Monax signs farm-in agreement at Woomera area
PERTH (miningweekly.com) – Junior Monax Mining has signed a farm-in agreement with fellow-listed Maximus Resources over four tenements within the Woomera prohibited area, in South Australia.
Along with Chilean copper producer Antofagasta, Monax also operates the Monax Alliance. The four tenements under the Maximus agreement, along with the one Monax Alliance agreement comprise the Millers Creek designated project.
Under the terms of the farm-in agreement with Maximus, the Monax Alliance could earn an 80% interest in the four tenements by spending $3-million over a three-year period.
At this point, Maximus could enter into a joint venture agreement with Monax Alliance, with each party contributing to ongoing expenditure. Alternatively, Maximus could sell its 20% interest in the project area to Monax Alliance for $4.5-million, with Maximus retaining a 2% net smelter royalty, which Monax Alliance could purchase for a further $4-million, at any time up to a decision to mine.
Monax Alliance has already completed a successful Aboriginal heritage clearance survey in the area, while Maximus has signed a native title agreement allowing access for drilling at the Oliffes Dam target.
“Alliance is excited by the Oliffes Dam target and looks forward to the upcoming drilling programme,” said Monax MD Gary Ferris.
He noted that the Oliffes Dam drill hole was located in an under-explored zone between the Olympic Dam and Prominent Hill mines, and if iron-ore/copper/gold style mineralisation was intersected, it could increase the prospectivity of the region.
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