Monax Mining has inked an Option to Purchase agreement with Falcon Minerals covering two tenements prospective for copper-gold in South Australia. The tenements adjoin three tenements already held by Monax’s wholly owned subsidiary, Monax Alliance, as part of its Algebuckina Designated Project.
The project, which is part of an alliance with Chilean major Antofagasto, will now comprise five tenements covering 3,108 square kilometres.
Monax undertook a review of the copper potential of the Peake and Denison Inlier of the northern Gawler Craton, including a review of historical exploration and a detailed assessment of the available geophysical data sets.
Previous exploration on the Falcon tenements has outlined two potential copper-gold targets at Davenport Creek and Spring Hill.
Previous drilling at Davenport Creek returned widespread anomalous copper, with a best result of 3 metres at 2.75% copper from 330 metres.
Geophysical modeling by Falcon at the Spring Hill target shows two steeply dipping, elongate to pipe-like bodies and coincident offset magnetic anomalies.
The modeling indicates a diameter if 1.3 kilometres and a depth to the source of the gravity anomaly of 160 metres.
Monax plans to undertake a detailed gravity survey over selected areas and will make a decision to drill after interpretation and modelling of the newly acquired gravity data.
