FireFly Metals Ltd. — Regulatory Filings 2005

Oct 24, 2005

Monax Mining Ltd

140 Greenhill Road UNLEY SA 5061 GPO Box 1373 Adelaide SA 5001

ASX RELEASE

For Immediate Release

25 October 2005

General Manager The Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square Sydney NSW 1215

Dear Sir/Madam,

Information Sheet

Attached is an Information Sheet which includes Company Exploration Updates.

Yours faithfully

Dom Cosentino Company Secretary

San San San San San San San San San San

INFORMATION SHEET OCTOBER 2005

FOCUSED, INNOVATIVE AND ENERGETIC EXPLORATION

TENEMENT STATUS

Project	Tenement	Status	Acquired	Area $km2$
Ambrosia	EL 3358	Granted	100%	854
Mt Hope	EL 3355	Granted	100%	320
Moorlands	EL 3356	Granted	100%	324
Parndana	EL 3376	Granted	100%	100
Western River	EL 3088	Granted	100%	188
Wynbring	EL 3359	Granted	100%	247
Eureka Bluff	ELA 59/05	Accepted	100%	549
Dingo Hill	EL 3394	Granted	100%	516
Mattaweara	EL 2964	Granted	100%	119
Waddikee	EL 3357	Granted	100%	1004
Punt Hill	ELA 336/05	Accepted	100%	887

STRATEGIC TENEMENT PACKAGE

WELL PLACED FOR DISCOVERY OF:

• IRON OXIDE COPPER-URANIUM-GOLD MINERALISATION (OLYMPIC DAM/PROMINENT HILL)
• PALAEOCHANNEL HOSTED URANIUM MINERALISATION (BEVERLEY)
• TANAMI STYLE OROGENIC LODE GOLD MINERALISATION (CENTRAL GAWLER GOLD PROVINCE)
• CAMBRIAN ZINC MINERALISATION
• ARCHAEAN GREENSTONE NICKEL, GOLD AND VHMS $\bullet$ MINERALISATION (KAMBALDA (WA) AND ABITIBI (CANADA) GREENSTONE BELTS)
• MT ISA/BROKEN HILL STYLE SILVER-LEAD-ZINC $\bullet$ MINERALISATION

RECENT DEVELOPMENTS

• MONAX HAS BEEN FORMALLY OFFERED ITS PUNT HILL $\bullet$ AND EUREKA BLUFF TENEMENTS
• THE OFFER HAS BEEN ACCEPTED BY MONAX AND THE TENEMENTS SHOULD BE GRANTED WITHIN A MONTH.
• A RIGOROUS REVIEW OF PRIORITY PROJECTS HAS BEEN UNDERTAKEN WITH BOARD MEMBERS, IN RELATION TO COMMODITY PRICES, PROSPECTIVITY AND JOINT VENTURE APPROACHES
• THIS REVIEW HAS PLACED PUNT HILL AS OUR NUMBER ONE PRIORITY PROJECT
• IN LIGHT OF THE RECENT JOINT VENTURE ANNOUNCEMENT BETWEEN TECK COMINCO AND RMG SERVICES, WE BELIEVE OUR PUNT HILL PROJECT HAS INCREASED SIGNIFICANTLY IN VALUE IN TERMS OF ITS MINERAL POTENTIAL
• MONAX PLANS TO UNDERTAKE A DETAILED GRAVITY SURVEY OVER THE PUNT HILL TENEMENT
• THIS WILL ALLOW US TO MORE ACCURATELY GUAGE ITS VALUE BEFORE ENTERING INTO ANY JOINT VENTURE AGREEMENTS ON THIS PROJECT
• HOWEVER, WE WILL CONTINUE DISCUSSIONS WITH A MAJOR BASE AND PRECIOUS METALS COMPANY AND ENTERTAIN APPROACHES FROM OTHER PARTIES
• OUR PLAN IS TO MAXIMIZE THE VALUE OF THIS $\bullet$ PROJECT FOR OUR SHAREHOLDERS

