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Monax Mining to boost cash position ahead of gold drilling program

Monax Mining to boost cash position ahead of gold drilling program

Monax Mining (ASX:MOX) recently outlined that its maiden drilling program at the Mt Ringwood Gold Project will commence in just over a month.

Drilling will comprise a 10-hole program to target high-grade gold veins.

Monax acquired the project in October 2015, which is located in the Northern Territory.

Rock chip samples have recorded >1,000 g/t of gold at the Great Northern mining leases.

The company is now heading to market with a capital raising, and the ASX has granted a trading halt.

The halt will remain in place until the opening of trade on Wednesday 2nd march 2016, or earlier if an announcement is made to the market.

 

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