The Company has entered into a conditional agreement to acquire a 100% interest in this project.
ZZ PERCYVALE PROJECT
GOLD, COPPER, SILVER, URANIUM
MINING LICENSEOne granted ML30216 (49.94 Ha) and one granted EPM over main target areas.
EXPLORATIONMonax completed fifteen holes totalling 991 metres during the recent drill program (see Table 1 for details). Best results came from the hill containing the outcropping quartz veins including an intercept of 10m @ 11.1 g/t (7-17m) in hole ZZRC1708. Initial drilling results including 19m @ 2.85 g/t gold (15-34m) including 4m @ 9.4 g/t Au (15-19m) in hole ZZRC1605 (see ASX Release 20 December 2016) were recorded from the same area during the maiden Percyville drill program in late 2016.
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The best results are summarised below:
High-grade and shallow gold mineralisation outlined from second Percyville drill program
Best drill intercepts include:
Regional scale interpretation, ground mapping, chip and soil sampling also undertaken. Initial field inspection has located a mineralised quartz reef and mineralised rhyolite breccias.
High-grade and shallow gold mineralisation outlined from second Percyville drill program
Best drill intercepts include:
- 10m @ 11.1 g/t Au (7-17m) – ZZRC1708
- 12m @ 2.1 g/t Au (14-26mm) – ZZRC1713
- 9m @ 1.99 g/t Au (3-12m) – ZZRC1714
- 10m @ 1.5 g/t Au (20-30m) – ZZRC1715, and
- 12m @ 1.05 g/t Au (23-35m) – ZZRC1710
Regional scale interpretation, ground mapping, chip and soil sampling also undertaken. Initial field inspection has located a mineralised quartz reef and mineralised rhyolite breccias.
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GEOLOGY
Exploration model is for potential mineralisation to be hosted by porphyry, breccias, skarns and sandstone rock units. Initial exploration works indicates the project has potential to host both high-grade lode and bulk IRGS style mineralisation, comparable to mineralisation found at the Mount Leyshon, Kidston, Red Dome/Mungana and Mt Rawdon deposits (all Australian IRGS Deposits). Area has strong indications for uranium mineralisation.
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​Field Sketch showing outcrop and sample locations/results.
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TRANSPORTATION
Sealed roads and regional population centres in close proximity.
HISTORY
Historical exploration undertaken in 1970’s through to late 1980’s. Historical U3O8 production from small scale open cut mine data available for nearby mines.
