Proactiveinvestors USA & Canada Australian Mines Ltd https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Australian Mines Ltd RSS feed en Mon, 27 May 2019 04:24:28 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Australian Mines Ltd encouraged from drilling near Plutonic Gold Mine ]]> https://www.proactiveinvestors.com/companies/news/149630/australian-mines-ltd-encouraged-from-drilling-near-plutonic-gold-mine-69483.html Australian Mines Ltd (ASX:AUZ) has received assay results from reverse circulation drilling at its Dixon gold prospect in Western Australia revealing lithological control of primary gold mineralisation.

The Dixon gold prospect is part of a joint venture with Riedel Resources Ltd (ASX:RIE) and is hosted by a similar greenstone belt to that containing the nearby Northern Star’s (ASX:NST) Plutonic Gold Mine.

It is worth noting that the Plutonic Gold Mine has poured over 5 million ounces of gold to date.

The recent drilling at Dixon returned intersections that included 4 metres at 1.31 g/t gold from 170 metres and 3 metres at 1.13 g/t gold from 140 metres.

The gold grades and widths of mineralisation at Dixon could be similar in aspects to the open pits across the Plutonic and Marymia operations.

The company will test the interpreted depth extension by way of a diamond core drill program, co-funded by a $105,000 grant from the state government’s Exploration Incentive Scheme.

AUZ had raised $1.5 million in April from a share placement and is undertaking a pro-rata entitlement offer to existing shareholders to raise a further $1.46 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Jun 2016 16:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149630/australian-mines-ltd-encouraged-from-drilling-near-plutonic-gold-mine-69483.html
<![CDATA[News - Australian Mines Ltd to drill near Northern Star's Plutonic Gold Mine ]]> https://www.proactiveinvestors.com/companies/news/149629/australian-mines-ltd-to-drill-near-northern-stars-plutonic-gold-mine-68736.html Australian Mines Ltd (ASX:AUZ) will commence a 2,000 metres reverse circulation drill program at the Dixon gold prospect, located near Northern Star’s (ASX:NST) Plutonic Gold Mine, which has produced over 5 million ounces of gold to date.

The Dixon prospect, which is 180 kilometres north of Meekatharra, is hosted by a similar greenstone belt to that containing the nearby Plutonic Gold Mine and which has poured a massive 200,000 ounces of gold every year since the mine opened 26 years ago.

The new round of drilling will target the high-grade gold zone discovered by the company in October 2015.

The October 2015 drilling intersected 10 metres at 8.79 grams of gold per tonne from 130 metres and included individual lenses that graded almost 1 ounce of gold per tonne.

In April 2014, AUZ had signed an agreement to farm into Riedel Resources Ltd’s (ASX:RIE) Doolgunna-Marymia Project which hosts the Dixon gold prospect.

AUZ currently owns 51% of this project and will expend a further $850,000 by May 2018 to acquire an 80% interest.

AUZ had raised $1.5 million last month from a share placement and will be undertaking a pro-rata entitlement offer to existing shareholders to raise a further $1.46 million.

The share price of AUZ has doubled during the last three months.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 May 2016 15:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149629/australian-mines-ltd-to-drill-near-northern-stars-plutonic-gold-mine-68736.html
<![CDATA[News - Australian Mines Ltd is Monday's ASX Most Traded with 94 million ]]> https://www.proactiveinvestors.com/companies/news/149628/australian-mines-ltd-is-mondays-asx-most-traded-with-94-million-68141.html Monday's ASX Volume Leaders at the close.

Company NameCodeLastChangeVolume Australian Mines Ltd AUZ $0.014 -39.13% 94,105,410 Caeneus Minerals Ltd CAD $0.002 0% 93,244,760 XPED Ltd XPE $0.043 0% 75,295,132 Pioneer Resources Ltd PIO $0.024 50% 71,542,422 MGC Pharmaceuticals Ltd
MXC $0.062 47.62% 69,379,355 Azonto Petroleum Ltd
APY $0.015 7.14% 58,128,643 Ardiden Ltd ADV $0.039 -13.33% 54,634,689 Walkabout Resources Ltd WKT $0.005 0% 53,296,233 Fairfax Media Ltd FXJ $0.775 -1.27% 49,847,964 Qantas Airways Ltd QAN $3.620 -10.84% 43,224,528

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Apr 2016 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149628/australian-mines-ltd-is-mondays-asx-most-traded-with-94-million-68141.html
<![CDATA[News - Australian Mines Ltd gets ready to raise after gold discovery ]]> https://www.proactiveinvestors.com/companies/news/149627/australian-mines-ltd-gets-ready-to-raise-after-gold-discovery-67787.html Australian Mines Ltd (ASX:AUZ) is heading to market, with the ASX granting the company a trading halt to prepare.

Shares in the company last traded at $0.024, which is around four times higher than just one month ago.

The company recently outlined a discovery drill hole of: 10 metres at 8.79g/t gold at its Dixon gold prospect - part of its joint venture with Riedel Resources (ASX:RIE).

The halt will remain in place until the opening of trade on Monday 4th April 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 31 Mar 2016 09:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149627/australian-mines-ltd-gets-ready-to-raise-after-gold-discovery-67787.html
<![CDATA[News - Manas Resources Ltd is among Tuesday's ASX Most Traded with 83 million ]]> https://www.proactiveinvestors.com/companies/news/149626/manas-resources-ltd-is-among-tuesdays-asx-most-traded-with-83-million-67752.html Tuesday's ASX Volume Leaders at the close.

Company NameCodeLastChangeVolume Australian Mines Ltd AUZ $0.033 135.71% 224,260,568 Manas Resources Ltd MSR $0.002 0% 83,101,505 Pacific Ore Ltd PSF $0.034 -15% 72,194,199 Silver Mines Ltd SVL $0.001 0% 52,865,000 Kairiki Energy Ltd KIK $0.012 100% 44,942,137 Antipa Minerals Ltd AZY $0.021 23.53% 35,555,383 Inca Minerals Ltd ICG $0.005 -16.67% 28,297,079 Atlas Iron Ltd AGO $0.024 -7.69% 26,428,267 88 Energy Ltd 88E $0.068 -5.56% 22,762,325 Blina Minerals NL BDI $0.001 0% 22,179,136

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 30 Mar 2016 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149626/manas-resources-ltd-is-among-tuesdays-asx-most-traded-with-83-million-67752.html
<![CDATA[News - Australian Mines Ltd among ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com/companies/news/149625/australian-mines-ltd-among-asx-gainers-intra-day-67743.html Tuesday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Australian Mines Ltd AUZ $0.024 71.43% 80,062,626 Analytica Ltd ALT $0.003 50% 1,041,350 Discovery Africa Ltd DAF $0.007 40% 65,000 Athena Resources Ltd AHN $0.025 38.89% 470,000 Shoply Ltd SHP $0.011 37.50% 828,005 Strata-X Energy Ltd SXA $0.054 35% 196,848 Chapmans Ltd CHP $0.004 33.33% 130,000 Riedel Resources Ltd RIE $0.020 33.33% 1,180,468 Patrys Ltd PAB $0.009 28.57% 1,374,669 Aspire Mining Ltd AKM $0.009 28.57% 185,000

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 29 Mar 2016 14:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149625/australian-mines-ltd-among-asx-gainers-intra-day-67743.html
<![CDATA[News - Australian Mines to raise capital after gold discovery ]]> https://www.proactiveinvestors.com/companies/news/149624/australian-mines-to-raise-capital-after-gold-discovery-65291.html Australian Mines (ASX:AUZ) earlier this week intersected high-grade gold at the Dixon prospect, which is part of the Doolgunna-Marymia Project.

Highlights include: 5 metres at 11.07g/t gold from 130 metres, including 1 metre at 29.11g/t gold; and 1 metre at 14.85g/t gold.

Dixon is in similar geological setting to two world-class deposits, being Sandfire Resources' (ASX:SFR) DeGrussa Copper Mine and Northern Star’s (ASX:NST) Plutonic Gold Mine.

Australian Mines is now heading to market with a capital raising.