SA GOVERNMENT'S POSITION ON URANIUM EXPLORATION

• MONAX HAS BEEN IN TOUCH WITH THE MINISTER FOR MINERAL RESOURCES DEVELOPMENT, THE HON. PAUL HOLLOWAY, TO DISCUSS THE STATE GOVERNMENT'S POSITION ON URANIUM EXPLORATION AND RECEIVED THE FOLLOWING RESPONSE
• THERE HAS BEEN NO CHANGE TO THE GOVERNMENT'S $\bullet$ URANIUM EXPLORATION POLICY, AS FAR AS THE GOVERNMENT IS CONCERNED IT IS "BUSINESS AS USUAL"
• TENEMEMENTS WILL STILL BE GRANTED FOR URANIUM EXPLORATION
• PACE DRILL FUNDING WILL STILL BE MADE AVAILABLE $\bullet$ FOR URANIUM TARGETS
• THE GOVERNMENT WILL CONTINUE TO SUPPORT A REVIEW OF THE "NO NEW MINES" POLICY AT THE NEXT FEDERAL ALP CONFERENCE IN 2007

PUNT HILL - ELA 336/05

TARGETS PUNT HILL COPPER-URANIUM-GOLD

• THE TENEMENT CONTAINS NUMEROUS COINCIDENT/SEMICOINCIDENT GRAVITY AND MAGNETIC ANOMALIES
• THESE ANOMALIES APPEAR TO BE STRUCTURALLY CONTROLLED ALONG A REGIONAL NORTH-WEST FAULT
• THIS IS THE SAME GEOLOGICAL ENVIRONMENT AS THE CARRAPATEENA DISCOVERY, OLYMPIC DAM AND PROMINENT HILL.
• AN EARLIER DRILLHOLE PRL 22 INTERSECTED BASEMENT AT 252M, SIGNIFICANTLY SHALLOWER THAN THE 470M AT CARRAPATEENA
• A DETAILED GRAVITY SURVEY WILL ALLOW ACCURATE DEFINITION OF DRILL TARGETS FOR FOLLOW UP DRILLING
• MONAX BELIEVES THAT THIS PROJECT HAS CONSIDERABLE POTENTIAL FOR OLYMPIC DAM STYLE CU-U-AU MINERAL DEPOSITS

GRAVITY

Punt Hill project area

Gravity High

Fault/shear zone

Gravity Low

PUNT HILL - ELA 336/05

MAGNETICS

dag at an an an an an an an an an an an an gua- Bennemannandi	Punt Hill project area
--------------------------------------------------------------------------	------------------------

Fault/shear zone

PUNT HILL ELA 336/05-WORK PLAN

Task	Start Date	Finish Date
Aboriginal heritage survey and landowner notification	10/10/2005	7/11/2005
Undertake infill gravity survey	28/11/2005	12/12/2005
Target generation and modelling	12/12/2005	2/01/2006
Review data	2/01/2006	16/01/2006
Drill top priority targets	1/3/2006	30/3/2006

IMMEDIATE TARGETS AMBROSIA COPPER-URANIUM-GOLD

STRUCTURALLY CONTROLLED COINICIDENT COPPER AND GOLD IN CALCRETE ANOMALIES ON AMBROSIA-3 DRILL TARGETS-TO BE DRILLED JANUARY 2006

AMBROSIA CALCRETE GEOCHEMISTRY

Gold in calcrete anomaly

Copper in calcrete anomaly

PALAEOCHANNEL URANIUM (DIAGRAM OPPOSITE)

