Colin Street, West Perth, 6005, Australia

1. [phone], E: [e-mail] www.mtmongerresources.com.au

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Figure 1: Drilling status plan of the Albion project showing the maximum downhole gold intersections and gridded gold surface geochemical sampling results.

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Commenting on the results of the drilling program, Managing Director Lachlan Reynolds stated:

"RC percussion drilling at the Albion Prospect confirms our premise that there are more high-gradegold-bearing structures to be found in the area and that known structures have potential for strike extensions. Our exploration team has done an exceptional job getting this first drilling program completed and the work has successfully identified several areas that will require further follow-up.

We are also looking forward to receiving the full multi-element assay results from the drilling samples so that we can assess what other opportunities, particularly for lithium, may exist in the project area."

Figure 2: Regional interpreted geology map of the Norseman area showing significant mineral deposits and the location of the Albion project.

RC Percussion Drilling

A total of 22 reverse circulation (RC) percussion drill holes were completed at the Albion project, for a total of 1,928 metres of drilling (refer to Mt Monger ASX announcement dated 22 June 2022; Appendix I).

The drilling was undertaken to test the gold and lithium targets recently identified by a program of geochemical soil sampling which highlighted extensive surface gold anomalies associated with known historical workings on gold mineralised quartz lodes (or 'reefs'). In addition, the sampling identified significant lithium anomalies that are potentially associated with the mapped pegmatites in the area (refer to Mt Monger ASX announcement dated 16 May 2022).

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Gold Assay Results

Significant gold intersections are shown in Table 1 below. More complete reporting of the assay results is shown in Appendix II. Further primary 1m drilling interval samples collected during the drilling program will be assayed to confirm and refine the 3m composite intersections where necessary.

Table 1: Selected significant intersections from recent RC drilling program.

	Hole ID			From			To			Interval			Au Grade
			(m)			(m)			(m)			(ppm)
	22ALRC010	36		39		3		1.23
			39		40		1		12.2
			40		41		1		0.41
			41		42		1		1.45
			42		43		1		3.03
	22ALRC003	69		72		3		0.25
			117		120		3		0.16
			123		126		3		4.14
			128		129		1		1.01
			130		131		1		1.10
			128		129		1		1.01
	22ALRC020	27		30		3		2.16
	22ALRC019	39		42		3		0.61
	22ALRC002	39		42		3		0.48
			90		91		1		0.42
			81		84		3		0.39
			33		36		3		0.23
	22ALRC001	39		42		3		0.19

Note that downhole intervals are shown, true widths not known. Appropriate rounding of grade values has been applied. Significant intersections are based on a 0.1g/t Au cut-off grade. Higher-grade zones (highlighted) are based on a 0.5g/t Au cut-off grade of both 1m and 3m composite samples and do not contain internal dilution.

Assay results from the Albion area, which contains historical workings, showed the highest grades, particularly from holes 22ALRC010 and 22ALRC003, which intersected several mineralised structures containing zones greater than 2g/t Au. The orientation, trend and strike length of these structures is currently not well constrained.

Approximately 500m to the southeast of the Albion workings, drilling also intersected mineralised structures in holes 22ALRC019 and 22ALRC020. The orientation and geometry of these structures is also not constrained but they may represent a continuation of the Albion mineralised system. The drilling has shown that the mineralised zone closely coincides with the surface geochemical survey (Figure 2).

The RC drilling program also tested several continuous geochemical targets located as far as 1.2km south of the historic Albion workings.

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Further Work

Results of the completed drilling indicate widespread anomalous gold mineralisation in the Albion Project and localised higher-grade intersections. Further drilling is required to evaluate the extent and continuity of the structures that host the mineralisation. The Company is well positioned to rapidly undertake infill work.

Albion Project

The Albion project is located approximately 35km to the south of the town of Norseman and comprises a single exploration licence, covering a total area of 4 graticular blocks. The Company has executed an Option Agreement to explore and subsequently acquire a 100% interest in the project, which contains numerous high-grade historical workings, is previously untested by drilling and is considered to be highly prospective for the discovery of a significant gold resource (refer to Mt Monger ASX announcement dated 18 November 2021).

Access to the area is excellent, as the Norseman-Esperance highway cuts through the northwestern corner of the tenement area. The Project is in close proximity to the Norseman gold operations that are currently being redeveloped by Pantoro Limited (ASX:PNR) and is situated approximately 10km to the west of the Scotia gold mines (Figure 2).

This announcement is authorised for release on behalf the Board by Mr Lachlan Reynolds, Managing Director.

For further information, please contact:
Lachlan Reynolds	Simon Adams
Managing Director	Company Secretary
Mt Monger Resources Limited	Mt Monger Resources Limited
Tel: [phone]	Tel: [phone]
Email: [e-mail]	Email: [e-mail]

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