The halt will remain in place until the opening of trade on Thursday 29th October 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 Oct 2015 13:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149624/australian-mines-to-raise-capital-after-gold-discovery-65291.html
<![CDATA[News - Australian Mines' shares zoom higher ]]> https://www.proactiveinvestors.com/companies/news/149622/australian-mines-shares-zoom-higher-64835.html Australian Mines (ASX:AUZ) received an ASX Price Query after the market close yesterday, after a big upwards movement in its share price.

The jump was 83%, based on the close of $0.006 on 25th September 2015, compared to yesterday's intra-day high of $0.011.

The stock actually then closed even higher, at $0.012.

Australian Mines replied to the ASX saying that it is not aware of any reason for the change in valuation, but did mention an announcement of the 23rd of September that drilling had commenced at its Doolgunna-Marymia Project in Western Australia.


About the program

Reverse circulation drilling will test a number of high-priority targets at Doolgunna, including the Burton prospect, where a high-powered surface electromagnetic survey has detected a strongly conductive underground body.

Located beneath an extensive copper-in-soil geochemical anomaly, the source of the bedrock conductor at Burton appears to have a strike length of 175 metres and extends almost from surface down to a depth of 650 metres.

Encouragingly, previous drilling by Australian Mines east of the Burton prospect conductor has intersected a thick zone of anomalous copper and zinc.

Also, historic air core drilling completed along strike of the conductor similarly returned highly anomalous copper assay results.

The company anticipates the current Burton drill program will take up to 10 days to complete with the final assay results expected by late October.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 30 Sep 2015 10:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149622/australian-mines-shares-zoom-higher-64835.html
<![CDATA[News - Australian Mines follows exciting copper-gold leads ]]> https://www.proactiveinvestors.com/companies/news/149621/australian-mines-follows-exciting-copper-gold-leads-64696.html Australian Mines (ASX:AUZ) is set to improve its understanding of an enticing target area of its Doolgunna-Marymia nickel-copper-gold project in Western Australia with the start of new drilling campaign.

The reverse circulation drilling will test a number of high-priority targets at Doolgunna, including the exciting Burton prospect, where a high-powered surface electromagnetic survey has detected a strongly conductive underground body.

Located beneath an extensive copper-in-soil geochemical anomaly, the source of the bedrock conductor at Burton appears to have a strike length of 175 metres and extends almost from surface down to a depth of 650 metres.

Encouragingly, previous drilling by Australian Mines east of the Burton prospect conductor has intersected a thick zone of anomalous copper and zinc. Also, historic air core drilling completed along strike of the conductor similarly returned highly anomalous copper assay results.

Australian Mines anticipates the current Burton drill program will take up to 10 days to complete with the final assay results expected by late October.


Strongly emerging province

Doolgunna occupies a mining district which includes Sandfire Resources’ (ASX:SFR) large DeGrussa copper-gold operation, where resources total 12.4 million tonnes at 4.7% copper and 1.8 grams per tonne gold for 579,000 tonnes of copper and 704,000 ounces of gold. 

Recent drilling by Sandfire in the area has intersected near-surface massive sulphides along strike on either side of a hole which previously returned 18 metres at 5.7% copper and 2.4 grams per tonne gold from 107 metres.

Along with Talisman Mining (ASX:TLM), Sandfire has also been active at the area’s Monty discovery, which delivered the first significant intersection of high-grade massive sulphides outside of the known DeGrussa deposits.

Advances in these areas are expected to demonstrate a broader regional extension of Northern Star Resources’ (ASX:NST) recently acquired Plutonic gold mine only 40 kilometres to the east - a mine that has been in continuous production for over 20 years, producing over 5 million ounces of gold to date.


Analysis

The recent detection of a strong and discrete bedrock conductive body beneath an extensive copper-in-soil anomaly at Burton represents significant progress in Australian Mines’ pursuit to discover a VMS body within its Doolgunna-Marymia tenements.

The Burton conductor apparent proximity to the regional Jenkin Fault is significant since this geological structure is considered a key control of the nearby DeGrussa copper-gold ore bodies.

With more than 1,300 square kilometres of contiguous prospective geology, Australian Mines has a strong ground position in the emerging Doolgunna copper province, where sizeable neighbouring explorers have consistently demonstrated the richness of local mineralisation.

Burton looks to be an interesting prospect and with similarities to Sandfire’s and Talisman’s Monty prospect, where recent drilling has returned a spectacular massive sulphide intercept of 16.5 metres grading 18.9% copper and 2.1 gram per tonne gold from 409.5 metres down-hole.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 23 Sep 2015 11:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149621/australian-mines-follows-exciting-copper-gold-leads-64696.html
<![CDATA[News - Australian Mines enjoys enhanced profile as expansion potential matures ]]> https://www.proactiveinvestors.com/companies/news/149620/australian-mines-enjoys-enhanced-profile-as-expansion-potential-matures-64571.html As a new drilling program progresses at Australian Mines’ (ASX:AUZ) Doolgunna-Marymia nickel-copper-gold property in Western Australia, related exploration successes have continued to showcase the region’s potential for economically significant mineralisation.

Drilling announced this week by neighbouring explorer Sandfire Resources (ASX:SFR) has intersected near-surface massive sulphides along strike on either side of a hole which previously returned 18 metres at 5.7% copper and 2.4 grams per tonne gold from 107 metres.

These step-out successes have reinforced expectations that the area in proximity to Sandfire’s world-class DeGrussa copper-gold mine will emerge as an even more robustly developed mining district.

Australian Mine’s recent work in the area has included a readied drill program at the Burton prospect, down-hole electromagnetic (EM) surveying and planning for drill testing of the Little Well prospect.

Advances in these areas are expected to demonstrate a broader regional extension of Northern Star's recently acquired Plutonic Gold Mine only 40 kilometres to the east - a mine that has been in continuous production for over 20 years, producing over 5 million ounces of gold to date.

Additional support for the potential of Australian Mines’ fledgling development work has been identified in Talisman Mining’s (ASX:TLM) nearby Monty project, where copper grades as high as 7.6% have been recorded in work to establish a similarly DeGrussa-style deposit.


Burton in more detail

The hole drilled at Burton, within the Australian Mines – Riedel Resources (ASX:RIE) joint venture area detected a strong late-time bedrock conductor coincident with the Jenkin Fault structure.

Assay results from this reconnaissance drill hole at Burton that intersected a thick zone of anomalous copper that returned 21 metres at 0.05% copper + 0.21% zinc from 193 metres downhole.

Interestingly enough, this intercept bears some similarity to the initial RC drill results returned from Sandfire-Talisman’s Monty Prospect, which included 49 metres at 0.03% copper from 87 metres and 6 metres at 0.05% copper from 70 metres downhole.

Talisman’s 2011 RC drill hole SPRC141, which was drilled within 20 metres of Sandfire’s subsequent discovery hole at Monty only returned 7 metres at 0.21% copper from 65 metres down hole.

The presence of low-grade copper mineralisation in close proximity to the high-grade copper at Monty suggests that historic copper oxide intersections returned from Australian Mines’ Burton prospect such as 4 metres at 0.23% copper from 18 metres down hole located 150 metres east of the Burton conductor, are significant.

An RC drill program is to follow over the main bedrock conductor at Burton as well as extending the EM coverage over this prospective copper target.


Analysis

Sandfire’s continued investment in DeGrussa area step-out drilling and recent drilling progress highlights the local industry’s confidence in the expansionary potential of this province.

Australian Mines’ 1,300-square-kilometre footprint at Doolgunna-Marymia represents a substantial holding contiguous to ongoing exploration success stories.

Burton looks to be an interesting prospect and with similarities to Sandfire/Talisman's Monty prospect, further drilling will provide more perspective on potential mineralisation.

