THE BOURSE WHISPERER: In a release to the ASX today, Monax Mining announced plans for a drilling program to test widespread graphite evident from previous exploration at its Waddikee Project on the central Eyre Peninsula, South Australia.
The planned exploration program follows a comprehensive review by the company of historical exploration data showing in excess of 20 drill holes with reported graphite on the Waddikee tenement.
“Monax has for some months been collating historical drill hole information and reviewing all available geophysical data specifically focused on the graphite potential at Waddikee,” Monax managing director, Gary Ferris, explained.
“This review has provided us with confirmation that our tenement is highly prospective for graphite, and our Board has approved a graphite focused exploration strategy for Waddikee.”
“Our initial graphite exploration will comprise on-ground geological mapping and sampling and reviewing available drill hole samples, followed by a drilling program to evaluate the prospectivity,” he said.
Location of the Waddikee project, central Eyre Peninsula, highlighting graphite and iron projects. Source: Company announcement
South Australia’s Eyre Peninsula has become the focus of graphite exploration in response to increased prices and reduced supply.
Graphite Exploration Program
Graphite is highly conductive and this makes graphite easy to detect via electrical geophysical methods.
Six target areas have been identified as containing prominent conductivity anomalies and/or graphite identified in surface samples and therefore these target areas will be the focus of Monax’s initial exploration for graphite on the tenement.
Any samples from the current drilling program which contain graphite will be assayed by Monax to ascertain the carbon content.