Maximus Resources (ASX: MXR) and Monax Alliance have identified seven new target areas at their Billa Kalina tenements in South Australia from gravity data released by the Department of Manufacturing, Innovation, Trade, Resources and Energy.
Billa Kalina comprises 4 granted tenements covering a total area of 2,342 square kilometres within the Olympic IOCG province on the Gawler Craton. It is largely under-explored and could host iron oxide copper gold targets.
The survey is the first undertaken in the area in over 3 decades targeting IOCG deposits and has the potential to significantly enhance the geological understanding of the region.
It was completed on a 1 kilometre by 1 kilometre spacing.
Billa Kalina is subject to a binding Memorandum of Understanding with Monax Alliance, a wholly owned subsidiary of Monax Mining (ASX: MOX), with Alliance undertaking due diligence.
Alliance has a six month exclusive period from November 2013 to complete due diligence on the Maximus tenements, at which point it can enter into a Farm-in Joint Venture Agreement.
It is proposing to test the target areas on closer spacings.
Approvals are being sought from DMITRE and Department of Defence to complete the infill gravity surveys on the multiple targets, with on-ground works planned to commence in January 2014.
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