Monax Mining (ASX:MOX) has executed a Sale and Purchase Agreement with Marmota Energy (ASX:MEU) which involves a transfer of tenement ownership between the two South Australian mineral explorers.
The result for Monax will be 100% ownership of the Phar Lap uranium tenement, whilst relinquishing its interests in the Ambrosia iron ore-copper-gold-uranium, Melton copper-gold, and Mulyungarie uranium joint ventures it held with Marmota.
Monax will now look to focus on its wholly owned uranium and graphite projects, and the Punt Hill copper-gold joint venture with global major Antofagasta (LON: ANTO).
Under this agreement, Antofagasta can earn a 51% interest in Punt Hill, located within the Olympic Iron-Oxide copper-gold province, by expending US$4 million over four years.
At its Wilco South graphite project on the Eyre Peninsula, Monax recently released a maiden inferred resource of 6.38 million tonnes at 8.8% total graphitic carbon, with around 550,000 tonnes of contained graphite using a 5% cut-off grade.
Monax is capitalised at under $5 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.