Australian Mines (ASX: AUZ) is an exploration company with assets in Australian including the Mt Martin gold mine. The company is also exploring for gold in Nigeria.
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.
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