Australian junior explorer Monax Mining has identified five key targets at its Melton copper-gold-uranium project in the northern Yorke Peninsula in South Australia.
The preliminary magnetic data identified two distinct north-south trending magnetic anomalies in the Pine Point Fault Zone (PPFZ) and another three off the PPFZ.
As part of a joint venture with Marmota Energy for the Melton project, Marmota can earn 50% in all minerals by spending $400,000 on exploration work within two years.
Marmota will perform ground magnetic and gravity surveys in the next two months after which drilling will be carried out from December 2009 to April 2010.
Under the agreement, Marmota is the operator of the prospect and additional data processing will be carried out to define structural detail and ascertain zones of augmented magnetic intensity that may represent mineralisation zones.
Approximately 40km south of the Melton project Rex Minerals has performed drilling at the Hillside prospect, which has indicated a close link between magnetite and copper mineralisation.
Monax managing director Gary Ferris said that positive findings from the Hillside Prospect increase the prospects of the Melton project.
“Exploration at Hillside has greatly increased the prospectivity of the PPFZ and the new aeromagnetic data clearly shows the PPFZ and associated high magnetic intensity anomalies within the project area,” Ferris said.