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Ausmex Mining Group Ltd

Ausmex Mining Group sources additional rigs to fast-track Mt Freda Complex drilling

The company is aiming to define JORC-compliant resources over the Mt Freda Complex, Evening Star and Golden Mile deposits.

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Diamond drilling in operation at the Mt Freda Complex

Ausmex Mining Group Ltd (ASX:AMG) has sourced additional drill rigs to fast track the 15,000-metre drilling program at the Mt Freda Complex in Cloncurry, Queensland.

The program is targeting both high-grade gold, copper, cobalt and massive sulphides indicative of iron-oxide-copper-gold style (IOCG) mineralisation.

READ: Ausmex Mining Group begins drilling IOCG and high-grade targets to define JORC resources at Mt Freda

With up to five drilling rigs drilling at any one time, the company expects to deliver consistent updates on its progress with assay results expected before the end of June.

Ausmex geologists logging reverse circulation (RC) drilling chips from the Golden Mile

 

Ausmex has assigned five drill rigs to several prospects including:

  • Large IOCG targets – three diamond rights are targeting three areas of potential IOCG or iron-sulphide-copper-gold (ISCG) mineralisation recently identified by 3D geophysical modelling.

  • High-grade gold JORC resource definition – a fourth RC rig has been assigned to define a JORC high-grade mineral resource on the gold mile with a fifth rig assigned to drill a JORC resource on the Mt Freda orebody

  • High-grade gold metallurgical test work and geotechnical drilling – a sixth rig is in transit to conduct HQ core drilling at both the Mt Freda Complex and Golden Mile high-grade gold projects.

The core will provide suitable samples for metallurgical test work required by any potential third-party ore processing facilities.

The Golden Mile is under a JV (80% Ausmex: 20% Round Oak Minerals Limited) with an option for Ausmex to process all ore at the Round Oak Minerals 600,000 tonne per annum carbon-in-pulp ore processing facility in Cloncurry.

RC drilling is progressing rapidly at the Golden Mile with over 900 metres of drilling completed and samples dispatched to ALS laboratories with assays due in four weeks’ time.

 

Quick facts: Ausmex Mining Group Ltd

Price: $0.10

Market: ASX
Market Cap: $47.6 m
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