1 Apr 2016drilling progress report● Neutral
Monax collected 15 more rock samples south of the Star of the North leases, with results due in 2-3 weeks. It is still waiting on statutory approvals for the maiden drilling program.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Jan 2016drilling result▲ Good
Final December Mt Ringwood batch: 34 of 121 rock chips above 1 g/t gold, up to 81 g/t south of the Goodall mine. Monax plans a low-cost induced polarisation survey after the wet season, with drilling to follow soon after.
15 Dec 2015drilling spud● Neutral
Western Areas has begun diamond drilling one hole to test the Atomic Cafe electromagnetic target at Western Gawler, taking 7-10 days with results due early 2016. Monax is still to decide on its 10% interest.
8 Dec 2015drilling result▲ Good
Ground electromagnetic surveys at Western Gawler's Atomic Cafe area outline a conductor modelled at 300m+ depth, matching gravity and magnetic anomalies. Earlier hole WGA0046 had magmatic copper sulphides. Monax is told it has 14 days to choose a 10% interest or a 1% royalty. No ore result yet.
3 Dec 2015drilling result▲ Good
Second batch of 140 Mt Ringwood rock chips: 37 above 1 g/t gold, with a top result of 382 g/t west of Great Northern and up to 100 g/t at Great Western. Further results are due in 3-4 weeks. Still surface sampling, not drilling.
1 Dec 2015drilling spud● Neutral
Iluka has started drilling at Phar Lap: three diamond holes of about 500m testing three gravity targets, taking 6-8 weeks. Iluka can earn 80% by spending $2m over four years. This starts the drilling flagged in mid-November.
27 Nov 2015drilling result▲ Good
First Mt Ringwood assays from 93 new rock chips: 25 returned over 1 g/t gold, best 150 g/t at Star of the North. Results for 140 more samples from Great Northern and Great Western are due in 1-2 weeks; drilling or costeaning still targeted for early 2016.
12 Nov 2015drilling scheduled▲ Good
Monax has started detailed mapping and sampling at Mt Ringwood and found more visible gold; first assays are due in 3-4 weeks. Iluka plans three diamond holes of about 500m at Phar Lap, starting next week and taking 6-8 weeks.
10 Nov 2015farm in farm out completion● NeutralMajor
Western Areas says it has now earned 90% of the Monax Western Gawler ground by spending $1.2m on stage 2, nearly three years early. Monax has 45 days to co-fund as a 10% partner or dilute to a 1% royalty; about 50 more holes are planned this quarter.
10 Nov 2015farm in farm out completion● Neutral
Monax confirms Western Areas completed stage 2 at Western Gawler ($1.2m spent), taking it to 90% and leaving Monax 10%. Monax has 45 days to join the joint venture or dilute to a 1% royalty. This completes the earn-in flagged on 29 September.
26 Oct 2015drilling result▲ GoodMajor
Rock chips from the new Mt Ringwood gold project returned four samples above 1,000 g/t gold (up to 3,090 g/t) at Great Northern, plus up to 65 g/t at Great Western and 39.7 g/t at Star of the North. Monax cautions the gold is nuggety; drilling or costeaning is targeted for early 2016.
13 Oct 2015drilling progress report● Neutral
Western Areas has restarted drilling at Western Gawler and will trial limited ground gravity and electromagnetic surveys. Repeats the earlier petrology findings of nickel-copper sulphides. No new results.
29 Sept 2015drilling result▲ GoodMajor
Western Areas reports it has earned 75% of the Monax JV ground after the $800k stage 1 spend and will proceed to stage 2 for 90%, spending $400k in 18 months. 65 holes (5,789m) found mafic intrusions with nickel-copper sulphides confirmed by petrology; no assays yet.
29 Sept 2015farm in farm out completion▲ Good
Monax confirms Western Areas completed stage 1 at Western Gawler, spending $800k to earn 75%, and elects to go to stage 2 for 90%. 65 holes (5,789m) found intrusions with nickel-copper sulphides on petrology; assays awaited.
6 July 2015drilling spud▲ Good
Western Areas has started drilling on Monax's Western Gawler Craton tenements, planning up to 85 holes over about two months, partly funded by a PACE grant of up to $100,000. Follows the April native title agreement. No results yet.
