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Ausmex Mining Group Ltd

Ausmex Mining assays up to 23.5 g/t gold in latest drill results

Drilling is at Mt Freda, a historical open-pit gold mine area that operated from 1986 to 1989.

drill rig on site at Mt Freda
Mining at Mt Freda stopped when gold fell to US$260 per ounce, a fraction of today’s price

Ausmex Mining Group Ltd (ASX:AMG) has received additional assay results from its 15,000-metre drilling program underway at the Mt Freda Complex in Cloncurry, Queensland.

Both reverse circulation (RC) and diamond drill rigs are currently on site targeting high-grade gold extensions to the historical resource.

RC results from the Shamrock Prospect include 5 metres at 8.0 g/t from 25 metres, 5 metres at 9.0 g/t from 27 metres and also 7 metres at 10.5 g/t gold from 23 metres was drilled at Falcon.

Shamrock and Falcon are both historical open pits in the Golden Mile area within Mt Freda.

Ausmex aims to define further high-grade gold resources and review the potential to recommence mining at Mt Freda. 

Diamond drilling continues to support IOCG porphyry system presence

Diamond drilling continues to follow up the November 2018 intersection of 67 metres at 1.33% copper and 0.47 g/t gold.

Drilling is targeting an iron-oxide copper-gold (IOCG) porphyry system at depth.

Notably, diamond drilling has discovered a mineralised Tuffisite Pipe stemming from a potential large porphyry source.

READ: Ausmex Mining managing director buys shares

Last week Ausmex’s managing director Matt Morgan acquired 250,000 shares in the company for $30,000.

The purchase increases his overall holdings in the company to 24.8 million shares.

Proactive caught up with Ausmex in May 2019 when it commenced drilling at Mt Freda.

Quick facts: Ausmex Mining Group Ltd

Price: $0.11

Market: ASX
Market Cap: $50.48 m
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