Eyre Peninsula drilling success
Monax Mining Ltd has reported highly encouraging initial results from its auger drilling program on the Eyre Peninsula of South Australia where it is targeting the potential for nickel and gold similar to the Eastern Goldfields of Western Australia or base metals (copper-zinc) similar to the mineral-rich eastern Canadian Abitibi Belt.Monax has a significant tenement position across the greenstone belt on the Peninsula northwest of Port Lincoln. The tenements extend over approximately 846sqkm of prospective geology with depths of cover from outcrop to less than 50m.Demonstrating strong early success, a series of four holes spaced at 100m are interpreted to have sampled weathered mafic material coincident with a linear magnetic and gravity feature. Monax interprets this to represent a slice of a target greenstone package.In addition, several holes nearby have intersected a 200m wide palaeochannel system with reduced organic material (lignites) within the channel fill. This result confirms the presence of suitable environments for rollfront uranium mineralisation.The current exploration program involves drilling down through shallow cover and sampling the top of basement rocks for geochemical testing. The data and geochemical anomalies will be used to plan a more intensive drilling program to test the basement rocks at greater depths.Samples collected to date have been submitted for analysis and results are expected in 4-6 weeks. The drilling program is supported by a South Australian Government PACE grant which is funding up to half the drilling costs.