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Australian Mines Ltd.
Summary
| Project: | Sconi | |
|---|---|---|
| Deposit: | Sconi | |
| Location: | Australia | |
| Commodities: | Scandium-Cobalt-Nickel | |
| Date: | 11/5/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 5-11-2018: Australian Mines Ltd. announces an Exploration/Drilling Update report for its Sconi deposit at the Sconi project. Drilling results incl. 20m @ 1.13% Ni from 36.0m. Australian Mines Limited (“Australian Mines” or “the Company”) (Australia ASX: A | |
| 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 release further positive results from the Company’s Resource extension drilling program at its Sconi Cobalt-NickelScandium Project. Australian Mines’ Sconi project, located near the township of Greenvale (approximately 225 kilometres inland from Townsville in Northern Australia), is one of the most advanced projects of its type in Australia and represents far more than just an emerging cobalt + nickel + scandium mining project. It is planned the Sconi Project will become a fully-integrated chemical processing operation capable of delivering battery-grade cobalt sulphate and nickel sulphate to our off-take partner, Korean-based SK Innovation, for direct application at their global electric vehicle battery manufacturing plants without the need for Australian Mines’ cobalt and nickel products to undergo any further processing3 . As such, the Sconi Project is being designed to capture the full “valueadd” of the Project on site4 . Given that a significant portion of the favourable cobalt-nickel-scandium bearing geology at Sconi was not fully tested by drilling, and as result, the current Mineral Resource may not reflect the true mineral endowment of the Project, Australian Mines recently embarked on a 50,000 metre Resource Expansion drilling program at Sconi. Initial assays from this drill program, were reported to the market on 14 September 20185 with highly positive with thick zones of nickel mineralisation being confirmed beyond the existing Mineral Resource6 . The latest assay results, summarised in this report7 , continue Australian Mines’ success in demonstrating that mineralisation at Sconi is much more extensive then reflected in the current Mineral Resource6 used in the impending Bankable Feasibility Study (BFS) for the Project. | |
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