Monax Mining encounters graphite at Francis prospect

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THE DRILL SERGEANT: Monax Mining (ASX: MOX) has described recent drilling results from the Francis graphite prospect as “impressive”.

The Francis prospect forms part of the company’s Waddikee graphite project located on South Australia’s Eyre Peninsula.

The company said the results confirm the Waddikee project contains a second high-grade prospect along with the Wilclo South prospect.

 

Location of the Waddikee project, central Eyre Peninsula. Source: Company announcement

 

Seven reverse circulation (RC) holes were completed at the Francis graphite prospect to test an electromagnetic (EM) anomaly.

The Francis prospect drilling was part of Monax’s wider 2013 graphite resource drilling campaign for the Waddikee project, which also included 77 RC drill holes at the Wilclo South prospect.

Graphite up to a maximum of 38.1 per cent total graphitic carbon (TGC) was reported over 1 metre with 5 one metre samples reporting greater than 30 per cent TGC.

The best results from the Francis prospect include:

15 metres at 20.7 per cent TGC;

12m at 21.9 per cent TGC;

3m at 22.2 per cent TGC;

2m at 25.1 per cent TGC;

2m at 16.2 per cent TGC; and

3m at 10 per cent TGC.

(Note: all lengths are downhole lengths; true width unknown).

The company considers the recent high-grade graphite encountered at the Francis prospect provides further encouragement that the Francis prospect trend is the result of a large geological fold structure, which appears to have produced a repetition of the Wilclo South geology.

“Monax is excited by the high-grade graphite reported at the Francis prospect and is now looking forward to receiving the upcoming results from the larger scale Wilclo South drilling program,” Monax Mining said in its ASX announcement.

“Monax is now confident following the drilling program at the Francis prospect that further zones of graphite are present at the Waddikee project.

“Results from the Wilclo South drilling are expected to be returned in the next 4-6 weeks and Monax will then proceed down the path of defining a JORC Resource for the Wilclo South prospect.

“This is expected to take about 4-6 weeks after receipt of the laboratory results.”