MONAX Mining's keenly awaited fourth drilling report on its Punt Hill project in central South Australia was released yesterday to a lukewarm reception from the share market.
The shares closed 15c lower at $1.36, well off Tuesday's $1.89 high, as traders eagerly await assay results from the company's drilling program, which are still a few weeks off.
Visible copper mineralisation in the first three drill holes helped the shares vault from the mid-20c range to Tuesday's high as anticipation built of a potentially large copper find which cannot be confirmed until the assays of the previous drilling are returned.
The new hole intersected finely disseminated copper mineralisation and zones of alteration - signs of possible nearby mineralisation.
Managing director Michael Schwarz said the fourth hole, 8km northwest of the first three, appeared to have intersected a new system of alteration.
While there was not much in the way of visible mineralisation, the alteration was similar to that associated with the mineralisation in the first three holes, which was encouraging.
Mr Schwarz said the company's geological models appeared to be correct, with the company finding what it had hoped for. Another two holes would be drilled on the current target.
