viewAusmex Mining Group Ltd

Ausmex Mining progresses Cloncurry maiden gold estimate work with large exploration target

The company expects to post a combined maiden JORC resource estimate for the Cloncurry gold tenements by late November.

Ausmex Mining Group Ltd - Ausmex Mining progresses Cloncurry maiden JORC resource work with large exploration target and ongoing drilling
Ausmex shares were up 4.76% to 11 cents in intra-day trading

Ausmex Mining Group Ltd (ASX:AMG) has defined a combined gold exploration target of 19-30 million tonnes at 1.7-3.4 g/t gold for its Cloncurry gold tenements in Queensland, including on granted mining leases.

The exploration target highlights the potential for Ausmex to develop a multi-pit gold mining hub at Cloncurry, targeting ore processing through third party carbon-in-pulp processing facilities.

Exploration targets have been the basis for the current resource definition drilling program at the Mt Freda Complex, with drilling on-site continuing to target additional high-grade surface mineralisation.

Estimate expected by end of year

Ausmex is aiming for a combined maiden JORC resource estimate by late November this year.

The prospects defined in the target include:

  • Gilded Rose high-grade gold mine (granted mining lease);
  • Mt Freda open cut gold mine (granted mining lease);
  • Evening Star and Canteen (granted mining leases);
  • Golden Mile mining lease application (Falcon, Shamrock, Comstock and northern extensions);
  • Little Duke extensions (Golden Mile EPM15923)
  • Mt Freda western extensions (EPM14163); and
  • CarpetKing Brown and additional historic high-grade gold mines within EPM14163.

The target is based on current geological understanding of the geometry of mineralised zones at these prospects.

This understanding was developed through exploration drilling, regional geological mapping and sampling and historical mining activity at Gilded Rose, Mt Freda, Evening Star and Canteen, combined with an understanding of the host stratigraphic sequences.

Ausmex has completed more than 19,000 metres of reverse circulation and diamond drilling across the prospects and drilling is ongoing to test and better define the target.  

Quick facts: Ausmex Mining Group Ltd

Price: 0.06 AUD

Market: ASX
Market Cap: $32.85 m

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