MNM has been granted exploration licenses for the tenements EL26018, EL26019, EL26020 and EL26021. These are common with historic tenements AP2161 and AP1766. The overlap can be seen in the graphic below.
The results of the historic tests are:
Company name IMC Year 1969 Tenement AP 1766,2159,2160,2161,1897 Author Perrino FA Report no CR1969-0022 Project area Alexandria region No of drillholes 98 Mapsheet RANKEN, MOUNT DRUMMOND, BRUNETTE DOWNS, WALHALLOW, CALVERT HILLS Drilled logs Yes Assay Yes Formation Wonarah Formation, Anthony Lagoon beds Phosphate lithology Siltstone, chert , carbonate rocks (limestone, dolostone) and mudstone Significant holes More than 20% P2O5 found in W2, W20, W37 Comments Report proved that distribution of phosphatic material is greater around margins of Precambrian basement and over probable basement highs. Drilling in the Wonarah authority proved the presence of ore-grade phosphate.
Company name IMC Year 1969 Tenement AP 2161 Author – Report no CR1970-0040 Project area Alexandria region (Wonarah) No of drillholes 139 Mapsheet RANKEN, BRUNETTE DOWNS Drilled logs Yes Assay Yes Formation Wonarah Formation Phosphate lithology Cherty siltstone, siltstone, mudstone Significant holes W39, W48, W60A,W66, W73, W112, W103, W117, W119, W135 have more than 20% P2O5. Comments Several holes showed a positive result for phosphate; 10 holes contained >20% phosphate. An interpretation of the data is in Perrino (1969).
Company name IMC Year 1970 Tenement AP 1766 Author – Report no CR1970-0037 Project area Alexandria region No of drillholes 88 Mapsheet RANKEN, MOUNT DRUMMOND Drilled logs 44 provided Assay Provided for some holes Formation Burton beds (now Wonarah Formation) Phosphate lithology Siltstone, clayey siltstone, chert, limestone Significant holes Phosphate percentages more then 15% were recorded in A76, A79 and A80 Comments Several holes contain <10% P2O5 and three holes contain >15% P2O5. Lithological and gamma logs of 44 holes are provided. It also includes two structure maps of region.
I have had a look at the actually drilling report from IMC showing drill hole locations, drill depths and results. I haven't had the time to post any image overlays yet.
In summary, it confirms that the tenements are largely unexplored, the drilling was shallow mostly 30-60m in depth. Most P2O5 was found to start around the 50m mark.
EL26018 showed the most promise with drills in the NE and SE corners returning 10%+, which is on the border between EL26018 and EL26019, however the centre of either tenement has not been drilled. This is because it was a scout drilling program that was restricted by existing access at the time.
Only 4 holes drilled in EL26020 in the NE corner turned up nothing, probably because they didn't go deep enough only 35m maximum. Probably is something here a bit deeper.
Plenty of exploring to do before we see the full picture here otherwise the MC would be the same MAK already. Having said that all indicators point to some sort of resource,we just don't know how big or what quality, that is why MNM is developing a systematic study and drilling program for the area, which we should hear details about very shortly.
MNM Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
