Shares in diversified resources miner, Monax Mining (MOX) surged by as much as 29% on Thursday after the company said it has received high grade iron and manganese samples from its Waddikkee tenement in South Australia.
The stock rose to a high of 35 cents during in intraday trade, but slid down to 33 cents at the close.
The samples returned highly encouraging iron, manganese and vanadium results with maximum values of 60.1pc iron, 43.8pc manganese and 1.13pc vanadium oxide.
The Waddikkee tenement is 100% owned by Monax, and is located on Eyre Peninsula, South Australia.
“Monax is well placed to take advantage of the manganese and iron ore potential of the tenement with 100% ownership of the tenement,” Monax said.
The company said it plans to fast track exploration to define a number of high grade potentially direct shipping goethite-hematite ore bodies.
In November, Monax spun-off its uranium assets into Marmota Energy (MEU) which raised more than $15 million in its initial public offering.
As a result, the South-Australian based Monax holds 29.8% interest in Marmota.