As one of the more junior operators in this immediate jurisdiction, Australian Mines offers considerable upside as its current exploration preparations unfold.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 21 Sep 2015 09:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149620/australian-mines-enjoys-enhanced-profile-as-expansion-potential-matures-64571.html
<![CDATA[News - Australian Mines funded to hunt for next DeGrussa deposit ]]> https://www.proactiveinvestors.com/companies/news/149619/australian-mines-funded-to-hunt-for-next-degrussa-deposit-63386.html Australian Mines (ASX:AUZ) is now fully funded for its highly anticipated drill program at its Doolgunna-Marymia in Western Australia that could discover the next Degrussa-style deposit.

The company raised $525,000 through a placement of 105 million shares priced at $0.005 to professional and sophisticated investors.

Doolgunna-Marymia project covers more than 1,300 square kilometres and immediately adjoins Sandfire Resources' (ASX:SFR) Doolgunna project area, which hosts their DeGrussa Copper-Gold Mine.

Last month, the Doolgunna region’s status as an emerging VMS province hosting multiple clusters of copper-gold ore bodies was confirmed after Sandfire intersected a wide zone of massive copper sulphide (16.5 metres grading 18.9% copper and 2.1 grams per tonne gold from 409.5 metres) at its Monty prospect.

Australian Mines will carry out drilling at the Burton prospect, where a single hole previously intersected 21 metres at 0.05% copper and 0.21% zinc from 193 metres, as well as the advanced Little Well copper prospect that is just 3 kilometres from Sandfire’s Thaduna Copper Mine.

This exploration program is expected to start in the coming weeks.

Benjamin Bell, managing director, commented:

“The Doolgunna region of Western Australia is emerging as a significant VMS copper-gold province with the potential to host multiple clusters of ore bodies across the region.

“Australian Mines, with a ground holding that now exceeds 1,300 square kilometres, has a substantial footprint in this region.

“The occurrence of outcropping copper mineralisation at the Company’s Little Well prospect together with the presence of copper anomalism near the Burton bedrock conductor suggests the company’s Doolgunna-Marymia project has the potential to host possible repetitions of the DeGrussa and Monty copper-gold mineralisation.

“Following the recent completed share placement, which raised $525,000 before costs, Australian Mines’ upcoming field campaign, which includes RC drilling and down hole surveying of its priority copper targets, remains fully funded.”

About 1,000 metres of drilling will be carried out at Burton and Little Well. This may be extended if the results are encouraging.


Drilling Targets
   
Australian Mines is presently finalising the necessary preparations to undertake a reverse circulation drill program and down hole electromagnetic survey over the primary source of the buried conductor at its Burton prospect this quarter.

It previously reported that an electromagnetic survey completed over Burton successfully detected a late-time bedrock conductor beneath a laterally extensive soil anomaly and copper oxide mineralisation (4 metres at 0.23% copper from 18 metres down hole).

Due to tenement boundary constraints that existed at the time of the company’s first-pass reverse circulation drill program at Doolgunna-Marymia, it was only able to drill a single hole on the eastern edge of Burton about 130 metres southeast of the primary target zone.

It intersected 21 metres at 0.05% copper and 0.21% zinc from 193 metres downhole, which is not dissimilar to the assays reported from Talisman Mining’s (ASX:TLM) Monty prospect, which included 49 metres at 0.03% copper from 87 metres and 6 metres at 0.05% copper from 70 metres.

This is located within 150 metres of Sandfire’s subsequent discovery hole.

In addition to Burton, the company also proposes to drill test its advanced Little Well copper prospect, which is located just 3 kilometres from Sandfire’s Thaduna Copper Mine and appears within a similar structural setting as the neighbouring copper deposit.

Surface mapping of the Little Well prospect in 2012 discovered outcropping copper mineralisation over a 200 metre strike length, which subsequently assayed 3.3% copper.

Despite the presence of outcropping copper and its favourable geological setting, no bedrock drilling has been previously been undertaken across the Little Well prospect area, nor has the target zone been covered by an applicable electromagnetic survey.


Analysis

Australian Mines’ $525,000 placement ensures its funded for the coming drilling program.

This will be closely watched given Sandfire Resources’ recently discovery of a potential massive sulphide VMS discovery close to the existing DeGrussa copper-gold deposits.

Doolgunna-Marymia Project could host possible repetitions of the DeGrussa and Monty copper-gold mineralisation.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 10 Jul 2015 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149619/australian-mines-funded-to-hunt-for-next-degrussa-deposit-63386.html
<![CDATA[News - Australian Mines sets sail for raising ]]> https://www.proactiveinvestors.com/companies/news/149618/australian-mines-sets-sail-for-raising-63344.html Australian Mines (ASX:AUZ) is on the hunt for the next Degrussa deposit and recently intersected a thick zone of anomalous copper and zinc mineralisation at the Burton prospect in the Doolgunna-Marymia region.

Burton is located 60 kilometres northeast, and along strike of the DeGrussa Copper Mine.

The Doolgunna-Marymia region is emerging as one of the hottest exploration post codes in Australia.

Australian Mines has now been granted a trading halt by the ASX, pending details of a capital raising.

The halt will remain in place until the opening of trade on Friday 10th July 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 08 Jul 2015 12:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149618/australian-mines-sets-sail-for-raising-63344.html
<![CDATA[News - Australian Mines could have lead on next Degrussa deposit ]]> https://www.proactiveinvestors.com/companies/news/149617/australian-mines-could-have-lead-on-next-degrussa-deposit-62989.html Australian Mines (ASX:AUZ) has intersected a thick zone of anomalous copper and zinc mineralisation at the Burton prospect within its Marymia Project in Western Australia’s Doolgunna-Marymia region.

This is encouraging given yesterday’s announcement by Sandfire Resources (ASX:SFR) of the potential massive sulphide VMS discovery just 10 kilometres east of the existing DeGrussa copper-gold deposits.

Burton is located approximately 60 kilometres northeast, and along strike of the DeGrussa Copper Mine and within 50 kilometres of Sandfire’s diamond drill hole TLDD004A, which intersected 14 metres of massive sulphide from a downhole depth of 411 metres.

Notably the single reverse circulation hole drilled at Burton as part of the company’s wider 12-hole reconnaissance drill program was located on the eastern edge of the Burton geophysical anomaly due to tenement boundary constraints.

Having since addressed the tenement boundary issues through the recently announced joint venture with Lodestar Minerals, Australian Mines is proposing to drill the main body of the bedrock conductor at Burton next quarter.

This will form part of a larger program that will test a few other geophysical anomalies across the larger Marymia project area.

“Yesterday’s announcement by Sandfire Resources of the potential massive sulphide VMS discovery ten kilometres east of the existing DeGrussa copper-gold deposits strengthens the view that the Doolgunna-Marymia region of Western Australia is an emerging copper province with the potential to host a number of ore bodies across this district,” managing director Benjamin Bell said.

“The presence of a thick zone of copper anomalism near a modelled bedrock conductor at the company’s Burton prospect, as well as outcropping copper mineralisation at our Little Well prospect in close proximity to Sandfire’s Thaduna copper deposit demonstrates the Marymia Project’s potential to host a possible repetition of DeGrussa VMS-style copper mineralisation.

“The company is continuing to advance its exploration program across the Doolgunna-Marymia area and we look forward to updating shareholders on the progress of these activities as results become available.”


Burton Drilling

The single reverse circulation hole drilled at the Burton prospect intersected 21 metres at 0.05% copper and 0.21% zinc from 193 metres.

This is similar to results returned from Talisman Mining’s (ASX:TLM) Monty prospect (that contains Sandfire’s drill hole TLDD004A), which included 49 metres at 0.03% copper from 87 metres and 6 metres at 0.05% copper from 70 metres.

Burton represents a priority base metal target for the company.

A high-resolution electromagnetic survey completed over this target area last year successfully detected a late-time bedrock conductor beneath copper oxide mineralisation (4 metres at 0.23% copper from 18 metres.

Significantly, this historic copper anomaly and the modelled source of the electromagnetic bedrock conductor appears to coincide with the regionally significant Jenkin Fault, being the key controlling structure of the copper-gold mineralisation at DeGrussa.


Future Activity

Besides plans to drill the main body of the bedrock conductor at Burton next quarter, Australian Mines is planning to extend the electromagnetic coverage over this prospective copper/zinc target.

