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Ausmon Resources to investigate electromagnetic anomalies at Pooraka

Published: 11:00 13 Oct 2016 AEDT

Ausmon Resources to investigate electromagnetic anomalies at Pooraka
Ausmon Resources Ltd to investigate electromagnetic anomalies at Pooraka

The project is located 40 kilometres east of the major mining town of Cobar in an area of historical and recent commercial gold workings.

The company will drill two exploration mineral holes to investigate the source of electromagnetic anomalies identified during the 2015 exploration program.

The anomalies are interpreted to be potentially conductive zones associated with sulphide mineralisation (typically copper and lead) and gold mineralisation.

Both holes will be air drilled to about 150 metres and then a T2 diamond core drilled to 250 metres.

The permission to drill these holes in October/November 2016 has been granted, however the recent extreme wet weather has hampered access to the site.

It is expected that these holes will now be drilled during November.

The drilling operations will take around 10 days following which chemical analysis of chip and core samples will take a further month.

Ausmon is in the process of raising $501,710 by way of a private placement and a share purchase plan to meet drilling costs and general working capital.

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