Monger Secures Option to acquire the Brisk Lithium Project
Perth, Aug 18, 2022 AEST (ABN Newswire) - Monger Gold Ltd (ASX:MMG) is pleased to announce that it has entered into an exclusive option agreement to acquire 100% of the Brisk Lithium Project, located in the prolific James Bay Lithium District in west-central Quebec, Canada (the Brisk Lithium Project or Project or Mineral Claims).
- Exclusive option to acquire 100% of the Brisk Lithium Project located in the prolific James Bay Lithium District, Quebec along trend from:
o Patriot Battery Metals' (CVE:PMET) Corvette Project (80km east)
o Winsome Resources' (ASX:WR1) Cancet Project (15Km east)
- DG Resource Management, vendor of the Brisk Lithium Project, identified, acquired and vended the potentially world-class Corvette Lithium Project
- Brisk Lithium Project was generated using similar methods which led to the identification of Patriot Battery Metals' potentially world-class Corvette Project
- Brisk Lithium Project covers six prospects over a large project area covering 98.5km2and is host to several known pegmatite outcrops
- Brisk Lithium Project is located due west of Winsome Resources' Cancet Project, on trend with Cancet and Corvette
- Inaugural field program scheduled to be conducted within the next 45 days to test and confirm several of the targets for their potential to contain lithium
- Located within close proximity to the La Grande Complex, one of the world's largest hydroelectric developments providing carbon free energy for future mine development, and associated infrastructure, including the all-weather Trans-Taiga road
- Acquisition complements Monger's portfolio of foundational lithium assets covering all lithium resource types within Tier 1 mining jurisdictions:
o Brines and Clay - Scotty Lithium Project (Nevada, USA)
o Hard Rock - Brisk Lithium Project (Quebec, Canada)
Commenting on the Agreement, MMG CEO Mr Adam Ritchie said:
"Today's announcement is powerful in two ways, (1) we are signalling our intent to move into the highly fertile grounds of the James Bay Lithium District, and (2) we are doing it in partnership with the highly respected and in-country Dahrouge Group.
As the founding geological team behind the lithium bearing pegmatites of the Corvette Project, Dahrouge's insights behind the Brisk Lithium Project must not be underestimated.
Local in-country geological support is fundamental to our success and the deal structure shows long-term and ongoing commitment from our new partner.
The James Bay Lithium District is emerging as the hard rock capital of North America and metallurgical test work from adjacent discoveries suggests that the Brisk Lithium Project is of great quality with potential processing advantages compared to other regions.
For Monger, this deal solidifies the foundational lithium asset set. In combination with the Scotty Lithium Project in Nevada, all three main lithium resource types are now covered being brine, sedimentary and hard rock. This places Monger in a prime position to take advantage of legislation recently passed by the US congress, enforcing a minimum level of locally sourced raw materials within the North American battery supply chain."
Commenting on the Agreement, Jody Dahrouge said:
"It's great to find a partner with serious intent, development know-how and backing to explore the highly prospective Brisk Lithium Project.
Our team is passionate about exploration, with a strong commitment to analysing available geological and geophysical data to identify these early-stage targets. We are very excited about the opportunity to make a significant grassroots discovery at the Brisk Lithium Project alongside Monger, within the emerging James Bay Lithium District."
Brisk Lithium Project Overview
The Brisk Lithium Project comprises six prospects covering 192 mineral claims totalling 9,849 hectares (98.5 Km2 ) located in the James Bay Region of west-central, Quebec.
The Project was identified due to its prospective nature for hosting hard-rock, pegmatite hosted lithium mineralisation by Dahrouge's proprietary targeting method, which included the review of pegmatite occurrences across the James Bay region of Quebec with the appropriate indicator-mineralogy for hosting spodumene-bearing pegmatites, within favourable host-rocks.
Inaugural Exploration Program
The Project is host to several known pegmatite outcrops, but no lithium-focused work has been conducted on the Project, and thus no lithium-bearing occurrences have yet been noted. Multiple target areas have been identified based on the aforementioned targeting criteria and confirmed using aerial imagery. In addition to the indicator mineralogy, the Project is located along trend of the Cancet Project (Winsome Resources) and Corvette (Patriot Battery Metals).
An inaugural field program is to be conducted within the Option Period, with the aim to test and confirm several of the targets for their potential to contain lithium.
The Brisk Lithium Project is host to several known pegmatite outcrops. The vendor of the Brisk Lithium Project is DG Resource Management Ltd., who also generated the potentially world-class Corvette Lithium Project owned by Patriot Battery Metals. Exploration will be managed by Dahrouge Geological, who are accredited with a multitude of significant discoveries across multiple commodities, including lithium, REE's, uranium and specialty metals.
The option agreement includes a 45 day Option Period (as defined below) in which Monger intends to conduct a maiden field program, to confirm and test several of the targets for their potential to contain lithium.
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About Monger Gold Ltd
Monger Gold Ltd (ASX:MMG) is a well-structured listed resource exploration company with projects in Western Australia, 50km SE and W of Kalgoorlie and Nevada, USA. Through the systematic exploration of its projects, The Company aims to delineate JORC compliant resources, creating value for its shareholders.
Monger Gold Ltd