The company is also seeking to drill test a second conductive zone, which is similarly positioned near the Jenkin Fault structure in addition to its Little Well prospect where surface mapping discovered outcropping copper mineralisation (which subsequently assayed 3.3% copper) within 3 kilometres from Sandfire Resources’ Thaduna Copper Mine.

Design of the drill program is ongoing.


Analysis

The discovery of a thick zone of anomalous copper and zinc mineralisation is promising given Sandfire Resources has made a potential massive sulphide VMS discovery close to the existing DeGrussa copper-gold deposits.

For Australian Mines, this highlights the potential of its Marymia Project to host a possible repetition of DeGrussa VMS-style copper mineralisation.

Little wonder then that the Doolgunna-Marymia region is emerging as one of the hottest exploration post codes in Australia.

The company clearly understands the potential of the region, having recently signed a farm-in and joint venture agreement with Lodestar Minerals (ASX:LSR) that adds an additional 15 kilometres strike continuity of the priority Jenkin Fault structure.

There is news flow ahead with the planned drilling program that will test the Burton and other prospects.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 18 Jun 2015 08:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149617/australian-mines-could-have-lead-on-next-degrussa-deposit-62989.html
<![CDATA[News - Australian Mines expands efforts to find next DeGrussa deposit ]]> https://www.proactiveinvestors.com/companies/news/149616/australian-mines-expands-efforts-to-find-next-degrussa-deposit-62863.html Australian Mines (ASX:AUZ) is expanding its search for the next DeGrussa deposit in Western Australia’s Doolgunna-Marymia region with its entry into a farm-in and joint venture agreement with Lodestar Minerals (ASX:LSR).

Significantly, this adds an additional 15 kilometres strike continuity of the priority Jenkin Fault structure, being the key controlling structure of the mineralisation at Sandfire Resources’ (ASX:SFR) DeGrussa Copper Mine.

The agreement covers the Ned’s Creek and Marymia tenements, which immediately surround the company’s existing 51%-owned Marymia Project.

This more than triples its footprint in the prospective Doolgunna-Marymia region.

Through this agreement, which includes all minerals except gold, Australian Mines has also acquired a number of advanced copper targets including the Little Well and Area 7 copper prospects.

“The signing of this joint venture agreement with Lodestar more than triples Australian Mines’ footprint in this emerging copper district of Western Australia and offers the Company access to a number of additional high priority copper targets across this promising region,” managing director Benjamin Bell said.

“The presence of outcropping copper mineralisation within 3 kilometres of an existing copper deposit at Little Well, for example, demonstrates the significant base metal potential of this newly acquired ground and we look forward to updating shareholders on the progress of our exploration across the greater Marymia project area over the coming months.”

Australian Mines intends to commence on-ground exploration of the newly-acquired Ned’s Creek and Marymia tenements in the coming weeks.   

The proposed timing of this exploration is expected to coincide with the receipt of the final assay results from company’s 12 hole reverse circulation drilling program that tested six discrete geophysical and/or geochemical anomalies on the Marymia joint venture ground with Riedel Resources (ASX:RIE).


Key Terms of the Agreement

Australian Mines has paid $100,000 to Lodestar on signing of the farm-in and joint venture agreement, which has the following key terms:

- Australian Mines has the right to withdraw subject to spending a minimum of $150,000 in exploration on the Ned’s Creek and Marymia Tenements within six months from the signing of the Agreement;
- If Australian Mines exercises its option to continue following the $150,000 Minimum Expenditure, the company must make a cash payment to Lodestar of $250,000;
- Australian Mines may acquire a 51% interest in all minerals excluding gold within the Ned’s Creek and Marymia Tenements by spending $1 million (including the Minimum Expenditure) on exploration within an initial two-year period from the signing of the agreement. (Lodestar’s Contessa and Brumby gold discoveries are excluded from this agreement);
- Following the acquisition of the initial 51%, Australian Mines may elect to acquire an additional 29% interest (taking the total to 80%) in the Tenements by spending a further $2 million on exploration within a further 24-month period; and
- Once Australian Mines has satisfied its earn-in obligations, with a resulting joint venture interest of either 51% of 80%, Lodestar may elect to contribute on a pro-rata basis or dilute their interest according to the standard industry formula.


Copper Prospects

The Ned’s Creek and Marymia tenements includes the Little Well and Area 7 copper prospects as well as the K42 and Breccia Hill base metal anomalies.

Surface mapping in 2012 had discovered outcropping copper mineralisation at Little Well that subsequently assayed 3.3% copper.

The Area 7 prospect similarly appears prospective for DeGrussa-style copper mineralisation.

Located near the intersection of a secondary northwest-trending fault structure and the regionally significant Jenkin Fault, a surface soil-sampling program completed in 2013 over the Area 7 target area successfully defined a 2-kilometre copper-in-soil anomaly that appears to be constrained by the northwest structures.

A first-pass shallow rotary air blast drill program previously completed over the eastern margin of this copper-in-soil anomaly returned an encouraging copper intersection of 4 metres at 0.23% copper from 18 metres down hole.

The bedrock potential for primary copper mineralisation at this location remains untested by drilling.

Similarly, no electromagnetic surveys have previously been undertaken across the Area 7 copper anomaly.


Recent Activity

Australian Mines recently earned a 51% interest in the highly prospective Marymia Project after meeting the terms under the Heads of Agreement with Riedel to spend $1 million on exploration before April 2016.

It is also 40 kilometres east of Northern Star Resources' (ASX:NST) Plutonic Gold Mine, which has produced five million ounces of gold to date.

Marymia covers more than 20 kilometres of the prospective Jenkin Fault, which is considered the key controlling structure of the copper-gold mineralisation at DeGrussa.

Drilling at Marymia has previously delineated a zone of extensive base metal anomalism along the Jenkin Fault structure.
Results to date have led the company to notify Riedel of its intention to raise its majority stake in this project to 80% by spending a further $2 million on exploration over the next three years.


Analysis

The farm-in agreement with Lodestar Resources adds an additional 15 kilometres strike continuity of the priority Jenkin Fault structure, the key controlling structure of the mineralisation at DeGrussa.

Highlighting the value of the structure, Sandfire recently entered into joint ventures on the ground between DeGrussa and the Marymia Project.

With surface mapping defining outcropping copper mineralisation, which subsequently assayed 3.3% copper this is highly prospective ground for AUZ.

Combining this with the Little Well prospect’s location just 3 kilometres from Thaduna copper mine provides more blue sky exploration upside.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 11 Jun 2015 11:08:00 -0400 https://www.proactiveinvestors.com/companies/news/149616/australian-mines-expands-efforts-to-find-next-degrussa-deposit-62863.html
<![CDATA[News - Australian Mines on the hunt for the next DeGrussa ]]> https://www.proactiveinvestors.com/companies/news/149615/australian-mines-on-the-hunt-for-the-next-degrussa-62658.html Australian Mines (ASX:AUZ) has earned a 51% interest in the highly prospective Marymia Project, which borders Sandfire Resources (ASX:SFR) Doolgunna project area, which is home to the DeGrussa Copper-Gold Mine.

It is also 40 kilometres east of Northern Star Resources' (ASX:NST) Plutonic Gold Mine, which has produced five million ounces of gold to date.

Marymia covers more than 20 kilometres of the prospective Jenkin Fault, which is considered the key controlling structure of the copper-gold mineralisation at DeGrussa.

Drilling at Marymia has previously delineated a zone of extensive base metal anomalism along the Jenkin Fault structure.

Australian Mines moved to 51% ownership after meeting the terms under the Heads of Agreement with Riedel Resources (ASX:RIE) to spend $1 million on exploration before April 2016.

Benjamin Bell, managing director, commented:

“The company is pleased to have reached this milestone of earning 51% of the Marymia Project within the first year.

"We believe this project continues to demonstrate significant potential to host a significant mineral deposit and as such, the company is committed to maintaining our exploration activities across this promising project area.”


Anomalous copper

Anomalous copper has previously been reported along the parallel Goodin Fault / Rooney’s Syncline region in southwest of Australian Mines project area.

