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Australian Mines Ltd

Australian Mines responds to ASX query on price and volume increase

The company has three projects in Australia with a focus on the Sconi Cobalt-Nickel-Scandium Project in Queensland.

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Total resource of 738,359 tonnes contained nickel and 71,757 tonnes contained copper

Australian Mines Ltd (ASX:AUZ) received a query from the ASX today related to the company’s shares rising from a low of 1.8 cents on Tuesday, May 21 to a high of 2.5 cents today.

The ASX also noted the significant increase in the volume of AUZ securities traded over the same period.

AUZ responded to the query explaining that it was not aware of any information that had not been released to the market which, if known, could be an explanation for recent trading in the securities of the company.

READ: Australian Mines reflects on productive start to 2019

AUZ has had a busy start to 2019, centred around an updated JORC resource in February 2019 for its Sconi Cobalt-Nickel-Scandium Project in Queensland.

With a bankable feasibility study (BFS) valuing the project at $697 million in November 2018, the focus for AUZ is project funding.

READ: Australian Mines reveals new resource at Bell Creek Nickel-Cobalt Project

The company recently revealed a new resource of 25.8 million tonnes grading 0.72% nickel and 0.04% cobalt at its Bell Creek Nickel-Cobalt Project in Queensland.

Bell Creek was acquired as part of the recently completed transaction with Metallica Minerals Ltd (ASX:MLM) along with the Minnamoolka Nickel-Cobalt Project.

Both projects are within trucking distance of the proposed processing plant at the Sconi project.

When combined together, the three projects host 738,359 tonnes of contained nickel and 71,757 tonnes of contained copper.

Quick facts: Australian Mines Ltd

Price: $0.02

Market: ASX
Market Cap: $82.67 m
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