Monax Mining Limited (ASX: MOX) has discovered anomalous vanadium and titanium over target horizon on the completion of soil sampling at its Limestone Well project located in the district of Murchison, Western Australia.
In an announcement to Australian Securities Exchange, Monax Mining informed that company has completed a maiden soil sampling and ground magnetics program over the Limestone Well project with the view to confirm drill targets for vanadium and titanium mineralization.
Orientation sampling has returned elevated assays of vanadium and titanium over the target stratigraphy with a peak value of 470ppm vanadium and 1.4% titanium. The company told that results of the sampling confirmed that the high magnetic western stratigraphy at Limestone Well is anomalous in vanadium and titanium and represents an excellent target for discovery of those metals.
Miner intends to start drilling to test the targets as soon as a rig becomes available. The company confirmed that total of 6 Reverse Circulation holes will be drilled with the focus on the zones identified as anomalous from the soil sampling program and ground magnetics.
A ground magnetic survey at Limestone was reportedly conducted by Southern Geoscience consultants. The results drawn by the surveyor revealed the discovery of several magnetic bodies, one of which is said to be coincident with the soil anomaly and is continuous along the target geology. This is anticipated to be magnetite-rich rocks, which host vanadium/titanium mineralisation elsewhere in the Murchison district, told Monax.
Limestone Well tenements are located immediately to the south of the Barrambie Titanium/Vanadium Project and is 45km north east to Gabanintha Vanadium Project. The project represents highly prospective region of titanium and vanadium deposits. In August 2018 Monax agreed to terms to farm-in to two tenements held by Mithril Resources Limited at Limestone Well located 90km south east of Meekatharra, adjoining the Barrambie Titanium/Vanadium Project held by Neometals Limited.
In Financial Year 2018 results, the company posted an after-tax loss of $1,404,567 compared to $1,579,545 loss in 2017. The net assets of the Group have been decreased by $319,236 during the financial year from $680,906 at 30 June 2017 to $361,670 at 30 June 2018.
On the discovery of vanadium and titanium targets, Monax’ share price jumped 50% or $0.001 to close at $0.003 on 15 November 2018. However, in November last year MOX traded at $0.008, from where the stock has fallen 66.67% over the past 12 months.
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