Follow-up drilling recently completed by the company over this historic base metal anomaly intersected low level copper mineralisation including 2 metres at 0.13% copper from 131 metres down hole.

This was in close proximity to the interpreted fault structure.

From this interval also returned were slightly elevated levels including 8 metres at 0.03g/t gold from 129 metres and 3 metres at 1.1g/t silver.


Next steps

Further analysis of the results from this initial drill hole at Marymia is required, including confirmation that the hole intersected an interpreted bedrock-hosted electromagnetic (EM) conductor before the company can determine the overall base metal prospectivity of this target area.

The final assay results and geophysical data from the recently completed reverse circulation drilling are currently pending.

The company said that it is sufficiently encouraged by the exploration results received from Marymia to date, and that it has notified Riedel Resources of its intention to raise its majority stake in this project to 80% by spending a further $2 million on exploration over the next three years.


Analysis

Now there is multi-commodity potential at Marymia as targets were identified across Marymia during 2014. A conductor recently identified beneath nickel oxide intersection of 22 metres at 0.58% nickel.

With EM conductors detected under lead+zinc+copper oxide mineralisation along Jenkin Fault, there is significant potential.

Marymia covers 20 kilometres of Jenkin Fault, associated with DeGrussa copper–gold ore bodies.

Jenkin Fault is key controlling structure of DeGrussa mineralisation. Of note, Sandfire recently entered JVs on the ground between DeGrussa and the Marymia Project; in fact it doubled its strategic footprint in this region over the past year.

Repetitions of DeGrussa are possible. Sandfire’s share price rose from $0.04 to $0.70 on announcement of the DeGrussa discovery.

So the prize is significant if Australian Mines can thread the needle at Marymia.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 29 May 2015 15:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149615/australian-mines-on-the-hunt-for-the-next-degrussa-62658.html
<![CDATA[News - Australian Mines heads to market ]]> https://www.proactiveinvestors.com/companies/news/149614/australian-mines-heads-to-market-56828.html Australian Mines (ASX:AUZ) flagship Marymia project is located 55 kilometres and along strike of Sandfire Resources (ASX:SFR) DeGrussa mine, and 40 kilometres east of the 5 million ounce Plutonic Gold Mine.

AUZ is now heading to market with a capital raising.

The ASX has granted the company a trading halt, with its shares placed in pre-open.

At Marymia a strong 400 metre long EM conductor has been detected with potential for a massive sulphide body.

A maiden drill program of the conductor is commencing.

The projects geology is recognised as the northern continuation of the nickel-rich Eastern Goldfields province.

The halt will remain in place until the opening of trade on Wednesday 13th August 2014, or earlier if an announcement is made to the market.

 

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.

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Mon, 11 Aug 2014 12:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149614/australian-mines-heads-to-market-56828.html
<![CDATA[News - Australian Mines rises 6-fold in a month ]]> https://www.proactiveinvestors.com/companies/news/149613/australian-mines-rises-6-fold-in-a-month-56726.html Australian Mines (ASX:AUZ) shares have jumped in value to an intra-day high of $0.018 today, from $0.003 in early July.

Shares in the company have tripled in just the last week, largely due to an update released to market on Friday.

AUZ revealed that an electromagnetic survey over its Marymia project in Western Australia had detected a strongly conductive body beneath a historic nickel-in-soil anomaly.

Modelling of this geophysical anomaly indicated that the source is a 400 metre long structure which appears to parallel a previously reported 1,200 metre by 600 metre nickel-copper soil anomaly.

The top of this conductive body is estimated to be 250 metres below the surface and continues to a depth of at least 700 metres, being the depth limitation of the geophysical equipment.

Based on the geophysical characteristics of this conductive body, the anomaly represents a target for massive sulphide mineralisation that could be related to nickel, copper or copper-gold mineralisation.

AUZ has designed an initial drill program to test the source of this bedrock conductor, coined Simmons, which is scheduled to commence by September, with final assays in October.

The Marymia Project is located 40 kilometres east of the Plutonic Gold Mine, which has produced over 5 million ounces of gold to date, covers 425 square kilometres and lies 55 kilometres along strike of Sandfire Resources' (ASX:SFR) DeGrussa deposit.

AUZ controls over 20 kilometres of ultramafic rocks within the Marymia project area, in addition to a number of DeGrussa-style copper-gold targets adjacent to the Jenkin Fault structure.

 

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.

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Tue, 05 Aug 2014 16:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149613/australian-mines-rises-6-fold-in-a-month-56726.html
<![CDATA[News - Australian Mines, Legend Mining, Waratah Resources among ASX % Gainers ]]> https://www.proactiveinvestors.com/companies/news/149612/australian-mines-legend-mining-waratah-resources-among-asx-gainers-56722.html Tuesday's leading ASX % Gainers at midday.

CompanyCodeLastChangeVolume Australian Mines AUZ $0.017 54.55% 5,447,815 BKM Management BKM $0.003 50% 800,000 Paradigm Metals PDM $0.003 50% 90,000 Legend Mining LEG $0.012 50% 14,472,034 Incremental Oil & Gas IOG $0.070 40% 67,365 Spitfire Resources SPI $0.023 35.29% 3,843,080 World Oil Resources WLR $0.004 33.33% 3,458,879 Lakes Oil LKO $0.004 33.33% 2,950,130 MDS Financial MWS $0.004 33.33% 150,000 Waratah Resources WGO $0.020 33.33% 1,100,000

 

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.

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Tue, 05 Aug 2014 14:40:00 -0400 https://www.proactiveinvestors.com/companies/news/149612/australian-mines-legend-mining-waratah-resources-among-asx-gainers-56722.html
<![CDATA[News - Australian Mines defines big nickel target at Marymia ]]> https://www.proactiveinvestors.com/companies/news/149611/australian-mines-defines-big-nickel-target-at-marymia-56658.html Australian Mines (ASX:AUZ) has used a ground-based electromagnetic survey over its Marymia project in Western Australia to detect a strongly conductive body beneath an historic nickel-in-soil anomaly.

Modelling of this geophysical anomaly by Southern Geoscience Consultants indicates that the source is a 400 metre long body, which is strongly conductive and appears to parallel a previously reported 1,200 by 600 metre nickel-copper soil anomaly.

The top of this conductive body is estimated to be 250 metres below the surface and continues to a depth of at least 700 metres, being the depth limitation of the geophysical equipment.

Significantly, the modelled conductor sits on the margin of a magnetic high, which is the interpreted basal contact of an ultramafic unit.

Based on the geophysical characteristics of this conductive body, the anomaly represents a target for massive sulphide mineralisation that could be related to nickel, copper or possibly DeGrussa-style VMS copper-gold mineralisation.

Its similarity to a Kambalda-style nickel sulphide deposit is enhanced by recent independent research, which indicated that the ultramafic rocks within Marymia may be the same ultramafic sequence that hosts the Kambalda, Mt Keith, Perseverance and Cosmos nickel deposits.

Australian Mines has designed an initial drill program to test the source of this bedrock conductor, coined Simmons, which is scheduled to commence by September, with final assays in October.

With more than 20 kilometres of prospective ultramafic rocks present within the Marymia project area, in addition to a number of promising DeGrussa-style copper-gold targets adjacent to the Jenkin Fault structure, AUZ will continue to expand electromagnetics coverage across the 425 square kilometre project area.

AUZ is presently valued at $4 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.

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Fri, 01 Aug 2014 13:20:00 -0400 https://www.proactiveinvestors.com/companies/news/149611/australian-mines-defines-big-nickel-target-at-marymia-56658.html
<![CDATA[News - Australian Mines commences copper-gold-nickel hunt, near DeGrussa ]]> https://www.proactiveinvestors.com/companies/news/149610/australian-mines-commences-copper-gold-nickel-hunt-near-degrussa-55619.html Australian Mines (ASX:AUZ) will use a EM survey to better understand the bedrock geology at its Marymia copper-gold-nickel project in Western Australia.

