Monax increases tenement position

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THE BOURSE WHISPERER: Multi-commodity exploration play Monax Mining has increased its land holdings following a tenement purchase on the Yorke Peninsula, South Australia.

The company has purchased EL 3922, which takes its tenement position on Yorke Peninsula to four exploration licences, covering an area of 401 square kilometres.

The Yorke Peninsula is located within the Olympic iron-oxide copper-gold province, which hosts major copper-gold deposits at Olympic Dam, Prominent Hill, Carrapateena and the recently discovered Hillside deposit.

Monax has a 50:50 Joint Venture with Marmota Energy at Melton and has 100% interest in all minerals excluding uranium for EL 3907, located to the south of Rex Mineral’s Hillside project, near Ardrossan.

The Yorke Peninsula area is emerging as a major copper province with a number of other companies already operating in the area.

Rex Minerals recently upgraded the resource for its Hillside deposit to 217 million tonnes at 0.7% copper and 0.2 grams per tonne gold for 1.5 million tonnes of copper and 1.4 million ounces of gold.

Argonaut Resources and Adelaide Resources have also reported encouraging copper results from drilling programs each has completed in 2011 on Yorke Peninsula.

Previous drilling carried out on Monax’s new EL 3922 recorded anomalous copper in three holes including:

– 5.3 metres at 1.66% copper from 97 metres to 102.3 metres and 2.3 metres at 1.06% copper from 108.3 metres to 110.6 metres;

– 3.5m at 1.18% copper from 169.5m to 173m; and

– 10m at 0.37% copper from 224m to 234m.

Argonaut Resources recently reported highly encouraging drilling results from the tenement adjacent to EL 3922.

These included:

– 67m at 0.72% copper from 8m, including 21m at 1.01% copper from 10m and 18m at 1.04% copper from 57m; and

– 122m at 0.63% copper from 95m including 14m at 2.26% copper from 111m.

Monax is planning a soil/calcrete sampling program followed by aircore drilling on EL 3922 at the completion of the 2011 cropping season.

This is expected to be started in December.