punt hill drilling update more kryptonite

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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
9 November 2006
PUNT HILL DRILLING UPDATE
Monax Mining Limited (ASX Code ‘MOX’) is pleased to announce the completion of the
fifth drill hole (Beauregard Lee) of the Punt Hill drilling program. This drill hole targeted a
second interpreted alteration system 8.7 km to the northwest of the first mineralised
system identified by three previous drill holes (Whistlepig, Woodchuck and Groundhog).
The drill hole is within a separate gravity anomaly along the Groundhog Gravity Trend.
The Beauregard Lee drill hole has confirmed the presence of a second iron oxide
alteration system in this area (refer figure 1). The drill hole intersected approximately 33m
of intense hematite alteration and breccia from 540 m. The hole then passed into
hematite-chlorite-sericite altered granite from 573 m to 599 m. From 599 m to 637 m the
hole intersected 38 m of intense hematite alteration with several zones of strong
brecciation. From 637 m to 822 m the hole returned to hematite-chlorite-sericite altered
granite. The hole was terminated at 822 m.
The Beauregard Lee drill hole confirms the presence of a second iron oxide alteration
system within the Punt Hill tenement. Further work is being undertaken to remodel these
gravity anomalies to remove residual terrain effects within the target area. This will allow
more accurate location of subsequent drill holes. The drill rig has now moved onto the
Punxsutawney Phil site where a drill hole will test the southern extension of this new iron
oxide alteration system.
The Punt Hill prospect is located 130 km north of Port Augusta in South Australia.
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 magnetic image
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.