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Ausmex Mining’s resource drilling defines additional high-grade gold at Mt Freda Complex

Published: 21:24 28 Jul 2019 EDT

drilling
The aim is to define a large gold resource by end of year

Ausmex Mining Group Ltd (ASX:AMG) has revealed additional high-grade gold mineralisation from resource definition drilling across all current projects at the Mt Freda Complex in Cloncurry, Queensland.

The Mt Freda Complex hosts both the Mt Freda Open Cut as well as the Golden Mile suite of ten historical gold mines.

Mt Freda drill hole location plan, displaying the planned resource definition drilling aimed at defining additional high-grade gold mineralisation commencing under the current pit floor

Recent highlight results include:

Mt Freda Mine: 3 metres at 11.0 g/t gold within 9 metres at 4.2 g/t gold (147-156 metres) included in 13 metres at 3.0 g/t gold ( 143 – 156 metres). (confirming >130 metres down dip, high-grade gold mineralisation extending from the current Mt Freda pit floor).

Falcon Mine: 6 metres at 7.1 g/t gold (25 - 31 metres) including 2 metres at 16.0 g/t gold within 16 metres at 3.0 g/t gold (24 – 40 metres). (Defines additional down-dip extensions of high-grade gold mineralisation at the Falcon Mine commencing from surface).

Shamrock Mine: 2 metres at 11.90 g/t gold within 24 metres at 1.6 g/t gold (57 - 81 m). (Continues to extend large down dip extensions of high-grade gold mineralisation at the Shamrock Mine).

Comstock Mine: 3 metres at 3.2 g/t gold within 8 metres at 1.8 g/t gold (38 - 46 metres). (Confirms continuous ~ 100 metres southern strike length extension potentially doubling the current Comstock gold mineralisation drilling target).

READ: Ausmex Mining continues to advance along Golden Mile at Mt Freda

The latest reverse circulation (RC) drilling results confirm the potential for the Complex to host significant high-grade gold mineralisation commencing from surface that may be amenable to a large open cut bulk mining operation.

With current gold prices > AUD$2,000 per ounce, and current haul road infrastructure in place to two separate, third party Ore Processing facilities that have a potential combined annual throughput of approximately 1 million tonnes per annum, Ausmex has dedicated four out of the current six drill rigs on site to high grade gold resource definition drilling within the Mt Freda Complex, with the aim of defining a large mineral resource estimate by end of year.

 

The Golden Mile Prospect is a JV between Ausmex (80%) and Round Oak Minerals Pty Limited (subsidiary of Washington H Soul Pattison) (20%).

Under the JV agreement Ausmex has an option to process all of the gold ore produced from the Golden Mile at the Round Oak Minerals gold processing plant in Cloncurry.

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