Ausmex Mining Group Ltd (ASX:AMG) has defined more high-grade gold mineralisation at the Golden Mile target within the Mt Freda Complex near Cloncurry, Queensland, including a 100-metre strike length extension to the Comstock Mine.
The Golden Mile consists of eight parallel north-south striking historical gold mines across a 2-kilometre-wide zone with a combined total strike length of more than 8 kilometres.
The company will continue to dedicate RC and diamond core drilling rigs to both the Golden Mile and Mt Freda mines with the aim of defining a large mineral estimate potentially amenable to a large open cut, bulk mining operation.
Latest results from the Falcon, Shamrock and Comstock mines include:
- 25 metres at 4.9 g/t gold from 23 metres, including 7 metres at 13 g/t with 4 metres at 17.68 g/t;
- 16 metres at 3.57 g/t from 21 metres with 9 metres at 5.7 g/t; and
- 7 metres at 3.29 g/t from 34 metres including 1-metre at 15.24 g/t.
The Golden Mile is a joint venture (JV) with Ausmex (80%) and Round Oak Minerals Pty Ltd (20%).
Under the JV agreement Ausmex has an option to process all gold ore won from Golden Mile at Round Oaks 600,000 tonnes per annum processing plant.
Ausmex has an active drilling program underway at Mt Freda, including the Golden Mile and the deeper IOCG traget.
The company intersected copper, gold and cobalt in a third drill hole within the Evening Star Project in Queensland earlier this week.
The latest drill hole intersected 51 metres at 1.21% copper, 0.7 g/t gold and 295ppm cobalt with an additional 4.5 metre of assays outstanding.
At Drillers Hut, about 500 metres to the east of 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.