Sign up Australia
Proactive Investors - Run By Investors For Investors

Australian Mines assays positive gold mineralisation at Yargarma project

Australian Mines assays positive gold mineralisation at Yargarma project

Australian Mines (ASX:AUZ) has returned positive gold mineralisation at its Yargarma project in Nigeria, where it recently completed an eight drill hole program.

The assay results from the first five holes includes 1 metres at 4.45 grams per tonne gold from 34 metres; 1 metre at 5.92g/t from 76 metres and 2 metres at 1.19g/t form 85 metres.

The results confirm the presence of primary gold mineralisation within second-order geological structures across the Yargarma project area.

The Yargarma drilling program, which comprised eight diamond core holes for a total of 1,227 metres, was designed to test a series of conceptual targets identified through Australian Mines’ recently completed airborne geophysical and surface geochemical sampling surveys.

It is currently awaiting the assay results from the remaining three drill holes at Yargarma as well as from four diamond core holes drilled within its emerging Kasele prospect.

Australian Mines is focused on its 100% owned tenement holding in Nigeria's northwest gold province and is undertaking systematic exploration of Yargarma, Kasele and Tegina project areas, with the programme being fully funded through to mid-2014.

It had a cash balance of $1.3 million at the end of last quarter and also recently received $700,000 in cash from the sale of its Golden Ridge project. 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Register here to be notified of future AUZ Company articles
View full AUZ profile

Australian Mines Timeline

October 12 2016
September 30 2015

Related Articles

September 05 2016
“Both companies recognise that substantial work is required to complete final evaluation of the metallurgical recoveries, concentrate generation, transport, and development of final saleable products for their individual projects,” Amur said in statement.
March 14 2016
Landore Resources has hit significant gold showings at Junior Lake in Ontario

© Proactive Investors 2016

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.