Most importantly the project is strategically located along strike (55 kilometres northeast) from Sandfire Resources’ (ASX:SFR) world class DeGrussa Copper-Gold Mine.

The survey will target the Jenkin Fault, which is thought to control the mineralisation at DeGrussa.

The survey is scheduled to take four weeks to complete with the final interpreted data being received by the company in late August.

Anomalies will be drill tested in the September quarter.

Considering the modest market cap. of just $3 million for AUZ, the company is highly leveraged to any exploration success.

 

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.

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Mon, 16 Jun 2014 10:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149610/australian-mines-commences-copper-gold-nickel-hunt-near-degrussa-55619.html
<![CDATA[News - Australian Mines defines conductor at Foothills gold-copper prospect ]]> https://www.proactiveinvestors.com/companies/news/149609/australian-mines-defines-conductor-at-foothills-gold-copper-prospect-55037.html Australian Mines (ASX:AUZ) has discovered a new bedrock conductor from recently completed ground geophysics over its Foothills prospect in Western Australia.

The conductor is situated close to oxide gold mineralisation intersected by shallow historic drilling.

Importantly, the interpreted  anomaly is also located near the intersection of two controlling geological structures in the Foothills Shear and the Big Head Fault, and is only 150 metres southwest of known copper oxide mineralisation.

The modelled depth of this bedrock conductor is approximately 120 metres below the surface, which is a depth that remains untested by historical drilling.

The deepest previous drill hole reached a maximum vertical depth of 75 metres.

The Foothills prospect is AUZ's primary focus within the broader Jumbulyer tenement package and the results from this ground geophysics survey strengthens its potential to host high-grade gold-copper mineralisation.

AUZ will now look to undertake a reverse circulation drill program and corresponding down-hole electromagnetics at Foothills to drill test this anomaly and identify additional conductors that may be present at depth.

AUZ acquired a 60% interest in the Jumbulyer project in March from Mount Magnet South (ASX: MUM) by committing to spend $1 million on exploration within an initial two year period.

It may then acquire a further 20% by spending an additional $2 million on exploration within the next two years.

Scout drilling at Foothills has including a peak result of 16 metres at 6.6 grams per tonne gold from 9 metres, and defined a zone of gold mineralisation extending over a 100 metre strike length.

This structure is open along both strike and at depth.

Foothills also appears to be an emerging copper target with Mount Magnet recently mapping multiple outcrops of oxide and supergene copper mineralisation across this prospect, including rock chips up to 18% copper.

 

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.

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Mon, 19 May 2014 09:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149609/australian-mines-defines-conductor-at-foothills-gold-copper-prospect-55037.html
<![CDATA[News - Australian Mines buys 60% stake in Western Australia gold project from Mount Magnet South ]]> https://www.proactiveinvestors.com/companies/news/149608/australian-mines-buys-60-stake-in-western-australia-gold-project-from-mount-magnet-south-53480.html Australian Mines (ASX: AUZ) is acquiring a 60% interest in the Jumbulyer gold-copper project in Western Australia’s Murchison Goldfields district from Mount Magnet South (ASX: MUM).

Australian Mines is acquiring the interest by spending $1 million on exploration within an initial two year period.

It may then acquire a further 20% by spending an additional $2 million on exploration within the next two years.

Australian Mines will free carry Mount Magnet’ residual 20% interest in the project to completion of a Pre-Feasibility Study, at which point Mount Magnet may elect to contribute on a pro-rata basis or dilute their interest according to the standard industry formula.

Jumbulyer hosts the Foothills prospect where scout drilling – including a peak result of 16 metres at 6.6 grams per tonne gold from 9 metres - has defined a zone of gold mineralisation extending over a 100 metre strike length.

This structure is open along both strike and at depth.

Foothills also appears to be an emerging copper target with Mount Magnet recently mapping multiple outcrops of oxide and supergene copper mineralisation across this prospect.

Rock chip samples taken from these outcrops returned up to 18% copper with a subsequent reverse circulation drill hole in late 2012 intersecting 19 metres at 1.3% copper, 4.9g/t silver and 0.4g/t silver from 1 metre.

 

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.

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Fri, 07 Mar 2014 11:40:00 -0500 https://www.proactiveinvestors.com/companies/news/149608/australian-mines-buys-60-stake-in-western-australia-gold-project-from-mount-magnet-south-53480.html
<![CDATA[News - Australian Mines receives $2.5M from Alacer for WA gold project ]]> https://www.proactiveinvestors.com/companies/news/149607/australian-mines-receives-25m-from-alacer-for-wa-gold-project-45209.html Australian Mines (ASX: AUZ) has received the final payment of $2.75 million from Alacer Gold Corporation (TSE: ASR, ASX: AQG) in relation to the sale of the Mt Martin gold project near Kalgoorlie, Western Australia.

The funds add to the cash at hand of $3.18 million as of 31 March 2013, leaving the company well-funded to continue with its exploration strategy in Nigeria and to pursue other opportunities.

Australian Mines holds 2,774 square kilometres of exploration licences within Nigeria’s northwest gold fields.

Three target areas – Yargarma, Kasele and Tegina – have been defined as key targets.

Recent assays from drilling at the wholly-owned Yargarma project in Nigeria have included 2 metres at 3 grams per tonne gold from 124 metres and 1 metre at 5.27g/t gold.

Australian Mines had sold Mt Martin to Alacer for $7.5 million in 2011.

 

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.

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Thu, 04 Jul 2013 15:40:00 -0400 https://www.proactiveinvestors.com/companies/news/149607/australian-mines-receives-25m-from-alacer-for-wa-gold-project-45209.html
<![CDATA[News - Australian Mines assays positive gold mineralisation at Yargarma project ]]> https://www.proactiveinvestors.com/companies/news/149606/australian-mines-assays-positive-gold-mineralisation-at-yargarma-project-41125.html Australian Mines (ASX:AUZ) has returned positive gold mineralisation at its Yargarma project in Nigeria, where it recently completed an eight drill hole program.

The assay results from the first five holes includes 1 metres at 4.45 grams per tonne gold from 34 metres; 1 metre at 5.92g/t from 76 metres and 2 metres at 1.19g/t form 85 metres.

The results confirm the presence of primary gold mineralisation within second-order geological structures across the Yargarma project area.

The Yargarma drilling program, which comprised eight diamond core holes for a total of 1,227 metres, was designed to test a series of conceptual targets identified through Australian Mines’ recently completed airborne geophysical and surface geochemical sampling surveys.

It is currently awaiting the assay results from the remaining three drill holes at Yargarma as well as from four diamond core holes drilled within its emerging Kasele prospect.

Australian Mines is focused on its 100% owned tenement holding in Nigeria's northwest gold province and is undertaking systematic exploration of Yargarma, Kasele and Tegina project areas, with the programme being fully funded through to mid-2014.

It had a cash balance of $1.3 million at the end of last quarter and also recently received $700,000 in cash from the sale of its Golden Ridge project. 



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.

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Fri, 22 Mar 2013 10:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149606/australian-mines-assays-positive-gold-mineralisation-at-yargarma-project-41125.html
<![CDATA[News - Australian Mines commences gold hunt in Nigeria ]]> https://www.proactiveinvestors.com/companies/news/149605/australian-mines-commences-gold-hunt-in-nigeria-35971.html Australian Mines (ASX: AUZ) has kicked of its maiden drilling program in Nigeria, which is targeting gold on the company's key Yargarma and Kasele project areas hosted within the country's highly prospective northwest gold fields.

Of interest the gold province contains similar geology o the better known gold producing countries of Ghana, Cote d’ivoire and Burkina Faso. Australian Mines’ tenements contain historic artisanal workings - highlighting known gold in the area.

The diamond drilling will is already underway at Yargarma and will initially target four specific locations, with the data to help the company have a greater understanding of the rock types and geological structures thought to control the primary gold mineralisation in the fresh bedrock.

The company then plans to follow-up with a reverse circulation program. Yargarma covers 172 square kilometres, with rock chips returned by Australian Mines including 9.83 g/t gold, 7.73 g/t gold, 7.45 g/t gold and 6.49 g/t gold.

