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FURTHER DRILLING FINDS NEW IOCG SYSTEMS
UPSIDE IN UNTESTED S.A. PROJECT AREA
A followup exploration drilling program has been assigned by Monax
Mining Limited (ASX code: “MOX”) to a key project area in far north South Australia
after significant drill results were returned from the Company’s latest drilling at the flagship
Punt Hill Iron Oxide Copper Gold (IOCG) project (Figure 1),130 km north of Port Augusta
in South Australia.
The regional diamond drilling program comprising
10 holes within the Punt Hill tenement directly south
of the Carrapateena discovery and 130 kilometres
northwest of Port Augusta, identified a number of
extensive IOCG alteration/mineralisation systems
within the EL3457 tenement in an area previously
untested by drilling. A number of broad low grade
copper-gold intersections in the Groundhog,
Woodchuck and Whistlepig drill holes attest to the
potential for the systems to host a number of major
IOCG deposits. A follow-up drill program has now
commenced with the aim of identifying zones of
high grade copper-gold mineralisation within the
identified alteration systems.
Figure 1. Location Diagram
Significant results from the latest drilling
The Prairie Dog drill hole (PDDD1, 739073mE, 6507845mN, MGA94 Z53) (Figure 2)
targeted the northern end of an extensive north-west gravity feature which extends for over
10 km to the southeast. The drill hole intersected 195 m of highly altered basement
sediments from 749m consistent with another IOCG style system. The dominant
alteration assemblage consists of siderite-hematite-chlorite-carbonate and fluorite with
zones of disseminated pyrite, chalcopyrite and bornite mineralisation. This drill hole
confirms that the extensive 10 km long gravity feature in the eastern part of the Punt Hill is
caused by IOCG style alteration.
The Hoary drill hole (HODD1, 742670mE, 6497965mN, MGA94 Z53) (Figure 3) targeted a
3km long, 3 milligal gravity feature in the southern part of the Punt Hill tenement outside of
the previously defined Groundhog Gravity Trend. The gravity anomaly is within an
interpreted granitic intrusion as opposed to the volcanic and sedimentary sequences
encountered in previous holes. The drill hole intersected approximately 111 m of hematite
breccia from 877m and was terminated within the breccia system at 978m. The host
rock cannot be identified due to the intensity of alteration.
Figure 2. Residual gravity image with interpreted IOCG alteration outlined in yellow.
The drill hole was collared at the top of a local topographic rise approximately 150m above
the surrounding plain, which places the basement depth at approximately 710m,
consistent with previous drill holes in the region.
A barren hematite breccia core is a common feature of IOCG systems within the Olympic
Copper-Gold Province such as Olympic Dam, Carrapateena and Prominent Hill.
Mineralisation is commonly found surrounding the barren core in cases like Olympic Dam
and Carrapateena or on the margin of a barren hematite body in the case of Prominent
Hill. The hole was drilled in the centre of the residual gravity anomaly and is interpreted to
have been drilled within the unmineralised core of an IOCG system. An angled drill hole is
being prepared to test the outer zone of brecciation which is the host to mineralisation in
other IOCG deposits.
Figure 3. Residual gravity image of the Hoary prospect (left) and comparison with the Prominent Hill
residual gravity anomaly (right).
The intersection of over 111 m of hematite breccia in the first hole into the Hoary target
confirms the potential for a major IOCG style mineral system at this target.

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