• TARGET-ROLLFRONT URANIUM MINERALISATION IN THE MULGATHING PALAEOCHANNEL, AMBROSIA, WYNBRING -4 DRILL TRAVERSES PLANNED FOR JANUARY 2006
• HIGH POTASSIUM AND URANIUM AND THORIUM GRANITES AND VOLCANICS HAVE BEEN DETERMINED FROM RADIOMETRIC DATA AND APPEAR WHITE IN THE DIAGRAM OPPOSITE
• YELLOW ARROWS INDICATE SEDIMENT TRANSPORT DIRECTION IN THE PALAEOCHANNEL
• HIGH URANIUM IN THE PALAEOCHANNEL APPEARS GREEN
• NUMEROUS URANIUM ANOMALIES OCCUR WITHIN THE MULGATHING PALAEOCHANNEL DOWNSTREAM OF HIGH URANIUM SOURCE ROCKS.
• BOTH THE COPPER-URANIUM-GOLD AND ROLLFRONT URANIUM TARGETS WILL BE SUBMITTED FOR A PLAN FOR ACCELERATING EXPLORATION (PACE) DRILLING GRANT

AMBROSIA EL 3358 - WORK PLAN

Task		Start Date Finish Date
Aboriginal heritage/Landowner notification	10/10/2005	7/11/2005
Submit PACE proposal	12/10/2005	2/11/2005
Undertake aeromagnetic and radiometric survey	28/11/2005	5/12/2005
Undertake infill gravity survey	28/11/2005	12/12/2005
Undertake infill calcrete sampling and analyses	28/11/2005	12/12/2005
Drill target generation	12/12/2005	23/12/2005
Undertake drilling and analyses	16/01/2006	6/02/2005

AMBROSIA RADIOMETRICS

Ambrosia project area

$RED = POTASSIUM$ $G$ REEN = URANIUM BLUE = THORIUM

WADDIKEE EL 3357-WORK PLAN

IMMEDIATE URANIUM MINERALISATION TARGETS-WADDIKEE

• ROCK CHIP SAMPLING FOR BRECCIA HOSTED URANIUM MINERALISATION IS PLANNED FOR NOVEMBER - DECEMBER 2005
• THE AREAS IN WHITE BELOW INDICATE GRANITE OUTCROP RICH IN URANIUM, POTASSIUM AND THORIUM
• PREVIOUS EXPLORATION HAS REVEALED VEIN TYPE PRIMARY URANIUM MINERALISATION IN FAULT BRECCIAS AND SHEAR ZONES
• SAMPLING WILL FOCUS ON RADIOMETRIC ANOMALIES COINCIDENT WITH STRUCTURES EVIDENT IN THE MAGNETIC DATA

WADDIKEE RADIOMETRICS

Task	Start Date	Finish Date
Aboriginal heritage/Landowner notification	10/10/2005	7/11/2005
Undertake rock chip sampling and analyses	28/11/2005	23/12/2005
Undertake aeromagnetic and radiometric surveys	19/12/2005	9/01/2006
Undertake infill gravity survey	23/01/2006	6/02/2006
Drill target generation	6/02/2006	13/02/2006
Undertake electrical geophysics	6/03/2006	13/03/2006
Refine targets and undertake drilling	13/03/2006	24/04/2006

PARNDANA/WESTERN RIVER-WORK PLAN EL 3376/EL 3088

IMMEDIATE TARGETS - PARNDANA

• FOLLOWUP DRILLING OF SIGNIFICANT CAMBRIAN ZINC $\bullet$ MINERALISATION ON OUR PARNDANA PROJECT IS PLANNED FOR DECEMBER 2005-JANUARY 2006
• SHALLOW RECONNAISSANCE DRILLING, INCLUDING SOME UNDERTAKEN BY HAVILAH RESOURCES NL, DISCOVERED WIDESPREAD PRECIOUS AND BASE METAL MINERALISATION WITH THICK (UP TO 5M) INTERSECTIONS OF ZINC RANGING FROM 3.6% TO 26.9% AND LEAD FROM <1% TO 9.4% IN THE GRAINGER MINE AREA
• THESE RESULTS LIE WITHIN A BROADER HALO OF LOWER GRADE DISSEMINATED ZINC AND LEAD MINERALISATION THAT INCLUDES 14 METRES OF ZN UP TO 1.27 $\%$ AND 10 M OF 0.50 $\%$ PB
• WE PLAN TO TEST THE ALONG STRIKE AND DOWN DIP POTENTIAL OF THIS ZONE WHICH CURRENTLY HAS A LENGTH OF OVER 400M

