Waddikee Graphite Project Update
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.
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.
|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.|
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