30 March 2006 Monax seeks expanded uranium exploration portfolio in Gawler Craton Monax Mining Limited (ASX Code ‘MOX’) has applied to almost double its uranium exploration portfolio in the prospective Gawler Craton in South Australia. The application for two tenements around Monax’s Ambrosia project follows a report from the Company earlier this month describing “spectacular results” from an airborne gravity survey of a potentially uranium-bearing palaeochannel. One of the tenements for which Monax has applied is directly adjacent to the Ambrosia prospect, near Tarcoola in the north-west of SA, while the other is 60 kilometres to the west. “When these tenements are granted by Primary Industries and Resources SA (PIRSA), our ground holding in the area will increase significantly from 854 square kilometres to 1346 square kilometres,” Monax Managing Director, Mr Michael Schwarz, said. “Gravity surveys are now an important exploration tool. We know that they help locate dense rocks, which stand out as anomalies, and we also know that mineralised rocks are often quite dense.” “The gravity survey has also clearly defined the major palaeochannel system running right through our tenement and which we have named the Ambrosia Channel.” “The Company believes that this is a major tributary of the Kingoonya Palaeochannel and may be prospective for rollfront uranium.” “An assessment of the data and the geology of the region has assured us that we have all the critical ingredients for uranium mineralisation” he said. The Company has undertaken preliminary planning for drilling in the Ambrosia area. Monax plans to test the palaeochannel for uranium and significant gravity anomalies which the Company interprets to be potential Olympic Dam style Cu-U-Au targets. The anomalies are being modeled to help better define drill targets.
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