Melton

EL 3911 & EL4000 (in joint venture with Marmota Energy Limited)

The Melton copper-gold project comprises two tenements, totalling an area of 165km2, and is located on the northern extension of the Pine Point Fault Belt on the northern Yorke Peninsula. Monax has a 50:50 joint venture arrangement with Marmota Energy Limited (ASX:MEU) for the exploration of all minerals on this project.

Preliminary aeromagnetic data defined up to five high priority drill targets, and ground-based exploration, including ground magnetic and gravity surveys, was completed in January 2010.

A maiden seven-hole diamond drilling program was completed in June 2010. Drill hole MIRDD01 at the Miranda target reported 21m @ 0.11% Cu from 451m including 3m @ 0.42% Cu from 469m. Downhole geophysics were undertaken on several drill holes in late 2010 to search for potential sulphide-rich zones.

A second drilling program comprising four diamond drill holes was completed over the Miranda target in May 2011, with sulphide mineralisation observed in drillcore.

Melton project location