Sign up Australia
Proactive Investors - Run By Investors For Investors

Monax Mining to earn into the high-grade Western Queen gold project

The company will earn its interest by spending $2 million over three years.
drilling
Western Queen mine has historically produced 188,800 ounces of gold

Monax Mining Limited (ASX:MOX) has signed a farm-in and joint venture agreement with Ramelius Resources (ASX:RMS) to earn a 60% interest in the Western Queen gold project in Western Australia.

The Western Queen gold project is strategically located 90 kilometres northwest of Mount Magnet and 40 kilometres northwest of Gascoyne Resources’ (ASX:GCY) Dalgaranga gold project.

Monax will earn its project interest at Western Queen by spending $2 million over three years on drilling, with the intention of extending the gold resource at the project.

It is worth noting that Ramelius has already estimated an indicated and inferred resource of 185,000 tonnes at 3.5 g/t gold for 21,000 ounces of gold at Western Queen South.

Western Queen has historically been mined for gold by Ramelius Resources, Equigold and Harmony Gold.

The previous explorers have mined 660,000 tonnes at 8.9 g/t gold for 188,800 ounces of gold from the Western Queen mine.

The Western Queen South mine has produced 220,000 tonnes at 3.6 g/t gold for 25,500 ounces of gold.

Importantly, the previous drilling below the existing Western Queen and Western Queen South open pits has identified two high grade shoots, both of which are open at depth.

View full MOX profile View Profile

Monax Mining Ltd Timeline

Related Articles

Energy Fuels nudges higher as it outlines opportunities to lift uranium output
March 21 2018
The group is always hunting new sources of alternate feed materials and fee processing arrangements, it said
copper mine
October 17 2017
With heavyweight supporters, the best ground in country and new cash in the bank, Kincora looks very well positioned
Zinc Pill
April 05 2018
The name change will also mark the exit from Africa to focus solely on Europe

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use