Cape York
Monax has acquired an exploration portfolio covering approximately 1,198 km2 within the highly prospective Cape York Peninsula in northern Queensland (Figure 1). Monax recently announced it has exercised the option over two tenements with Delminco Pty Ltd, which complement the three 100% Monax EPMs (see table below).
| Tenement | Tenement Name | Status | Tenement Holder | Sub-blocks | Area (km2) |
|---|---|---|---|---|---|
| EPM 16963 | Pretender Creek C | Granted | Delminco Pty Ltd - being transferred to Monax | 98 | 274 |
| EPM 17005 | Kendall River B | Granted | Delminco Pty Ltd - being transferred to Monax | 100 | 280 |
| EPM 18304 | Pretender Creek | Granted | Monax Mining Limited | 41 | 115 |
| EPM 18403 | Holroyd River South | Granted | Monax Mining Limited | 94 | 263 |
| EPM 18404 | Holroyd River North | Granted | Monax Mining Limited | 95 | 266 |
Monax believes this project offers the Company significant exposure to a commodity which is considered to have excellent growth capacity, with demand for bauxite estimated to increase significantly as supply and quality decreases from other sources, including Indonesia. The Cape York Peninsula is considered to represent the premier bauxite province in the world, with two major mining operations at Weipa (Rio Tinto) and Aurukun (Chalco Australia Ltd – a subsidiary of Chinalco). Cape Alumina’s Pisolite Hills deposit, also located on the Cape York Peninsula is due to commence production in 2013/14.
Reconnaissance field inspection in September 2010 showed bauxite to be present at the surface across all tenements (Plate 1) and Monax is planning a major drilling program after April 2011 to test the extent and quality of the bauxite.
Plate 1: Area of poorly outcropping bauxite
Figure 1: Location of Monax Cape York tenements
