EDITOR: | May 27th, 2013

Waddikee Graphite Project Update

| May 27, 2013 | No Comments

May 27, 2013 — South Australia (Source: Monax Mining) — HIGHLIGHTS

  • Drilling results starting to be received with all results expected by early June.
  • Petrology on 12 drilling samples shows further coarse flake graphite
  • JORC resource for Wilclo South prospect expected by late June.

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South Australian exploration company, Monax Mining Limited (ASX: MOX), today provided an update on its Waddikee Graphite Project in South Australia (Figure 1).

Monax completed 77 Reverse Circulation (RC) drill holes at the Wilclo South prospect in April and submitted more than 2500 samples for analysis. The location of drill holes is shown in Figure 2.

Initial results from the drilling program have been received by the Company, with all results expected within the next three weeks.

Monax submitted 12 samples for petrology.

The main aim of the petrology is to provide a description on the nature of the graphite present, as well as provide information on the gangue mineralogy. The gangue is the other minerals present with the graphite, which may have an effect on the recoveries and potential processing of the graphite.

A summary of the petrology results is presented in Table 1. Plates 1-6 show a representative set of images identifying the various forms of graphite present within the submitted samples. These results confirm the presence of coarse flake graphite, which is depicted in several forms (i.e. individual coarse flakes, aggregates of flakes and massive graphite aggregates).

Further, the petrology results show the main gangue minerals present are quartz, mica, feldspars and clay minerals reflecting the gneissic host-rock, with minor titanium oxides and pyrite. The host rock is interpreted to represent graphitic gneiss, which has been highly-weathered to a depth of about 100m below the surface.

Monax has engaged AMC Consulting as the resource consultant to evaluate the geochemical data and define a JORC resource for the Wilclo South prospect. This is expected to be completed by the end of June 2013.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr G M Ferris, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Ferris is employed full time by the Company as Managing Director and, has a minimum of five years relevant experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” Mr Ferris consents to the inclusion of the information in this report in the form and context in which it appears.

Figure 1. Location of the Waddikee project, central Eyre Peninsula.

Figure 1. Location of the Waddikee project, central Eyre Peninsula.


Figure 2. Location of Wilclo South drill holes.

Figure 2. Location of Wilclo South drill holes.

Table   1. Summary of petrology for selected Wilclo South samples.
Sample   Number Hole Number Depth in Metres Estimated % Graphite in Whole   polished section Essential Host Rock Composition
28717 WG041 96-97 15-20 Graphite in fine metamorphic   quartz mosaic > interstitial clay-alteration after feldspar and/or micas.
28718 WG044 73-74 7 Ferruginised clays. > quartz   > interstitial goethite.
28719 WG047 91-92 10  Clay alteration > quartz.
28720 WG047 107-108 10-15 Quartz > clay alteration.
28721 WG052 54-55 7-10 Goethite + ferruginous clays   > quartz.
28724 WG065 100-101 25-30 Ferruginous clays sub-equal   quartz.
28725 WG084 112-113 15 Graphite in chips and in fines,   all of clays = quartz.
28727 WG090 74-75 90 Whole sample, 4 liberated   graphite flakes,trace rock chips.
28728 WG090 75-76 25 Quartz > white clay.
28731 WG091 44-46 65 Several liberated coarse   graphite flakes (65%), minor quartz composite (35%).
28736 WG103 33-34 35-40 White and ferruginised clays   sub-equal quartz.
28738 WG109 117-118 25-30 Mostly fresh-fresh white   feldspar + quartz, both carrying graphite. Graphite also liberated.
Notes:   All samples are RC drilling samples; Petrology undertaken by Pontifex and   Associates. Estimated % of graphite refers to graphite observed in polished   thin section and o not represent laboratory geochemical assays.


Plate 1

Plate 1. WG041 96-97m. Random distribution through fine metamorphic quartzose mosaic host rock, with individual quartz grains about 0.2mm >> interstitial clay alteration. Minor very fine granular pyrite. Note scale bar = 200 microns equivalent to 0.2mm.


Plate 2

Plate 2. WG044 73-74m. Intricately intergrown graphite with patchy porous grey goethite-limonite oxidation, and ferruginised clay-altered ex-silicates, but negligible in quartz, top, centre. Note scale bar = 200 microns.


Plate 3

Plate 3. WG047 107-108m. Long and continuous foliae of graphite interlayered with a central lens of sericite alteration, and interfoliae of micas in south-eastern quadrant. Several white crystals are TiO-oxide (anatase or rutile). All flakes along the whole-rock schistosity. Note scale bar = 200 microns.

Plate 4

Plate 4. WG052 54-55m. Locally coarser flakes of schistose graphite. Note scale bar = 200 microns.


Plate 5

Plate 5. WG065 100-101m. Unusual “chunky” coarse graphite dominating this whole chip, with about half well crystalline flakes as individuals and small composites, with interstitial apparently finer more diffuse graphite. Small rock fragments and trace pyrite within a re-entrant. Note scale bar = 200 microns.


Plate 6

Plate 6. WG091 44-45m. Composite article with ~ 35% graphite in a host rock of yellow iron-stained clay, minor white clay and quartz. Note scale bar = 200 microns.


Raj Shah


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