Ausmex Mining Group Ltd

Ausmex Mining Group confirms surface cobalt mineralisation at Willalo

Potential to be one of South Australia’s first stand-alone cobalt discoveries with a significant scale.

cobalt on the elementary table
Additional funding of $2.5 million cash from the recent stockpile sale at Cloncurry

Ausmex Mining Group Ltd (ASX:AMG) has confirmed a strike length of about 2.3 kilometres of anomalous high-grade cobalt at the Willalo cobalt prospect in Burra, South Australia.

The company’s second-stage field work produced nineteen additional high-grade outcropping rock chip samples that averaged 2,554 ppm cobalt.

Ausmex controls 4,893 square kilometres of the highly prospective underexplored Burra cobalt-copper-gold belt that includes the recently revealed large conductive target by Geoscience Australia.

High-grade cobalt mineralisation remains open to the north and south

To date, 27 high-grade cobalt samples from a total of 45 collected during stage one and two produced an average of 3,014 ppm cobalt, including assays up to 6,920 ppm cobalt.

Furthermore, Ausmex’s rock chip sampling and soil analysis has confirmed that the high-grade cobalt mineralisation remains open to the north and south.

Based on the cobalt results till date, the company is currently planning a maiden 2,000-metre drilling program at the Willalo prospect to commence in June 2018.

Well-funded for exploration

Ausmex managing director Matt Morgan said: “These latest results confirm that this zone of mineralisation has the potential to be one of South Australia’s first “stand alone” cobalt discoveries with significant scale.

“The company and its SA geological consultants are currently in the field testing for possible parallel structures and additional extensions.

“With the additional funding of $2.5 million cash from the recent stockpile sale at Cloncurry, combined with high-grade cobalt drill targets at Willalo and further high-grade drill ready cobalt, copper and gold targets in Cloncurry, the next six months may prove very exciting for Ausmex Shareholders”.

Quick facts: Ausmex Mining Group Ltd

Price: $0.11

Market: ASX
Market Cap: $50.48 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ausmex Mining Group Ltd named herein, including the promotion by the Company of Ausmex Mining Group Ltd in any Content on the Site, the Company...



Ausmex Mining Group begins drilling for massive sulphides at Mt Freda in QLD

Ausmex Mining Group Ltd (ASX:AMG) managing director Matt Morgan updates Proactive Investors on the company's 15,000-metre drilling program now underway at its Mt Freda Complex in Cloncurry, QLD.   Morgan says that the program will include both reverse circulation and diamond...

on 13/5/19

2 min read