The potential value of their 50% holding of the melton project is yet to be reflected in the share price. copper has historically been mined on the west coast at moonta but was never fully explored on the east side of the yorke peninsula.
Monax has more than enough cash to pay for their 50% share of the initial drilling costs , drilling is expected to start in the next few months.Joint venture partner marmota is to pay for detailed mapping of the five targets identified in order to fully earn its 50% holding.
Rex minerals RXM success further south at hillside along the pine point fault zone highlights the high chance of finding substaintial copper ore at melton. Recent mapping from Rex shows them identifying substantial targets just south of the melton project at white cliffs..
Monax managing director Gary Ferris said that positive findings from the Hillside Prospect increase the prospects of the Melton project.
“Exploration at Hillside has greatly increased the prospectivity of the PPFZ and the new aeromagnetic data clearly shows the PPFZ and associated high magnetic intensity anomalies within the Melton project area,” Ferris said.
MOX Price at posting:
8.2¢ Sentiment: Buy Disclosure: Held
