Phar Lap

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EL 5123 | 100% Monax


About the project

The Phar Lap project (EL 5123: 283km2) is located approximately 70km SSE of Coober Pedy (Figure 1). This 100% Monax owned project is within the world class Olympic Iron-Oxide Copper-Gold (IOCG) province on the western margins of the Mount Woods Inlier, just over 50km west of Prominent Hill. The exploration target is Olympic Dam, Prominent Hill, Carrapateena style IOCG mineralisation.

Numerous high-quality detailed geophysical data sets acquired over the project, including airborne magnetics and radiometrics, ground gravity and airborne electromagnetics, has revealed the presence of two robust IOCG style targets (PLDD01 & PLDD02). These two targets are shown in the first vertical derivative of the Bouguer Gravity (Figure 2).

Advanced processing and three dimensional inversion modelling has given Monax confidence in the two Phar Lap project targets. PLDD02 in particular has physical properties commensurable to the geophysical anomaly which sources the Carrapateena ore body.

Figure 3 shows a slice through the gravity inversion model. The red shells are a 3D representation of the gravity anomaly isosurfaces relating to the core of the density anomaly. The blue drape is a measure of the total magnetic intensity which shows a semi-coincident peak with the gravity, a feature commonly attributed to IOCG deposits. A schematic drill hole is shown to demonstrate the exploration targeting.

The company is actively pursuing all opportunities to progress this project through to drill testing.


Figure 1. Phar Lap project location on Total Magnetic Intensity image.


Figure 2: Bouguer Gravity (first vertical derivative) geophysical image, showing two IOCG targets and proposed drill holes – yellow dots.


Figure 3. 3D Inversion Model of the western Phar Lap anomaly showing proposed drill hole (PLDD02). Red and yellow shells – gravity isosurfaces, blue drape -  magnetic isosurface.