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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