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Australian Mines' shares zoom higher

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Australian Mines (ASX:AUZ) received an ASX Price Query after the market close yesterday, after a big upwards movement in its share price.

The jump was 83%, based on the close of $0.006 on 25th September 2015, compared to yesterday's intra-day high of $0.011.

The stock actually then closed even higher, at $0.012.

Australian Mines replied to the ASX saying that it is not aware of any reason for the change in valuation, but did mention an announcement of the 23rd of September that drilling had commenced at its Doolgunna-Marymia Project in Western Australia.


About the program

Reverse circulation drilling will test a number of high-priority targets at Doolgunna, including the Burton prospect, where a high-powered surface electromagnetic survey has detected a strongly conductive underground body.

Located beneath an extensive copper-in-soil geochemical anomaly, the source of the bedrock conductor at Burton appears to have a strike length of 175 metres and extends almost from surface down to a depth of 650 metres.

Encouragingly, previous drilling by Australian Mines east of the Burton prospect conductor has intersected a thick zone of anomalous copper and zinc.

Also, historic air core drilling completed along strike of the conductor similarly returned highly anomalous copper assay results.

The company anticipates the current Burton drill program will take up to 10 days to complete with the final assay results expected by late October.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Australian Mines Ltd

Price: 0.015 AUD

ASX:AUZ
Market: ASX
Market Cap: $59.42 m
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