Task

Aboriginal heritage/Landowner notification	10/10/2005	14/11/2005
Submit PACE proposal	12/10/2005	2/11/2005
Undertake round 1 drilling and analyses	5/12/2005	30/01/2006
Undertake infill soil sampling and analyses	5/12/2005	30/01/2006
Undertake aeromagnetic and radiometric surveys	16/01/2006	30/01/2006
Undertake infill gravity survey	20/02/2006	6/03/2006
Undertake electrical geophysics	6/03/2006	20/03/2006
Define drill targets	27/03/2006	3/04/2006
Undertake round 2 drilling and analyses	22/05/2006	30/06/2006

Start Date

Finish Date

IMMEDIATE DRILL TARGETS-DINGO HILL

• A COPPER-URANIUM-GOLD TARGET HAS BEEN IDENTIFIED ON OUR DINGO HILL PROJECT
• THE AIRBORNE RADIOMETRIC DATA SHOW HIGH BACKGROUND LEVELS OF URANIUM. POTASSIUM AND THORIUM IN THE GAWLER RANGE VOLCANICS
• AN AREA OF ANOMALOUS RADIOACTIVITY HAS BEEN IDENTIFIED IN THE NORTH-WESTERN CORNER OF THE PROJECT AREA
• THIS ANOMALOUS ZONE COINICIDES WITH GRAVITY AND MAGNETIC ANOMALIES
• IT ALSO COINCIDES WITH AN INTERPRETED FLOW FRONT IN THE VOLCANICS WHICH MAY HAVE ACTED AS A PATHWAY FOR MINERALISING FLUIDS

DINGO HILL-GRAVITY

DINGO HILL-TOTAL MAGNETIC INTENSITY

DINGO HILL EL 3394 - WORK PLAN

Task	Start Date	Finish Date
Aboriginal heritage/Landowner notification	10/10/2005	7/11/2005
Submit PACE proposal	12/10/2005	2/11/2005
Undertake aeromagnetic and radiometric surveys	5/12/2005	12/12/2005
Undertake infill gravity survey	12/12/2005	9/01/2006
Undertake infill surface sampling and analyses	9/01/2006	6/02/2006
Drill target generation	6/02/2006	13/02/2006
Undertake drilling and analyses	13/02/2006	20/03/2006

DINGO HILL-RADIOMETRICS

$\mathbf{RED} = \mathbf{POTASSIUM}$ $G$ REEN = $U$ RANIUM BLUE = THORIUM

EUREKA BLUFF ELA 59/05 - WORK PLAN OLYMPIC DAM STYLE CU-U-AU AND TANAMAI STYLE AU

Task	Start Date	Finish Date
Aboriginal heritage/Landowner notification	10/10/2005	7/11/2005
Submit PACE proposal	12/10/2005	2/11/2005
Undertake aeromagnetic and radiometric surveys	12/12/2005	19/12/2005
Undertake infill gravity survey	9/01/2006	23/01/2006
Undertake infill surface sampling and analyses	12/12/2005	9/01/2006
Drill target generation	6/02/2006	13/02/2006
Undertake drilling and analyses	6/03/2006	17/04/2006

EUREKA BLUFF-RESIDUAL GRAVITY (PIRSA, 2005)

MATTAWEARA EL 2964 - WORK PLAN OLYMPIC DAM STYLE CU-U-AU

Task	Start Date	Finish Date
Submit PACE proposal	12/10/2005	2/11/2005
Landowner consultation	14/11/2005	21/11/2005
Undertake infill gravity	12/12/2005	24/12/2005
Undertake downhole IP	12/12/2005	24/12/2005
Model gravity and IP	2/01/2006	16/02/2006
Undertake drilling	20/02/2006	20/04/2006
Sample analysis/Results	20/04/2006	3/05/2006