Benjamin Bell, managing director, said that the drilling program represents a major milestone for the company with the information elicited from this diamond core program will greatly assist the design the follow-up RC drill program over its high priority gold targets


Exploration fully funded

Australian Mines has commenced systematic exploration of its highly prospective Yargarma, Kasele and Tegina project areas, with this program being fully-funded through to 2014.

The company had $2.2 million in cash at the end of the September quarter.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 16 Nov 2012 09:00:00 -0500 https://www.proactiveinvestors.com/companies/news/149605/australian-mines-commences-gold-hunt-in-nigeria-35971.html
<![CDATA[News - Australian Mines finalises acquisition of Nigeria Gold ]]> https://www.proactiveinvestors.com/companies/news/149604/australian-mines-finalises-acquisition-of-nigeria-gold-28100.html Australian Mines (ASX: AUZ) has now finalised the acquisition of Nigeria Gold Pty Ltd, after entering into deeds of settlement with the vendors.

The agreement is for the number of shares to be issued as full and final settlement of the Tranche 2 shares, which were to be issued under the terms of the transaction as approved by company shareholders last month.

Benjamin Bell, managing director of Australian Mines, commented on the positive outcome:

“This settlement marks a highly successful quarter for the company; with the completion of the high-resolution aeromagnetic surveys at Yargarma and Kasele projects and on-going work at Kagara, the company is looking forward to updating the market with developments in the coming weeks.”


The details of the agreement

Following legal counsel on the matter, Australian Mines offered 29,999,998 shares to Nigeria Gold shareholders as final settlement for Tranche 2, in place of the 60 million being claimed. This was accepted by the Nigeria Gold shareholders.

The company will now proceed to issue the shares, subject to any related party shareholder approvals that may be required.

A further 36 million Australian Mines shares may be issued to the Nigeria Gold vendors if the company’s Nigerian exploration results identify a JORC Indicated Resource of 500,000 ounces of gold before 9 March 2013.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 26 Apr 2012 08:20:00 -0400 https://www.proactiveinvestors.com/companies/news/149604/australian-mines-finalises-acquisition-of-nigeria-gold-28100.html
<![CDATA[News - Australian Mines moves closer to divestment of Mt Martin Gold Mine in WA ]]> https://www.proactiveinvestors.com/companies/news/149603/australian-mines-moves-closer-to-divestment-of-mt-martin-gold-mine-in-wa-20366.html Australian Mines (ASX:AUZ) has completed a tenement purchase agreement for the $7.5 million sale of its Mt Martin Gold Mine in Western Australia to HBJ Minerals, so the company can focus primarily on exploring the Nigerian schist belts as it becomes more West Africa-focused.

HBJ Minerals, a wholly owned subsidiary of Alacer Gold, has agreed to purchase the gold mine and its associated leases by paying a $250,000 deposit and $2.25 million on completion of the sale or within 30 days from September 30.

The company will also pay a second instalment of $2.5 million on June 29, 2012 and a final instalment of $2.5 million on June 28, 2013.

The leases included in the agreement are East Location 45, including two associated leases – M 26/464 and M26/13, Duplex Hill (Woodline Project) and the southern portion of E26/139.

The agreement does not include the Golden Ridge tenements, other than the southern portion of E26/139, where Australian Mines controls 100% of the gold rights in addition to 44% of the nickel rights through the Golden Ridge joint venture with Pioneer Resources (56%).

The sale also does not include Australian Mines’ 100%-owned Blair nickel mine and associated infrastructure and the Marriott’s nickel project.

Australian Minerals’ directors believe the best commercial result for shareholders was to divest the Australian assets and that the sale represents a good result for the company as it provides shareholders financial stability for the foreseeable future without potential equity raisings.

The $7.5 million proceeds will provide funding for accelerated exploration in Nigeria over the coming years.

Australian Mines is now concentrating its full efforts on exploring the Nigerian schist belts, where it is believed the region has the potential for multi-million ounce gold and significant base metal discoveries.

The company said it would also continue to assess resource exploration and production opportunities in other geographies it believes potential exists to enhance shareholder value through further acquisitions.

Australian Mines is an Australian Securities Exchange-listed gold and base metals exploration company.
 
It has recently acquired extensive tenement holdings in Nigeria's northwest schist belt region that offer similarities to the better known gold producing countries of Ghana, Cote d'Ivoire and Burkino Faso.

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Tue, 04 Oct 2011 17:31:00 -0400 https://www.proactiveinvestors.com/companies/news/149603/australian-mines-moves-closer-to-divestment-of-mt-martin-gold-mine-in-wa-20366.html
<![CDATA[News - Australian Mines in pre-open pending significant transaction announcement ]]> https://www.proactiveinvestors.com/companies/news/149602/australian-mines-in-pre-open-pending-significant-transaction-announcement-18295.html Australian Mines (ASX: AUZ) has been granted a trading halt by the ASX pending a 'significant transaction' announcement, with the company's shares placed in pre-open.

Australian Mines has not yet elaborated on what the transaction potentially entails.

In the quarterly issued last week by the company it said that 'a commercial decision was made during the quarter by the directors to seek a commercial outcome with the Australian assets including Mt Martin gold mine'.

The company also stated the' 'Possible sale of the Eastern Goldfields tenement package has progressed with several parties expressing interest.'

What is interesting is that Australian Mines has already outlined the result of any funding injections from sales, saying that the funds would be used to further progress exploration in Nigeria.

In Nigeria - the company recently received high grade gold assays from the latest soil survey at Kasele.

 

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Tue, 02 Aug 2011 09:57:00 -0400 https://www.proactiveinvestors.com/companies/news/149602/australian-mines-in-pre-open-pending-significant-transaction-announcement-18295.html
<![CDATA[News - Australian Mines targets gold in West Africa after being granted high priority tenement ]]> https://www.proactiveinvestors.com/companies/news/149601/australian-mines-targets-gold-in-west-africa-after-being-granted-high-priority-tenement-16213.html Australian Mines (ASX: AUZ) has been granted an exploration licence by the Nigerian Government for the high priority Anka Tenement where soil sampling and mapping of gold has commenced.

The award of this tenement in the prospective West African country sets the scene for more detailed soil sampling, geological mapping and possible follow-up drilling by the company.

Nigeria has an extensive region of lightly explored highly prospective schist belts regarded as similar in geology to the known gold producing countries of Ghana, Burkina Faso and Cote d’Ivoire to the west.

There has been little systematic modern day exploration activity in Nigeria until recently.

The presence of artisanal working and historic British workings indicate that gold exists in the region.

Highlighting the prospects of the tenement, nine grab samples from previous visits returned results greater than five grams per tonne (g/t) gold and all were anomalous with gold.

High grade samples returned 139g/t gold, 21g/t gold and two others at 15g/t gold with most of these samples returning 0.1% copper and 1% lead.

A total of 24 grab samples have been taken from the tenement from outcrops and small pits over a 1,400 metre by 900 metre area.

The company will plot assays received in the coming months on a fully digital database, contoured and then drill targets selected and prioritised based on the best results received.

Activity at the tenement has increased with the company’s two geologist team plus their support staff are in the field to extend the soil sampling and geological mapping program.

Australian Mines' tenement portfolio covers sections of the prime schist belt over an area of 2,645 km2 of approved Exploration Licences (50 ELs) and a further 1,375 km2 of Exploration Lease Applications (14 ELAs).

The company holds 12 exploration licenses in the Anka region that cover 446 square kilometres with six exploration licence applications extending a further 322 square kilometres.

The new tenement is located within 400 kilometres of Nigeria’s capital, Abuja, and within 300 kilometres of the major cities of Kano and Kaduna.

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Thu, 12 May 2011 11:35:00 -0400 https://www.proactiveinvestors.com/companies/news/149601/australian-mines-targets-gold-in-west-africa-after-being-granted-high-priority-tenement-16213.html
<![CDATA[News - Australian Mines in trading halt pending capital raising, Nigeria Gold share sale agreement ]]> https://www.proactiveinvestors.com/companies/news/149600/australian-mines-in-trading-halt-pending-capital-raising-nigeria-gold-share-sale-agreement-13487.html Australian Mines (ASX: AUZ) has requested a trading halt pending release of an announcement about a capital raising and the finalising of a share sale agreement with Nigeria Gold Pty Ltd.

