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Ausmex Mining shares rise after drilling 75 metres of high-grade gold at Shamrock Mine

Resource definition drilling continues at the Mt Freda Complex, including the Golden Mile, targeting high-grade mineralisation suitable for a large open cut, bulk mining operation.

Ausmex Mining Group Ltd - Ausmex Mining shares rise after drilling 75 metres of high-grade gold at Shamrock Mine
The company’s shares were trading about 8% higher intra-day

Ausmex Mining Group Ltd (ASX:AMG) continues to delineate additional high-grade gold mineralisation from resource definition drilling across all current projects at the Golden Mile suite of mines in Queensland.

Recent drilling has delineated over seventy-five metres of continuous down dip, high-grade gold mineralisation at the Shamrock mine, one of ten high-grade gold mines located within the Golden Mile.

Shamrock Gold mine cross-section highlighting over seventy-five metres of continuous mineralisation

Highlight results include:

Shamrock Mine:

14.5 g/t gold over 1 metre within 4 metres at 4.0 g/t gold ( 17 - 21 metres);

7.0 g/t gold over 1 metre within 4 metres at 2.6 g/t gold (54-58 metres); and

3.0 g/t gold over 1 metre within 5 metres at 1.2 g/t gold ( 74-79 metres).

Falcon Mine:

12 g/t gold over 1 metre within 3 metres at 5.3 g/t gold (37-40 metres) included within a large mineralised zone of 43 metres (0.61 g/t gold);

5.7 g/t gold over 1 metre within 7 metres at 1.5 g/t gold (42-49 metres); and

4 metres at 1.0 g/t gold within 7 metres at 0.8 g/t gold (34-41).

Comstock Mine:

7.8 g/t gold over 1 metre within 3metres at 3.2 g/t gold (40-43 metres); and

6 g/t gold over 1 metre within 8 metres at 1.5 g/t gold (21-29 metres).

Shamrock and Falcon high grade gold mines drill hole location plan. Resource definition drilling is targeting additional gold mineralisation down dip and along strike.

The recent drilling results continues to highlight the potential for the Golden Mile suite of mines to host significant high-grade gold mineralisation.

With current gold prices in excess of A$2,000 per ounce, and current haul road infrastructure in place to two separate, third party ore processing facilities that have a potential combined annual throughput of about 1 million tonnes per annum, Ausmex is focused on defining a large resource estimate by November 2019, suitable for an open cut, bulk mining operation.

The Golden Mile Prospect is a JV between Ausmex (80%) and Round Oak Minerals Pty Limited (subsidiary of Washington H Soul Pattison).

Under the JV agreement, Ausmex has an option to process all of the gold ore produced from the Golden Mile at the Round Oak Minerals gold processing plant in Cloncurry.

Quick facts: Ausmex Mining Group Ltd

Price: 0.07 AUD

ASX:AMG
Market: ASX
Market Cap: $36.9 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

3 min read