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Ausmex Mining Group Ltd.
Summary
| Project: | Mt Freda | |
|---|---|---|
| Deposit: | Mt Freda | |
| Location: | Australia | |
| Commodities: | Gold-Copper-Cobalt | |
| Date: | 3/2/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 2-3-2018: Ausmex Mining Group Ltd. announces an Exploration/Drilling Update report for its Mt Freda deposit at the Mt Freda project. Drilling results incl. 5m @ 7.53g/t Au, 483g/t Co from 79m. Ausmex Mining Group (ASX: AMG) (“Ausmex” or “The Company”) is | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Matthew Morgan (Internal) | |
| ABSTRACT: | Ausmex Mining Group (ASX: AMG) (“Ausmex” or “The Company”) is pleased to announce that the first three completed Diamond Core Holes at Mt Freda have returned high grade gold and cobalt mineralisation. The Diamond core “tails” drilling program results appear to confirm previous drilling by DMR in the late 1980’s that the orebody appears to be increasing in gold grade at depth. It appears that cobalt may be associated with the higher gold grades at depth. A possible extension of Mt Freda has been identified with our previous SAM geophysical survey indicating ~ 2 kilometre of possible strike length to the north West. (Refer ASX announcement 8th November 2017) Rock chip samples along the ~ 2 km Mt Freda strike extension have previously returned up to 79.8 g/t gold. The Company is currently waiting on additional drilling results from ~2,000 m of RC and Diamond Core drilling completed in late 2017 at both Mt Freda and Gilded Rose gold projects. All Diamond core cutting has been completed, with assaying continuing by ALS Laboratories in Townsville after the Xmas break. Mt Freda and Gilded Rose were stand-alone gold projects and both previous gold producers. Mt Freda Gold Mine was one of Cloncurry’s first stand-alone “gold only” mines and ceased operating due to falling gold prices in the late 80’s. The mine had a significant history of gold production and was originally operated in the late 1930’s as an underground gold mine with similar grades to the later production via CIP. Mt Freda is one of only 3 “gold only mines” that have operated in the Cloncurry region, as most are associated with Copper. Gold only mines can utilize simple cyanide leach processing. The Company intends to continue the drilling at our Mt Freda Gold Mine and Gilded Rose Gold Mine until we can deliver JORC (2012) resources. | |
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