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Australian Mines commences gold hunt in Nigeria

Last updated: 10:00 16 Nov 2012 AEDT, First published: 09:00 16 Nov 2012 AEDT

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Australian Mines (ASX: AUZ) has kicked of its maiden drilling program in Nigeria, which is targeting gold on the company's key Yargarma and Kasele project areas hosted within the country's highly prospective northwest gold fields.

Of interest the gold province contains similar geology o the better known gold producing countries of Ghana, Cote d’ivoire and Burkina Faso. Australian Mines’ tenements contain historic artisanal workings - highlighting known gold in the area.

The diamond drilling will is already underway at Yargarma and will initially target four specific locations, with the data to help the company have a greater understanding of the rock types and geological structures thought to control the primary gold mineralisation in the fresh bedrock.

The company then plans to follow-up with a reverse circulation program. Yargarma covers 172 square kilometres, with rock chips returned by Australian Mines including 9.83 g/t gold, 7.73 g/t gold, 7.45 g/t gold and 6.49 g/t gold.

Benjamin Bell, managing director, said that the drilling program represents a major milestone for the company with the information elicited from this diamond core program will greatly assist the design the follow-up RC drill program over its high priority gold targets


Exploration fully funded

Australian Mines has commenced systematic exploration of its highly prospective Yargarma, Kasele and Tegina project areas, with this program being fully-funded through to 2014.

The company had $2.2 million in cash at the end of the September quarter.

 

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