Maximus Resources (ASX: MXR) has advised that partner Monax Alliance, a subsidiary of Monax Mining (ASX: MOX), has started a gravity survey over the Billa Kalina IOCG tenements in the Woomera Prohibited Area, South Australia.
This targets four four high priority areas identified during detailed analysis of the gravity survey data collected by the Department of Manufacturing, Innovation, Trade, Resources and Energy during 2013.
The survey is planned to be completed within a 1 – 2 weeks, followed by modelling and interpretation of the resultant data. It is envisaged that results from the data analysis will be available by the end of February 2014.
Monax is funding the survey under terms of their MoU finalised in November 2013 to undertake technical due diligence on the Billa Kalina Project.
It has a 6 month exclusive period to complete due diligence on the Maximus tenements, at which point it can enter into a Farm‐in Joint Venture Agreement.
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.
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