Monax Mining (ASX: MOX) has announced that it will retain a 50% interest in the Melton Copper-Gold Project.
The Melton Project is located on the northern Yorke Peninsula, South Australia, and contains a 15km section of the highly prospective Pine Point Fault Zone.
A maiden drilling program commenced on March 1, 2010 and is due to be completed by the end of April or early May, 2010.
Under the terms of the joint venture, Marmota Energy (ASX: MEU) was required to spend $400,000 to earn a 50% interest for all minerals.
Marmota announced on March 24, 2010 it had reached a 50% interest in the project.
Monax has advised Marmota that it will retain its 50% interest in the Melton project by contributing to exploration costs on a 50:50 basis with Marmota.
Disclosure: The author holds no positions in the company