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Monax Mining Ltd.
Summary
| Project: | Percyville | |
|---|---|---|
| Deposit: | Percyville | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/20/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 20-7-2017: Monax Mining Ltd. announces an Exploration/Drilling Update report for its Percyville deposit at the Percyville project. Drilling results incl. 10m @ 11.1g/t Au from 7m. Monax Mining Limited (Monax or the Company) is pleased to announce that res | |
| 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 second drill program at the Percyville Gold Project in northern Queensland. Monax is highly encouraged by the recent results with shallow and high-grade mineralisation recorded, providing a basis for further drilling to determine the full depth extent of the system. Monax completed fifteen holes totalling 991 metres during the recent drill program (see Table 1 for details). Best results came from the hill containing the outcropping quartz veins including an intercept of 10m @ 11.1 g/t (7-17m) in hole ZZRC1708. Initial drilling results including 19m @ 2.85 g/t gold (15-34m) including 4m @ 9.4 g/t Au (15-19m) in hole ZZRC1605 (see ASX Release 20 December 2016) were recorded from the same area during the maiden Percyville drill program in late 2016. The Percyville Project is located within the Etheridge Goldfield with the Kidston Deposit located approximately 45km to the northeast being the most significant deposit in the region. Drilling has shown that the veins on ML 30216 are approximately 10m in width and remain open along strike and at depth. Drilling to date has mainly focussed on the outcropping areas, but there is potential for possible parallel repetitions to the outcropping veins and extensions along strike. Given the grade and shallowness of the results obtained at Percyville, Monax intends to undertake further drill-testing with a focus on extending the strike of the known mineralisation and testing the depth extent of the quartz veins. | |
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