The halt will last until an announcement is made or commencement of trading on Tuesday 1st February 2011.

On January 18 Australian Mines said a binding share sale agreement has not yet been signed, but is close to completion.

The acquisition of Nigeria Gold includes 46 granted exploration leases and 18 exploration licence applications awaiting grant.

The granted leases and applications cover an area of 4,347 square kilometres, located in the northern area of Nigeria, which is largely underexplored using modern techniques.

It is expected that preliminary work will identify drill-ready targets for gold through ongoing soil sampling and geological mapping programs.

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Fri, 28 Jan 2011 16:11:00 -0500 https://www.proactiveinvestors.com/companies/news/149600/australian-mines-in-trading-halt-pending-capital-raising-nigeria-gold-share-sale-agreement-13487.html
<![CDATA[News - Australian Mines completes due diligence on Nigera Gold acquisition ]]> https://www.proactiveinvestors.com/companies/news/149599/australian-mines-completes-due-diligence-on-nigera-gold-acquisition-13166.html Completing a major step towards the acquisition of Nigeria Gold, Australian Mines (ASX: AUZ) has now finalised due diligence.

Australian Mines said a binding share sale agreement has not yet been signed, but is close to completion.

The acquisition includes 46 granted exploration leases and 18 exploration licence applications awaiting grant.

The granted leases and applications cover an area of 4,347 square kilometres, located in the northern area of Nigeria, which is largely underexplored using modern techniques.

It is expected that preliminary work will identify drill-ready targets for gold through ongoing soil sampling and geological mapping programs.

 

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Tue, 18 Jan 2011 13:35:00 -0500 https://www.proactiveinvestors.com/companies/news/149599/australian-mines-completes-due-diligence-on-nigera-gold-acquisition-13166.html
<![CDATA[News - Australian Mines acquires gold project in under explored northern Nigeria ]]> https://www.proactiveinvestors.com/companies/news/149598/australian-mines-acquires-gold-project-in-under-explored-northern-nigeria-12904.html With due diligence now completed on the acquisition of Nigeria Gold Pty Ltd, Australian Mines (ASX: AUZ) moves a step closer to exploring for gold in the largely underexplored northern region of Nigeria.

Australian Mines said it anticipates Nigeria Gold will finalise its due diligence by mid-January.

Australian Mines now holds around 4,094 kilometres square of exploration licenses and exploration license applications, which have been granted or are pending to be granted, in three main areas of north-western Nigeria.

Consideration for the transaction will be all scrip, comprising between 195 million Australia Mines shares (post a 1:20 share consolidation by the company), or 336 million shares, depending on a combination of certain milestones.

These milestones need to be achieved by Australia Mines with its Australian gold assets, and Nigeria Gold acquiring outstanding high priority exploration license agreements and defining JORC resources.

Australia Mines said it will review its funding alternatives for exploration, which includes proceeds from the Mt Martin gold mine, as the company recently finalised a mine design that indicates the open pit cutback will be profitable under various treatment options, and the current high gold price.

In a major benefit to miners and explorers in the country, the Nigerian Government is committed to exploration and development of its resources and has recently modernised its Federal Mining Act.

 

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Mon, 10 Jan 2011 12:34:00 -0500 https://www.proactiveinvestors.com/companies/news/149598/australian-mines-acquires-gold-project-in-under-explored-northern-nigeria-12904.html
<![CDATA[News - Australia Mines to acquire Nigerian gold project with 47 exploration licences ]]> https://www.proactiveinvestors.com/companies/news/149597/australia-mines-to-acquire-nigerian-gold-project-with-47-exploration-licences-11707.html Through its Nigerian subsidiary Mines Geotechniques Limited, Australia Mines (ASX: AUZ) has entered into an agreement to acquire 100% of Nigeria Gold Pty Ltd, which owns 47 granted exploration licences covering 2,170km2, and a further 17 exploration licence applications over 1,924km2, in three areas in north-western Nigeria.

Consideration will be all scrip and will comprise; between 195 million Australia Mines shares (post a 1:20 share consolidation by the company), or 336 million shares, depending on a combination of certain milestones achieved by Australia Mines with its Australian gold assets, and NGL acquiring outstanding high priority ELA’s and defining JORC resources.

Australia Mines said it will review its funding alternatives for exploration, which includes proceeds from the Mt Martin gold mine, as the company recently finalised a mine design that indicates the open pit cutback will be profitable under various treatment options, and the current high gold price.

Australia Mines will complete due diligence on Nigeria Gold and execute a binding SSA in December 2010.

In a major benefit to miners and explorers in the country, the Nigerian Government is committed to exploration and development of its resources and has recently modernised its Federal Mining Act.

 

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Mon, 15 Nov 2010 11:49:00 -0500 https://www.proactiveinvestors.com/companies/news/149597/australia-mines-to-acquire-nigerian-gold-project-with-47-exploration-licences-11707.html
<![CDATA[News - Australian Mines doubles gold resources at Mt Martin to 328,000 ounces ]]> https://www.proactiveinvestors.com/companies/news/149596/australian-mines-doubles-gold-resources-at-mt-martin-to-328000-ounces-8179.html Australian Mines (ASX: AUZ) has reported an increase of approximately 50% in gold resources at the Mt Martin mine, which is located 30 kilometres south-east of the gold mining centre of Kalgoorlie in Western Australia.

As a result of recent drilling at Mt Martin the gold resource has increased to 328,000 ounces. Surface diamond programmes have defined significant new ounces on the East Lode below the 6 level workings and surface RC programmes have contributed additional near surface ounces.

The company said metallurgical tests will be completed before the end of the month and an open pit optimization study will be completed within a week of receiving the metallurgical test results.

Brett Young, chief operating officer, said the 50% resource increase in the gold resource is a result of drilling completed since the company took control of the Mt Martin area in February 2010.

AUZ has successfully completed three exploration drilling campaigns which have "confirmed the near surface potential of the Main Lodes and also discovered significant new underground ore potential on the East Lode."

On completion of the drilling programmes the gold shoots were remodelled by AUZ and an updated resource model was completed by resource specialists.

The company is currently drilling from the pit floor with a diamond rig so as to sample Main Lode shoots which are directly under the pit floor, and also to close in the drill spacing on the East Lode. The result of this drilling is not included in the resource remodelling.

Mt Martin gold mine has produced to date approximately 200,000 ounces of gold from intermittent mining dating back to 1923.

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Fri, 25 Jun 2010 08:28:00 -0400 https://www.proactiveinvestors.com/companies/news/149596/australian-mines-doubles-gold-resources-at-mt-martin-to-328000-ounces-8179.html
<![CDATA[News - Australian Mines re-emerges with high-grade gold results ]]> https://www.proactiveinvestors.com/companies/news/149595/australian-mines-re-emerges-with-high-grade-gold-results-2616.html Australian Mines (ASX: AUZ) has punctuated its recent capital reconstruction and reinstatement to official quotation with a couple of high-grade gold hits from its Woodline project 40 km south east from Kalgoorlie in Western Australia.

The standout intersections from the first two RC holes drilled at Woodline since the company resumed exploration activities were 12 metres grading 6.47 g/t gold from 53 metres depth, including 3 metres at 19.7 g/t, and 3 metres at 7.69 g/t from 72 metres, including 2 metres at 10.6 g/t.

According to Australian Mines, the two angled RC holes indicate that the Woodline gold grades may be improving at depth.

Coinciding with this drill program, the company also completed a geochemical sampling program of 136 auger holes on the east side of the Mt Monger to Kanowna Fault. Assays were pending.

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Tue, 22 Sep 2009 06:31:00 -0400 https://www.proactiveinvestors.com/companies/news/149595/australian-mines-re-emerges-with-high-grade-gold-results-2616.html