Monax Mining will reveal gold resource within weeks

2018-01-04 11:01:00
Diamond drilling has returned high-grade results from Western Queen.
Further drilling is planned for the second quarter of 2018

Monax Mining Limited (ASX:MOX) is preparing a resource estimate for its Western Queen Gold Project in Western Australia.

The estimate is expected to be completed by the end of the month and will incorporate high-grade results from a recent five hole diamond drilling program.

High grade results

Best result was 3.3 metres from 271 metres at 7.98 g/t gold.

The holes were drilled to test the main zone below the existing pit and were designed to provide sufficient coverage to estimate a resource.

Other results were 4 metres from 291 metres at 2.7 g/t, 3 metres from 216 metres at 2.59 g/t and 2 metres from 258 metres at 2.87 g/t.

Drilling has confirmed the continuity of mineralisation and that the high grade zone is open.

Further drilling planned

The company plans to undertake further drilling of the deposit starting in the second quarter of 2018.

Western Queen is 90 kilometres northwest of Mt Magnet in the state’s Murchison region.

Monax is earning a 60% interest in the project from Ramelius Resources Limited (ASX:RMS) by spending $2 million over three years.