PROSPECT SCALE TOTAL MAGNETIC INTENSITY

REGIONAL TOTAL MAGNETIC INTENSITY

MOORLANDS/MT HOPE-WORK PLAN EL 3356/EL 3355

Task		Start Date Finish Date
Aboriginal heritage/Landowner notification	10/10/2005	7/11/2005
Submit PACE proposal	12/10/2005	2/11/2005
Undertake aeromagnetic and radiometric surveys	9/01/2006	16/01/2006
Undertake infill gravity survey	6/02/2006	20/02/2006
Undertake infill surface sampling and analyses	23/01/2006	20/02/2006
Initial target generation	20/02/2006	13/02/2006
Undertake electrical geophysics	13/03/2006	3/04/2006
Drill target generation	3/4/2006	24/4/2006
Undertake drilling and analyses	24/04/2006	5/06/2006

GEOLOGY

WYNBRING EL 3359 - WORK PLAN

Task	Start Date	Finish Date
Aboriginal heritage/Landowner notification	10/10/2005	7/11/2005
Submit PACE proposal	12/10/2005	2/11/2005
Undertake aeromagnetic and radiometric surveys	28/11/2005	5/12/2005
Review radiometric data for uranium potential	5/12/2006	23/12/2006
Undertake infill calcrete sampling and analyses	28/11/2005	12/12/2005
Target generation	12/12/2005	23/12/2005
Undertake drilling and analyses	16/01/2006	27/02/2005

TOTAL MAGNETIC INTENSITY-GREYSCALE

Target-structurally
controlled gold
mineralisation

STRATEGIC TENEMENT PACKAGE

PALAEOCHANNEL HOSTED URANIUM MINERALISATION (E.G. BEVERLY, HONEYMOON)

ALL THE RIGHT INGREDIENTS FOR ROLLFRONT URANIUM

• EXTENSIVE REGIONAL PALAEOCHANNEL SYSTEMS CROSSING MONAX PROPERTIES
• DRAINING FROM URANIUM RICH GRANITES
• KNOWN GEOCHEMICAL TRAPS (CARBONACEOUS LAYERS AND GROUNDWATER IN CHANNELS)
• KNOWN MINERALISATION IN THESE PALAEOCHANNEL SYSTEMS (E.G. WARRIOR, YARRANA DEPOSITS), ONE NEARBY TO AMBROSIA AND WYNBRING
• RADIOMETRIC ANOMALIES WITHIN CHANNELS

IRON OXIDE COPPER-URANIUM-GOLD MINERALISATION (E.G. OLYMPIC DAM/PROMINENT HILL/CARRAPATEENA)

IRON OXIDE COPPER-URANIUM-GOLD, OLYMPIC DAM STYLE, (IOCG) MODEL

MONAX HAS CHOSEN ITS PROJECT AREAS CAREFULLY TO MEET THE FOLLOWING CRITERIA FOR IOCG SYSTEMS

• THE PRESENCE OF HIGH CRUSTAL LEVELS .I.E. ON THE EDGES OF THE GAWLER RANGE VOLCANICS
• THE PRESENCE OF CRUSTAL-PENETRATING STRUCTURES ACTIVE DURING VOLCANISM
• HYDROTHERMAL ALTERATION INCLUDING SODIUM, CALCIUM, CHLORITE AND HEMATITE ALTERATION
• MAGNETIC AND GRAVITY ANOMALISM REFLECTING IRON ALTERATION
• PROXIMAL HAEMATITE, SERICITE AND SILICA ALTERATION; AND
• PROXIMAL COPPER, GOLD AND RARE EARTH ANOMALISM

STRATEGIC TENEMENT PACKAGE

TANAMI STYLE GOLD MINERALISATION (E.G. CALLIE/GROUNDRUSH)

