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.