Percyvale

Monax has identified that the Percyvale area in northern Queensland is highly prospective for intrusion-related gold mineralisation. Three styles of gold mineralisation are recognised within the area:

1. Breccia pipes such as the Kidston Mine (low grade/high tonnage)
2. En echelon vein deposits – similar to Mt Hogan Mine (high grade/low tonnage)
3. Lensoidal pods hosted by faults (i.e Comstock)  - low grade/medium tonnage with good bulk mining characteristics

Monax recently signed an Option Agreement over 4 granted gold Mining Leases.Details of the four leases are listed below

Reconnaissance field inspection and rock chip sampling has been completed over the four granted Mining Leases and initial results are highly encouraging. Gold up to 119 g/t was reported from the Josephine Lease with elevated silver (up to 830 g/t Ag), copper (up to 5.62% Cu) and lead (up to 11.43% Pb) were also reported. Ore from the Homeward Bound Lease is polymetallic with gold up to 71 g/t, silver up to 1258 g/t, copper up to 17.08%, lead up to 3.93% and zinc up to 15.52% reported (Plate 1). Four samples from the Vicars Lease reported gold up to 4.19 g/t gold and 192 g/t silver.

Five samples were collected from the Cranky Dick line of lode at the Union Mining Lease, with gold up to 28.4 g/t reported. This area has not received much exploration and the reef extends for approximately 400m in length and is up to 10m wide in places.

Plate 1:  Sample from ML 30103 Homeward Bound which assayed 71.8g/t Au, 1258g/t Ag, 17.08% Cu, 1.12% Pb and 6.76% Zn.

Monax has applied for a further six Mining Leases in the Percyvale/Gilberton area over known gold reefs. Details of the six leases are listed below: