Monax draws on graphite results from Waddikee

THE BOURSE WHISPERER: Monax Mining has received encouraging coarse graphite flake results from geochemical assays conducted on samples collected at the Argent and Stanley prospects on the company’s Waddikee project, located on the central Eyre Peninsula in South Australia.

 

Location of the Waddikee project, central Eyre Peninsula,
highlighting other graphite and iron projects within the region. Source:
Company announcement

Monax undertook a sampling program at the Argent prospect in 2006 to identify base metals and silver.

Based on the graphite potential identified in a subsequent petrological report, the company recently collected four samples from the Argent prospect and one sample from the Stanley prospect.

These samples were submitted for geochemical analysis and, according to the company, results confirmed the presence of graphite with the Argent prospect reporting between 10.23 per cent carbon to 16.04 per cent.

The one sample from the Stanley prospect reported 2.54 per cent carbon.

The combination of the coarse flake graphite and the high carbon assay results led to Monax designating the Argent prospect as a high priority graphite target.

Monax has previously outlined six target areas based on previous surface sampling, historical drilling and assessment of the airborne electromagnetic (AEM) data.

The company is currently reviewing all available data and will commence planning for a maiden drilling program targeting graphite.

“Further field reconnaissance will be undertaken prior to the drilling program to determine access for drilling, undertake additional sampling areas of known surface graphite and to field check the six target areas identified by Monax as being prospective for graphite,” Monax Mining said in its ASX announcement.