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Monax Mining Ltd.
Summary
| Project: | Mt Ringwood | |
|---|---|---|
| Deposit: | Mt Ringwood | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/1/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 1-7-2016: Monax Mining Ltd. announces an Exploration/Drilling Update report for its Mt Ringwood deposit at the Mt Ringwood project. Drilling results incl. 1m @ 8.6g/t Au from 50m at the Great Northern prospect. Monax Mining Limited (Monax or the Company) | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Gary M. Ferris (Internal) | |
| ABSTRACT: | Monax Mining Limited (Monax or the Company) is pleased to announce that results have been received for its maiden drilling program at the Mt Ringwood Gold Project. Monax completed nine holes totalling 564 metres. Six holes were completed at the Great Northern area, two holes at the Great Western prospect and one hole at the Star of the North area. Best results came from the Great Northern area with gold up to 8.6 g/t reported over 1 metre whilst anomalous gold (>0.5 g/t) was reported from most drill-holes. The six holes at the Great Northern area all intersected narrow zones of quartz hosted within greywackes and siltstones with all holes ending in dolerite. The best interval of 8.6 g/t gold from hole MRRC1602 came from just above the quartz-dolerite contact. Monax is planning to undertake an induced polarisation (IP) survey to assist in defining zones of sulphide along this contact zone. No samples were submitted for drill-hole MRRC1609 at the Star of the North area. Whilst levelling the drill pad, a quartz vein was uncovered however drilling failed to intersect this vein as the drill pad was not setup to test this theory. Monax collected 10 rock chip samples (samples 140349 – 140358) from this vein and all samples were anomalous with gold up to 7.3 g/t reported. Two samples (28940 & 28970) of altered rock from the drill pad were also assayed. | |
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