Monax Mining Ltd’s (ASX:MOX) sampling program at the Croydon Gold Project in northern Queensland has returned results grading from 0.43 g/t to 87.8 g/t gold.
The total production from the historically significant Croydon Goldfield between 1887 and 1935 was 761,167 ounces of gold at an overall grade of 32.2 g/t gold.
The old workings at the Vanderbilt area (which returned 87.8 g/t gold) are scattered over 300 metres with several other prospects located along strike to the south-west.
Another prospect, The Lost Chance, returned strong sampling results with gold up to 21.2 g/t recorded.
Monax had announced a non-renounceable rights issue last month at an issue price of $0.01 per share to raise up to $1.52 million. The closing date of the offer is 8 July 2016.
The funds will be used for follow-up drilling and ongoing exploration activities at the Mt Ringwood Gold Project, subject to the imminent results from the maiden drilling program.
The Mt Ringwood project area lies within the Pine Creek area of the Northern Territory, where mining has taken place almost continuously since the 1870s gold rush there.
Monax is also conducting surface sampling, mapping and drilling at the Bullock Creek Lithium Project in northern Queensland, where rock chip sampling has reported 3.55% Li2O.
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