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Punt Hill Project

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EL 4642 (Punt Hill), EL 4548 (Yeltacowie) & EL 4994 (Whittata) | 100% Monax

 

Iron Oxide Copper-Gold (IOCG) style mineralisation

The Punt Hill project, approximately 130km north of Port Augusta, comprises EL 4642, EL 4548 and EL 4994 (Figure 1).   It is located on the eastern margin of the Gawler Craton, within the heart of the highly prospective Olympic IOCG Province.  The Olympic IOCG Province is host to the world class Olympic Dam, Prominent Hill, Carrapateena and Hillside deposits, and more recently discovered Khamsin prospect.  Punt Hill is adjacent to Oz Minerals’ Carrapateena deposit.

The Carrapateena deposit is a complex hematite breccia extending at depth from 470m, intersecting variable sulphide mineralisation over 900m (Hole 50 reported 905M @ 2.1% Cu and 1g/t Au). The current 2012 Indicated and Inferred Resource is 292Mt @ 1.29% Cu & 0.42g/t Au (0.7% Cu cut-off). The style of mineralisation is similar to Olympic Dam and Prominent Hill.

At Punt Hill, numerous coincident/semi-coincident gravity and magnetic anomalies have been identified within a complex network of NW and NE trending structures (Figure 2). This geological framework is comparable to the other known IOCG deposits, endorsing this as a highly prospective tenement package.

To date, Monax has drilled 33 holes (~29,000m) testing a number of targets within the project area. The company has successfully discovered a very large alteration and mineralisation system which has characteristics typical to IOCG deposits. The best results have come from the Groundhog prospect with hole GHDD6 reporting 159m @ 0.47 Cu, 5.3 g/t Ag, 0.12 g/t Au, 0.48% Zn & 0.12% Pb (from 846m to 1005m) including 17m @ 1.1% Cu, 1.2% Zn & 8.5 g/t Ag (853m to 870m) (Figure 3, Table 1).

Thick intersections of copper have also been delineated at other prospects including Woodchuck (WDDD1: 70m @ 0.41% Cu from 683m; including 28m @ 0.82% Cu & 10 g/t Ag), Whistlepig (WPDD1: 60m @ 0.13% Cu from 788m), Prairie Dog (PDDD2: 99m @ 0.24% Cu from 876m) and Marmot (MMDD1: 75m @ 0.21% Cu from 990m).

Monax has a ‘Farm-in and Joint Venture Agreement’ (Agreement) over the Punt Hill project with major international copper mining company, Antofagasta PLC ("Antofagasta"), through its wholly-owned subsidiary Antofagasta Minerals S.A. (AMSA). Antofagasta is a Chilean based copper mining company listed on the London Stock Exchange and is one of the top 10 copper producers in the world.

Under the Agreement, Antofagasta can earn a 51% interest in the Punt Hill project by expending US$4 million over 4 years. Once Antofagasta has obtained this 51% interest, Monax has the ability to remain at 49% by co-funding exploration or development costs, or can elect to have its interest diluted. Antofagasta can earn a further 19% equity in the project by expending a further US$5 million on exploration and development of the project tenements.  If a development decision is made, Antofagasta will pay Monax a success fee of $US 10 million.

The Punt Hill project continues to be a strong focus for the company’s exploration and remains a highly prospective asset which has the potential to delivery significant shareholder value through discovery of economic IOCG mineralisation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 1.  Punt Hill project location.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 2: Bouguer Gravity (residual - UC1kR) geophysical image, showing location of Monax drill holes – yellow dots.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Figure 3: NNE cross section of selected drill holes at the Groundhog prospect, showing interpreted basement geology, line graph of copper and gold mineralisation and conceptual 200Mt ore body target.

 

 

Table 1. Summary of mineralisation from selected drill holes.

Punt Hill

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