MONAX MINING TARGETS URANIUM, COPPER AND GOLD AS BIG DRILLING PROGRAM COMMENCES AT PUNT HILLadmin
Monax Mining Limited will next month commence its biggest exploration program since listing on the Australian Stock Exchange last year with plans to outlay up to $2 million
drilling the prospective Punt Hill tenement in South Australia’s far north.
Monax (ASX code ”˜MOX’) today announced that an initial ten hole drilling program, costing around $1 million, will be undertaken on the tenement (EL 3457). However, the company plans to double the program to 20 holes, a total investment of up to $2 million, if the initial
drilling results are encouraging.
Managing Director, Mr Michael Schwarz, said Monax would target Olympic Dam-style uranium, copper and gold targets in the Punt Hill tenement which is located in a highly prospective area of the State that recently yielded the Carrapateena copper discovery, 25
kilometres north of Punt Hill.
At least 14 high priority drill target areas were identified from an assessment of the company’s 1×1 km gravity survey data conducted late last year. These anomalies are interpreted to be structurally controlled along regional northwest ”“ southeast trending faults in a geological environment similar to the Carrapateena discovery, Olympic Dam
and Prominent Hill.
Data from more than 1800 gravity stations is currently being collected in a detailed 250 metre by 250 metre grid over the gravity anomalies previously identified by Monax during
its regional surveys.
”This data will allow us to model potential Olympic Dam style deposits and pinpoint the
location of drill holes” Mr. Schwarz said.
An aeromagnetic survey at 100 metre line spacing is also being conducted over most of the tenement in August. ”This survey will greatly advance our understanding of the
geology and mineral potential of the tenement” Mr. Schwarz stated.
”A drill rig has been confirmed, Aboriginal heritage clearances have been completed, and we expect to commence drilling in the second week of August,” he said. Ten drill holes are planned in the first phase of drilling and, if encouraging results are
obtained, a further ten will be drilled.