Monax Mining Ltd (ASX:MOX) has collected rock chip samples of 143 g/t and 53 g/t gold from at the underexplored areas south of the Star of the North mining leases at the Mt Ringwood project area in the Northern Territoy.
The Mt Ringwood project area lies within the Pine Creek area of the Northern Territory, which is renowned for hosting shallow, high-grade gold mineralisation. Mining in the area has taken place almost continuously since the 1870s gold rush there.
A total of 8 samples reported more than 1 g/t gold. The results highlight new areas which require follow-up drilling.
To date, Monax has recorded a significant breadth of high-grade rock chip samples within the project area and remains confident of a high-grade gold deposit discovery.
The areas covered in the sampling program will not be subject to the upcoming drilling program which will focus on the Great Northern, Great Western and Star of the North mining leases.
Monax is currently awaiting statutory approvals for the proposed drilling program and expects to commence drilling in early May 2016.
Earlier in April, Monax pegged an application for a tenement in northern Queensland which could be prospective for lithium. The application area contains pegmatites and historical tin prospects and is located west-southwest of Mount Garnet.
The company’s shares have delivered good returns in 2016, increasing by 60% since the beginning of this year.
Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.