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Monax Mining defines nickel-copper target ahead of funding

Monax Mining defines nickel-copper target ahead of funding

Monax Mining (ASX:MOX) has enhanced the potential of its Western Gawler Craton (WGC) base metal project in South Australia ahead of a funding drive with identification of a significant exploration target.

Electromagnetic surveys have outlined an anomaly likely to have a deep bedrock source at WGC’s Atomic Cafe area.

This target has a coincident magnetic and gravity anomaly within rock considered to have potential for hosting magmatic nickel-copper ore bodies.

The presence of mafic rocks which contain magmatic sulphides confirm initial observations regarding the prospectivity of the area for intrusive related nickel and copper mineralisation.

The mafic intrusive rocks appear to be widespread throughout the tenure.

Monax is currently undertaking a share purchase plan and notes that strong shareholder participation will enhance its ability to co-fund exploration at WGC.

Western Areas (ASX:WSA) recently completed the second stage of an earn-in for WGC by spending $1.2 million on exploration activities.

This means Monax must decide whether to form an unincorporated joint venture and co-fund exploration pro-rata (based on a 10% interest) or dilute to a 1% net smelter return.

WGC comprises three tenements covering an area of 2046 square kilometres and is considered to have a geological history analogous to the Thompson Nickel Belt in Canada.

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