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Print[Ferro-alloys.com] PERTH – Iron-ore miner Fortescue Metals has signed term sheet with fellow-listed junior Monax Mining over a copper-gold project, in South Australia.
Under the terms of the agreement, Monax has an exclusive three-month period to undertake a due diligence on the project. Access to the tenement would be granted subsequent to the finalization of a native title agreement and a Deed of Access with the Commonwealth government.
Monax said on Monday that on the completion of the due diligence investigation and a gravity survey, and subject to satisfactory results, the parties would negotiate a legally binding farm-in and joint venture agreement which would see Monax earn an interest in the project.
The junior told shareholders that it had reviewed available geophysical data for the tenements, and has discovered a prominent gravity feature. Modelling of the gravity and magnetic data has also shown that the anomaly was not explained by shallow basement or the Gairdner Dykes.
Furthermore, a single historical drill hole completed over 1km from the target, which failed to intersect basement rocks, also did not identify the anomaly.
“Monax is excited about the prospect of applying modern geophysical techniques and hematite style iron-oxide copper-gold exploration models to this prospective tenement,” the company said.
The company would undertake a detailed ground survey over the feature as soon as possible, to assist in defining the target for drill testing.
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