Ann: Waddikee Project - Graphite Update , page-2

Great update

Wilclo Target The Wilclo Target is located in the north-eastern part of EL 4662 and comprises a major AEM feature (Figure 2).
It is located on the northern part of a long linear zone of high conductivity, where Monax geologists have located a small zone of graphite-rich gneiss at the surface (see Plate 1).
The collected sample comprises coarse visible graphite and has been submitted for geochemical analysis and petrology (Plate 1).
The Wilclo target depicted in Figure 3 shows a 3 kilometre strike length and the corresponding conductivity profiles show a significant steeply dipping conductivity feature, which is interpreted to represent graphite-rich sediments.
The discovery of surface graphite-rich rocks within a zone of high conductivity – as identified by the AEM data - provides encouragement for Monax’s planned drilling program.
One historical drill hole (CR519) tested this feature and reported graphite at depth between 10- 18m (Note: down hole length, true width unknown).
Cut Snake Target The Cut Snake Target is a prominent AEM feature (Figure 2), where the SA Department of Mines and Energy collected one historical sample from a local council borrow pit.
The sample comprised an altered quartzose schist which assayed 8.4% carbon, with petrology reporting the graphite flake size ranged between 0.4 – 1mm (Valentine, 1994).
Monax recently revisited this borrow pit and collected two further samples of ferruginous schist with visible graphite.
Two further samples of graphite schist were collected from a low scrubby rise located approximately 560m to the east-north east of the borrow pit (see Figure 4 and Plate 2). Both sample sites are located within a zone of high conductivity on the AEM data (Figure 4).
Monax has secured a drilling contractor and the Company’s maiden drill program is planned to commence in late July or early August.