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Ausmex Mining Group Ltd

Ausmex Mining Group intersects further copper, gold and cobalt at Evening Star

The Evening Star Project is 39 kilometres southeast of Cloncurry, Queensland, and consists of three mining leases adjacent to the Mt Freda gold deposit.

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Outcropping chrysocolla at the Drillers Hut prospect

Ausmex Mining Group Ltd (ASX:AMG) has intersected further copper, gold and cobalt in a third drill hole along more than 1,500 metres of strike length of an iron-oxide copper gold (IOCG) target within the Evening Star project in Queensland.

The latest hole intersected 51 metres at 1.21% copper, 0.7 g/t gold and 295ppm cobalt from 0 metres with an additional 4.5 metre of assays outstanding.

Other notable intersections along the target include:

  • A combined 67 metres at 1.33% copper and 0.47 g/t gold; and
  • 29 metres at 0.90% copper and 0.35 g/t from 59.5 metres.

The IOCG target was previously identified as a conductive structure but was recently described by Emeritus Professor Ken Collerson as a “potential porphyry”.

READ: Ausmex Mining assays up to 23.5 g/t gold in latest drill results

At Drillers Hut, about 500 metres to the east from the Evening Star drill hole, Ausmex previously discovered a 12-metre wide sub-surface quartz outcrop that returned 12, 1-metre sample assays up to 32.7% copper and 33.4 g/t gold.

Several shallow holes RC drill holes also intersected high grade copper, gold and cobalt.

A deep diamond core drill hole will be drilled into this area, which is also within the strike zone of the IOCG target.

Drilling is also continuing at the Mt Freda Complex and the Golden Mile with the company continuing to focus on defining a large mineral estimate suitable for a high-grade gold bulk mining operation.

READ: Ausmex Mining Group sources additional rigs to fast-track Mt Freda Complex drilling

Results from further shallow gold drilling are expected shortly.

The Golden Mile prospect is a JV between Round Oak Minerals Pty Ltd and Ausmex (80%).

Under the JV agreement, Ausmex has an option to process all of the gold ore won from Golden Mile at Round Oak's 600,000 tonnes per annum processing plant in Cloncurry.

Quick facts: Ausmex Mining Group Ltd

Price: $0.11

Market: ASX
Market Cap: $52.89 m
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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

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