6 July 2015drilling result▼ BadMajor
Only one of two planned Margaret Dam holes was drilled, to 108.17m. It hit a mafic intrusive at about 76m, thought to be the cause of the magnetic anomaly, not a kimberlite. The core goes for sampling. Maiden kimberlite test showed no kimberlite.
6 July 2015drilling progress report▲ Good
Partner Western Areas announces a drilling campaign of up to 10,000m over about two months at Western Gawler, with up to $3m planned for FY16. This is the farm-in drilling Monax flagged for the June quarter. No results yet.
26 June 2015drilling spud● Neutral
Drilling has started on the Margaret Dam kimberlite target, with two holes planned over about ten days and part-funded by the $70,000 PACE grant. No results yet.
15 June 2015farm in farm out agreement▼ BadMajor
Antofagasta will not keep funding Punt Hill, so Monax moves to 100% by issuing Antofagasta 9.99% of its shares and handing back its 51%. Antofagasta keeps a 1.5% royalty. One more Groundhog hole is planned for late 2015.
28 May 2015farm in farm out completion▲ GoodMajor
A binding farm-in agreement is signed with Iluka for Phar Lap: Iluka can earn 80% of EL 5123 by spending $2m over four years, with $400k committed in two years and a right to withdraw after that. Converts March's term sheet.
15 Apr 2015drilling result● Neutral
Hole MCDD1501 at Millers Creek is finished at 911.3m, with basement at 765.4m. No assay or mineralisation results are given; core and downhole data will be reviewed before any decision on further drilling.
25 Mar 2015drilling spud● NeutralMajor
Drilling has started at Millers Creek, with one diamond hole testing the Oliffes Dam copper-gold target, expected to take 4-5 weeks. Follows the February Maximus farm-in. Results will be reported later.
17 Mar 2015farm in farm out agreement▲ GoodMajor
Monax signs a non-binding term sheet for Iluka Resources to earn 80% of the 100%-owned Phar Lap copper-gold project by spending $2m over four years. Iluka must spend $400k in two years and may then withdraw. A binding agreement is still to be negotiated.
12 Feb 2015farm in farm out agreement▲ GoodMajor
Maximus Resources signs a 3-year farm-in giving Monax's Alliance vehicle up to 80% of four Millers Creek tenements for US$3m of spending. Resolves the long-running negotiation; first hole at Oliffe's Dam (planned 1,200m) is due late March 2015.
12 Feb 2015farm in farm out agreement▲ Good
Monax confirms the Maximus farm-in: Alliance can earn 80% by spending US$3m over three years, with one Oliffes Dam hole due late March 2015. Antofagasta has funded all work so far. Duplicates the partner's announcement from Monax's side.
21 Jan 2015drilling result▲ Good
The Western Areas-funded high-resolution aeromagnetic survey over Western Gawler Craton is finished, with about six weeks of flying on 100m lines. Interpretation has begun, and a major drilling program is planned for mid-2015 once access approvals arrive. Completes the first work under the October farm-in.
11 Dec 2014drilling result▲ Good
Parndana soil sampling outlines a zinc-lead anomaly matching the new IP anomaly at the Vinco prospect, in an area the earlier two holes did not test. Monax plans drilling in the first half of 2015. Follows the September missed holes.
4 Dec 2014drilling result▲ GoodMajor
Punt Hill assays: Groundhog hole PHDD1402 returned 96m at 0.47% copper, 0.12g/t gold, including 26m at 1.0% copper and a 1m peak of 7.3% copper. Bottle Hill hole PHDD1401 had no significant assays. Antofagasta-funded; next phase decided by technical committee.
1 Dec 2014drilling result▲ Good
Monax finds more potential kimberlite targets near Margaret Dam and applies for three more tenements, forming a new Kimberlite Project. Five targets are also identified on EL 5094 (Algebuckina). Drilling of Margaret Dam is still planned for early 2015. Early stage, geophysics only.
18 Nov 2014drilling progress report● Neutral
A high-resolution aeromagnetic survey has started at Western Gawler Craton, fully funded by Western Areas under the October farm-in. It should take about five weeks and will help pick drill targets. First work under that deal.