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Australian Mines delivers on milestones during September quarter

The company appointed experienced resources project builder Les Guthrie to the board as non-executive director starting from late November 2019.

Australian Mines Ltd - Australian Mines outlines key achievements in latest quarter activities report
Australian Mines also raised $5.8 million during the quarter through a share purchase plan

Australian Mines Ltd (ASX:AUZ) delivered on milestones relating to its overarching goal of becoming a major producer of cobalt sulphate and nickel sulphate chemicals during the September quarter, according to managing director Benjamin Bell.

In the company's quarterly report for the period ending September 30, 2019, achievements such as executing offtake agreements for the Sconi Cobalt-Nickel-Scandium Project in Queensland and confirming continuity of high-grade zones within the Flemington Cobalt-Nickel-Scandium Project in NSW were mentioned.

Bell said: “The signing of the offtake agreement with SK Innovation for the entire cobalt sulphate and nickel sulphate to be produced from our Queensland-based Sconi Project is a significant achievement and clear demonstration of the confidence in the value of this world-class project.

“On the back of this agreement we have also deepened our engagement with potential project financers, both here in Australia and internationally.”

Bell added the company was continuing to liaise with the Queensland Government and local businesses to deliver a significant contribution to the local community through providing long-term jobs and building shared public-use infrastructure.

Cobalt mineralisation tripled

He also said, “Following assessment of results from the initial phase of expanded drilling at the Flemington Project in New South Wales, we are delighted to announce a tripling of the previous cobalt mineralisation footprint with the possibility of further expansion.

“We have committed to further drilling activity over the coming year, including a 10,000-metre drilling campaign across the project area which started earlier this month.

“Based on the initial results and possibility of further expansion, I am confident the Flemington Project has the potential to host a nationally important cobalt resource.”

Quick facts: Australian Mines Ltd

Price: 0.014 AUD

Market: ASX
Market Cap: $55.46 m

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