Monax 100% - EL 3457 & ELA 44/10
Olympic Dam style copper-uranium-gold

The Punt Hill project is Monax’s flagship project, comprising EL3457 (Punt Hill) and ELA 44/10 (Yeltacowie) covering a total of 1,278km², 130km north of Port Augusta.

Punt Hill is located on the eastern margin of the Gawler Craton within the Olympic Iron-Oxide-Copper-Gold (IOCG) Province. The Olympic IOCG Province is host to the world class Olympic Dam deposit, Prominent Hill, and recently discovered Carrapateena Prospect (178m @ 1.83% Cu & 0.64 g/t Au). Punt Hill is situated ~25 km south of Carrapateena and Yeltacowie is located 12 km west of Carrapateena.  The Carrapateena Prospect (RMG/Teck Cominco) is a complex haematite breccia extending at depth from 470m, intersecting variable sulphide mineralisation over 178m. Drilling stopped in mineralisation, the style of which is similar to Olympic Dam and Prominent Hill.

Monax has recently announced it has signed an option agreement over the Punt Hill project with major Chilean copper mining company - Antofagasta PLC.  Antofagasta is a Chilean-based copper mining company, listed on the London Stock Exchange and owns and operates three copper mines in Chile.  Under the terms of the Agreement, Antofagasta can earn a 51% interest in the Punt Hill project by expending US$4million 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.

The Punt Hill tenement contains numerous coincident/semi-coincident gravity and magnetic anomalies, which appear to be structurally controlled along a regional North-West Fault. Monax believes that Punt Hill is situated in the same geological environment as the Carrapateena discovery, Olympic Dam and Prominent Hill and therefore is highly prospective for copper-gold-uranium mineralisation.

An initial twenty hole diamond drilling program was conducted on the tenement between September 2006 and July 2007, for a total of 17 590 m of drilling. Thirteen holes were drilled to define ten regional targets and seven additional drillholes were completed as part of the step out drill program at the Groundhog, Prairie Dog, Woodchuck, Whistlepig and Hoary targets. The program encountered substantial copper-gold skarn style alteration and mineralisation at depths between 590 and 1014 m.

Assay results from initial drilling confirmed broad zones of copper mineralisation within which higher grade zones of up to 7.58% copper occur.  Highly anomalous gold, silver, zinc, lead and REE confirmed Monax's interpretations that the alteration and mineralisation encountered is part of the Iron Oxide Copper Gold Uranium (IOGCU) family.

An Induced Polarisation (IP) survey was conducted over the Groundhog Gravity Trend in January 2008.  The survey successfully identified the location of an interpreted mineralised fault structure previously unrecognised within the target area and new drill targets were defined as a result of the survey.

A second phase of exploration drilling was completed at the Groundhog Prospect in September 2008, to test the anomaly presented in the IP survey.  This drilling achieved the best results to date, with drillhole GHDD6, which tested the IP target, returning results of 159m @ 0.47% Cu, 5.3g/t Ag, 0.12g/t Au, 0.48% Zn & 0.12% Pb (from 846m to 1,005m), including 17m @ 1.1% Cu, 1.2% Zn & 8.5g/t Ag (from 853m to 870m).

Groundhog gravity trend