Monax Mining's (ASX:MOX) Mt Ringwood gold project in the Northern Territory has strong wraps on it after sampling trips to part of the project area returned impressive results.
A maiden drill program is planned to start within the next four to six weeks.
The 10-hole program will target high-grade gold veins at the most prospective targets within the project area, funded by a private placement recently completed.
The confidence is based on an array of impressive results Monax recorded at the project, 120 kilometres south of Darwin, since it was acquired in October 2015.
Significantly, of 355 samples collected, 106 reported over 1g/t of gold while 36 samples reported more than 10g/t of gold.
Four rock-chip samples recorded greater than 1000g/t grades of gold.
The impressive breadth of high-grade rock chip samples confirms the project’s strong levels of prospectivity.
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.
Given that the project area is vastly underexplored and is located within historically prospective terrain, and given the recent results, the confidence in making a high grade gold discovery may not be misplaced.
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