In particular, embayments within the quartz-monzonite of the Austin Pluton and Veatch Quartzite contact zone – particularly those within close proximity to aplite dykes, are considered prospective as these areas have both lithostructural and geomorphic elements similar to those present at the Apex Deposit.
It is anticipated that the survey will generate a number of anomalies which will be amenable to a drilling program early in 2010. A $50,000 bond for drilling has already been lodged with the State authorities in expectation of this program as well as Apex resource validation drilling. Permitting has been completed for 32 holes, but there may be a need to apply for more if the survey shows more drilling is warranted.
Whilst a resource has already been delineated at the Apex deposit, the Company feels that additional resources identified by the survey will only enhance the potential development options for this project.
Commenting on the commencement of the airborne survey, the chairman, Jim Malone said:
“The Company is looking forward to the results generated by this program and shareholders can expect increased activity at our projects in North America as Monaro continues to refocus its operations around its core uranium prospects”.
