The agreement gives Monax three months to carry out technical due diligence on the project located within the newly defined Amber Zone of the Woomera Prohibited Area.
In reviewing available geophysical data for the area, Monax says it has discovered what it terms a ‘prominent gravity anomaly’.
"A single historical drill hole completed over one kilometre from the target to a depth of 674 metres which failed to intersect basement rocks also did not identify the anomaly," Monax said. "Monax is excited about the prospect of applying modern geophysical techniques and hematite style iron-oxide copper-gold (IOCG) exploration models to this prospective tenement.”
Monax plans to undertake a detailed ground gravity survey over the feature as soon as possible to assist in defining the target for drill testing. On completion of its due diligence investigations and the gravity survey, and subject to satisfactory results, the two parties will negotiate legally binding farm in and joint venture agreements, allowing Monax to earn an interest in the project.