Monax Tenements

Central Gawler Gold Province

CRITERIA FOR CENTRAL GAWLER GOLD/TANAMI STYLE GOLD SYSTEMS

• STRONG STRUCTURAL CONTROL IS THE KEY TO THIS STYLE, WITH THE STRUCTURES BEING ACTIVE AT THE TIME OF EMPLACEMENT OF HILTABA SUITE GRANITES
• ALTERATION CONSISTS OF AN OUTER CHLORITE, HAEMATITE AND EPIDOTE ZONE ALONG WITH PROXIMAL SERICITE, PYRITE AND SILICA ALTERATION
• EVIDENCE FOR THE PASSAGE OF MINERALISING FLUIDS, E.G. MAGNETITE DESTRUCTION ALONG SHEAR ZONES IS ALSO A TARGETING CRITERIA
• A REGIONAL SEAL TO HYDROTHERMAL SYSTEM, SUCH AS THE GAWLER RANGE VOLCANICS, THIS PRODUCES THE POTENTIAL FOR A LONG-LIVED, CONCENTRATED MINERALISING SYSTEM CAPABLE OF FORMING LARGE DEPOSITS
• STRUCTURALLY DILATENT ZONES AND/OR REACTIVE LITHOLOGIES, SUCH AS IRON FORMATIONS, GRAPHITIC SCHISTS AND CARBONATES

ARCHAEAN GREENSTONE NICKEL/GOLD/VHMS MINERALISATION (E.G. KAMBALDA/ST IVES/ABITIBI)

ARCHAEAN GREENSTONE (NI AND AU)

• HIGH-OUALITY AEROMAGNETIC DATA AND FOCUSED DRILLING HAS ESTABLISHED AN ARCHAEAN GREENSTONE PROVINCE IN THE SOUTHERN GAWLER CRATON(COULTA DOMAIN)
• THIS UNTESTED GREENSTONE PROVINCE IS SIMILAR TO MINERALISED KOMATIITES FOUND IN THE EASTERN GOLDFIELDS PROVINCE OF WESTERN AUSTRALIA, AND HAS THE POTENTIAL TO CONTAIN SIGNIFICANT ARCHAEAN GOLD AND KOMATIITIC NICKEL DEPOSITS
• UNLIKE THE EASTERN GOLDFIELDS PROVINCE, VERY LITTLE EXPLORATION HAS BEEN CARRIED OUT WITHIN THIS OUTCROPPING TO VERY SHALLOW, SEDIMENT COVERED GREENSTONE SEQUENCE
• NICKEL TARGETS CONSIST OF THE BASE OF LOCALLY THICKENED "CHANNEL FACIES" KOMATIITES, A COINCIDENT EM CONDUCTOR, AND SOIL/CALCRETE GEOCHEMISTRY ANOMALOUS IN NICKEL AND CHROME
• ARCHAEAN GOLD TARGETS HAVE A COMBINATION OF SOIL/CALCRETE ANOMALISM IN GOLD, A FAVOURABLE (DILATIONAL) STRUCTURAL SETTING AND REACTIVE ARCHAEAN HOST ROCKS

ARCHAEAN VHMS (ZN-CU-AU)

• THE AREAS HAVE GEOLOGY COMPARABLE TO THE REGION CONTAINING THE HIGH-GRADE DEPOSITS IN THE CANADIAN ABITIBI BELT
• THESE AREAS INCLUDE AMPHIBOLITE-FACIES METASEDIMENTS WITH INTERLAYERED ACID AND BASIC ARCHAEAN HALL BAY VOLCANICS CONTAINING ANOMALOUS COPPER, ZINC AND GOLD
• MANGANESE RICH GARNETS AND GAHNITE INDICATE PROXIMAL ALTERATION ASSEMBLAGES
• SINCE VHMS DEPOSITS ARE GOOD CONDUCTORS THEY ARE AMENABLE TO EXPLORATION BY GROUND BASED AND AIRBORNE ELECTROMAGNETIC TECHNIQUES