Monax takes another 12 leases in NT
PERTH (miningweekly.com) – ASX-listed explorer Monax Mining would acquire an additional 12 mining leases in the Mt Ringwood area, in the Northern Territory, from Newmarket Gold NT Holdings.
Under the terms of the agreement, Monax would buy the mining leases for an up-front cash consideration of A$25 000, as well as a A$100 000 payment on a decision to mine, and the grant of a 1% net smelter royalty to Newmarket on any gold produced from the mining leases.
Monax MD Gary Ferris said on Wednesday that the transaction enhanced Monax’s position within the Pine Creek area and provided the company with a significant package of prospective ground within highly prospective terrain.
“With gold being the current commodity of choice in the market, Monax has worked methodically to pull together this fantastic package of tenements within a highly prospective area for high-grade gold,” he added.
“Monax is extremely happy with the proposed deal, which adds significant upside to the existing tenement package and allows the company to hit the ground running with great access to this highly prospective tenement package.”
Detailed mapping and sampling had been planned for the coming weeks and a drilling campaign had been earmarked for early 2016.
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