Proactive Investors - Run By Investors For Investors

Australian Mines responds to ASX query on price and volume increase

The company has three projects in Australia with a focus on the Sconi Cobalt-Nickel-Scandium Project in Queensland.
samples
Total resource of 738,359 tonnes contained nickel and 71,757 tonnes contained copper

Australian Mines Ltd (ASX:AUZ) received a query from the ASX today related to the company’s shares rising from a low of 1.8 cents on Tuesday, May 21 to a high of 2.5 cents today.

The ASX also noted the significant increase in the volume of AUZ securities traded over the same period.

AUZ responded to the query explaining that it was not aware of any information that had not been released to the market which, if known, could be an explanation for recent trading in the securities of the company.

READ: Australian Mines reflects on productive start to 2019

AUZ has had a busy start to 2019, centred around an updated JORC resource in February 2019 for its Sconi Cobalt-Nickel-Scandium Project in Queensland.

With a bankable feasibility study (BFS) valuing the project at $697 million in November 2018, the focus for AUZ is project funding.

READ: Australian Mines reveals new resource at Bell Creek Nickel-Cobalt Project

The company recently revealed a new resource of 25.8 million tonnes grading 0.72% nickel and 0.04% cobalt at its Bell Creek Nickel-Cobalt Project in Queensland.

Bell Creek was acquired as part of the recently completed transaction with Metallica Minerals Ltd (ASX:MLM) along with the Minnamoolka Nickel-Cobalt Project.

Both projects are within trucking distance of the proposed processing plant at the Sconi project.

When combined together, the three projects host 738,359 tonnes of contained nickel and 71,757 tonnes of contained copper.

View full AUZ profile View Profile

Australian Mines Ltd Timeline

Related Articles

Diammonium phosphate fertiliser produced from Ammaroo ore
April 02 2019
If shareholders agree, the natural resources fund may take over a lion’s share of VRM this quarter then delist the entity.
1547791194_RNX-757.JPG
January 18 2019
The company’s focus is the Yandal East Gold Project and it also has base metal exposure through a prospective Canadian asset.
1553096936_W-Resources---Michael-Masterman.jpg
March 21 2019
W Resources is about to make a name for itself as a serious European-based supplier of tungsten

© Proactive Investors 2019

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

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use