Monax Mining Limited (ASX: MOX) is designing a drilling program for its Bonaventura prospect on Kangaroo Island off Adelaide's south coast after a ground survey significantly extended the prospect's potential zinc-lead mineralisation.
Monax Managing Director, Mr Michael Schwarz, said today historical soil sampling and drilling had indicated a relatively small zone of mineralisation at Bonaventura.
"However, the latest results from Monax's soil sampling survey indicate the mineralised zone may extend over 400 metres from the historic Grainger Workings and the zone is still open to the north, east and west," Mr Schwarz said.
Monax's survey results have identified promising levels of zinc (up to 74 ppm) and lead (up to 1082 ppm) in the soil, over the northern third of the survey area, extending the known area of zinc and lead anomalism significantly.
Samples taken from the old Grainger Workings returned 4% zinc and 0.37% lead confirming the continuation of zinc and lead mineralisation to the north.
A sample taken from the historic Bonaventura Mine in the south western project area returned 2.1% copper and 50 ppb gold, suggesting the potential for other minerals besides zinc and lead.
"A drilling program is being designed to test the full extent of mineralisation underneath this highly encouraging prospect. In view of the very shallow cover where mineralisation extends almost to surface, Monax expects that drilling should be a fairly simple process," Mr Schwarz said.
The information in this report has been prepared by M P Schwarz, who is a member of the Australian Institute of Geoscientists and is adherent to the Institute's code and recommended practices. He has had a minimum of five years experience in the types of activities being reported.
Note: ppm - parts per million ppb - parts per billion anomalism - a deviation from the average background values
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