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Australian Mines Ltd.
Summary
| Project: | Flemington | |
|---|---|---|
| Deposit: | Flemington | |
| Location: | Australia | |
| Commodities: | Cobalt-Copper-Nickel-Scandium | |
| Date: | 7/8/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 8-7-2019: Australian Mines Ltd. announces an Exploration/Drilling Update report for its Flemington deposit at the Flemington project. Drilling results incl. 13m @ 1.00% Ni from 0m. Advanced battery materials developer, Australian Mines Limited (“Australia | |
| Resources: | (Resource): 2.5Mt @ 0.103% Co, 403ppm Sc (Meas) and 0.2Mt @ 0.076% Co, 408ppm Sc (Ind) | |
| CP/QP: | [Overall Report]: Mick Elias (Internal) | |
| ABSTRACT: | Advanced battery materials developer, Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: AUZ; USA OTCQB: AMSLF; Frankfurt Stock Exchange: MJH) is pleased to announce that further positive assay results have been received from the first phase of the Company’s Mineral Resource expansion drilling campaign3 at its 100%-owned Flemington Project in New South Wales, Australia. The Flemington Project, located in central New South Wales, is Australian Mines’ second battery materials project after its flagship Sconi Nickel-Cobalt-Scandium Project in North Queensland, where the Company continues to advance project development following the release of a Bankable Feasibility Study in November 20184 and a subsequent optimised study reported in June 20195 . To date, the Company has received 82% of the assay results from the May 2019 drilling program6 . These initial results have shown a zone of high-grade cobalt and scandium mineralisation extending westward for over 300 metres directly from the current Mineral Resource at Flemington, giving encouragement for expansion of the current Mineral Resource. A second zone with high grades of cobalt, copper and nickel has been highlighted in the assay results. This second area is centred just over 800 metres west of the existing Mineral Resource and appears to remain open to the west of the current drilling. Due to limited assay results that are located between these two areas, it is too early to know if mineralisation in these areas is continuous; however, initial signs from the drilling observations are encouraging. Further results from this area are due in the coming weeks. Given the highly encouraging early results (as summarised in this report), a large-scale followup infill and expansion drilling campaign is currently being planned for later in the calendar year to enable the Company to better determine the full extent of the mineralised envelope at Flemington and, in turn, maximise the Mineral Resource7 potential for the Project. | |
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