MONAX Mining has signed an agreement with Fortescue Metals group to do due diligence on a copper gold project in northern South Australia.
Monax will have three months to do technical due diligence on the project, which is within the newly defined Amber Zone of the Woomera Prohibited Area.
Access to the area in question has been denied sine 1985.
Monax has reviewed available geophysical data for the area and discovered a prominent gravity anomaly.
"A single historical drill hole completed over 1km from the target to a depth of 674m 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 (which lead to the discovery of both the Prominent Hill and Carrapateena deposits) 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 parties will negotiate legally binding farm in and joint venture agreements, allowing Monax to earn an interest in the project."
Monax shares were 0.3c higher in early trade at 4.3c.
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