Monax Mining (ASX:MOX) has commenced an aeromagnetic survey at its Western Gawler Craton Project in South Australia, wholly funded by Western Areas (ASX:WSA).
The survey will take around 5 weeks to complete and will be used to refine drill targets.
The survey will cover the majority of the project area, which will provide a high-quality dataset suitable for outlining areas with favourable lithology and structural setting to host massive polymetallic mineralisation.
The western Gawler Craton is considered to have a geological history analogous to the Thompson Nickel Belt in Canada and the Albany-Fraser Belt in Western Australia.
The Nova-Bollinger Deposit in the Albany-Fraser Belt in Western Australia is located within a prominent magnetic and gravity ridge.
Two prominent magnetic and gravity ridges are located within Monax’s WGC Project area and represent prime targets for potential magmatic nickel-copper mineralisation similar to that at Nova-Bollinger.
Last week, Monax discovered a potential kimberlite on its Margaret Dam Exploration Licence, located south of William Creek.
Early 2015 drilling is planned to confirm whether target is a diamondiferous kimberlite.
A review of the available aeromagnetic data showed two small circular features located within the southern part of the licence area, considered to be consistent with that of a kimberlite intrusion.
Initial modelling showed this feature was relatively shallow and not likely to represent an IOCG target.
Monax is lightly capped at $3 million.
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