Monax Mining set to commence maiden drilling program at Mt Ringwood Gold Project

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Quartz reef located within the Great Northern mining leases Image credit: Monax Mining's ASX release

Australian multi-commodity explorer Monax Mining Limited has announced that its maiden drilling program at the Mt Ringwood Gold Project in the Northern Territory will commence within 4-6 weeks.

Quartz reef located within the Great Northern mining leases
Image credit: Monax Mining’s ASX release

The company – which acquired the project in October 2015 – has completed three mapping and sampling trips to the project area with an array of impressive results.

“Out of 355 samples collected and assayed for gold, a total of 106 samples (approximately 30% of samples) reported ?1 g/t of gold whilst 36 samples (approximately 10% of samples) reported ?10 g/t of gold,” the company said in a statement.

“Moreover, four rock-chip samples recorded ?1,000 g/t of gold at the Great Northern leases.”

The company said that the impressive berth of high-grade rock chip samples confirms the project’s strong levels of prospectivity, adding that it is confident of high-grade gold deposit discovery given the fact that the project area is vastly underexplored and is located within a historically prospective terrain.

Image credit: Monax Mining's ASX release
Image credit: Monax Mining’s ASX release

“A 10-hole drilling program will target high grade gold veins at the project’s most prospective targets,” read the statement.

“Five drill-holes are planned at the Great Northern mining lease whilst three and two holes are planned at the Star of the North and Great Western mining leases respectively.”

The drilling program, which will commence upon completion of necessary regulatory approvals, will be directly funded form proceeds raised through a private placement to sophisticated investors.

Monax said it has received funds totalling $60,000 for the issue of 12,000,000 fully paid ordinary shares and that the issue price for the private placement was $0.005 per share, representing a 28.6% discount to its current share price.