Exploration company Monax Mining have received $145,000 in new
funding from the South Australian government for three projects in the state.
The funds acquired through the Plan for Accelerated
Exploration (PACE) initiative will boost development investment for Monax’s
maiden kimberlite drill program, which will start in June/July this year, as
well as the Western Gawler Craton project and Punt Hill iron-oxide/copper
project.
Farm-in partner Western Areas is also eligible for a further
$100,000 unde the PACE grant to contribute to the Western Gawler Craton
project.
Monax managing director Gary Ferris said he was delighted
the company had been able to secure SA Government funding for the three
projects.
“Monax is encouraged by the State Government support as it
further highlights the perceived prospectivity for these projects,” he said.
“The PACE funding will greatly assist the Company in these
capital constrained times, with planning already underway to commence drilling
in June/July at our Kimberlite Project, followed later in the year with drill
programs at our other two projects.”
Monax has also completion of the first diamond drillhole at
the Millers Creek Designated Project, which is located on a tenement which
straddles the border of the Woomera Prohibited Area.
Woomera was opened
up to drilling lease applications last year, offering certainty to non-military
long term users, after years of difficulty working in with military groups with
control over the land.
Core from the 911.3 metre hole is being transported to
Adelaide for review to assess decisions on further drilling in the area.
The Millers Creek Designated Project is part of an alliance
with four Maximus Resources tenements covers a total area of 2402 square
kilometres, targeting iron-oxide/copper/gold deposits located between Olympic
Dam and Prominent Hill.