Exploration Office 11A Croydon Rd Keswick SA 5035 Tel +61 8 8375 3900 Fax +61 8 8375 3999 ABN 96 110 336 733 www.monaxmining.com.au ASX RELEASE For Immediate Release 23 October 2006 IOCG STYLE MINERALISATION CONFIRMED IN THIRD TARGET Monax Mining Limited (ASX Code ‘MOX’) is pleased to announce that the third drill hole of the Punt Hill drill program has also intersected iron-oxide copper-gold style (bornite and chalcopyrite) mineralisation within the Groundhog Gravity Trend at the Groundhog target. The drill hole targeted a gravity anomaly 1.8 km to the north-west of the Woodchuck hole and 3.6 km north-west of the Whistlepig hole along the Groundhog Gravity Trend (Figure 1). Basement was reached at 714m and consisted of highly hematite altered Gawler Range Volcanics. Visible signs of mineralisation (Figure 2) were encountered at 817m in hematite-albite alteration overprinted by amphibole-carbonate-chlorite alteration. The visible mineralisation consists of bornite and chalcopyrite (copper sulphides) and continues to 960m where the drill hole passes into weakly altered Hiltaba Suite granite. The hole was terminated at 972m. The drill rig has now moved to drill Wiarton Willy to test a similar gravity feature in what Monax believes is a different hydrothermal system at the north western end of the Groundhog Gravity Trend. The features all lie in the same structural corridor which contains the Whistlepig, Woodchuck and Groundhog drill holes. Michael Schwarz Managing Director Monax Mining Limited Exploration Office 11A Croydon Rd Keswick SA 5035 Tel +61 8 8375 3900 Fax +61 8 8375 3999 ABN 96 110 336 733 www.monaxmining.com.au Figure 1. Punt Hill iron oxide copper-uranium-gold targets on residual gravity image Groundhog Gravity Trend Exploration Office 11A Croydon Rd Keswick SA 5035 Tel +61 8 8375 3900 Fax +61 8 8375 3999 ABN 96 110 336 733 www.monaxmining.com.au Figure 2. Examples of copper sulphide mineralisation in the Groundhog drillhole (blue = bornite, yellow = chalcopyrite) Exploration Office 11A Croydon Rd Keswick SA 5035 Tel +61 8 8375 3900 Fax +61 8 8375 3999 ABN 96 110 336 733 www.monaxmining.com.au For further information please contact: Michael Schwarz, Duncan Gordon Managing Director, Monax Mining Investor Relations Ph: (08) 8375 3900 Ph: 0404 006 444 Email: [email protected] The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr M P Schwarz, who is a Member of the Australian Institute of Geoscientists. Mr Schwarz is employed full time by the Company as Managing Director and, has a minimum of five years relevant experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears.
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