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Australian Mines Ltd.
Summary
| Project: | Sconi | |
|---|---|---|
| Deposit: | Sconi | |
| Location: | Australia | |
| Commodities: | Scandium-Cobalt-Nickel | |
| Date: | 1/21/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 21-1-2019: Australian Mines Ltd. announces an Exploration/Drilling Update report for its Sconi deposit at the Sconi project. Drilling results incl. 23m @ 0.68% Co from surface. Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Mick Elias (Internal) | |
| ABSTRACT: | Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: AUZ; USA OTCQB: AMSLF; Frankfurt Stock Exchange: MJH) is pleased to announce further outstanding near-surface results from the Company’s Mineral Resource extension drilling program at its 100% owned Sconi Cobalt-Nickel-Scandium Project in North Queensland4 . The Resource expansion drilling program has continued to delineate high-grade cobalt and nickel zones across the project area with impressive grades rarely seen5 . The record assay of 3.4% cobalt over an individual metre in hole LKM1217 is an obvious highlight from Sconi Resource expansion drilling, as is the repetition of intersections across the project area that grade in excess of 1.0% cobalt. With such highly impressive (>1%) cobalt grades returned for the Sconi drill program, it is easy to overlook the fact that the apparent industry-accepted definition of “high grade” when referring to non-Africa projects6 is 0.1% cobalt (or one-tenth the grade that Australian Mines’ technical team is intersecting at Sconi). That the Company’s Resource expansion drilling appears to frequently intersect cobalt-rich zones that grade higher than 0.5% cobalt suggests that the Sconi Cobalt-Nickel-Scandium Project is continuing to live up to its status as a worldclass deposit7 . In addition to the high-grade nature of the latest drill results, Australian Mines’ technical team is also highly encouraged by the consistency of these cobalt and nickel intersections between drill holes, as it suggests that a material upgrade in the Sconi Project’s Mining Resource8 may be possible. As a result, the Company has engaged a leading independent resource consultant group to immediately commence a re-estimation of the Sconi Mineral Resource, with the updated Resource statement expected to be announced by April 2019. | |
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