Extension drilling of a previous hole has intersected an additional 84 metres of IOCG-style mineralisation from a depth of 48 metres and drilling is continuing in mineralisation.
The previous drilling interested 6 metres at 1.3 g/t gold with 0.5% copper from 19 metres and 17 metres at 4.1 g/t gold with 1.2% copper and 493ppm cobalt from 31 metres before drilling bogged at 48 metres depth.
Visual inspection and logging of the additional diamond core from the new work indicates that the IOCG-style mineralisation continues to a depth of 132 metres.
Mining lease application
Ausmex has started preparing a second mining lease application for submission to the Queensland Mines Department for the Little Duke project.
Little Duke hole location plan and drilling results to date
The Little Duke Project is about 800 metres northeast of the Mt Freda open cut, located above a conductive structure previously identified by Ausmex in March 2019.
Golden Mile is a joint venture with Ausmex holding 80% and Round Oak Minerals Pty Ltd 20%.
Round Oak has the option to process all ore produced by the Golden Mile projects, including Little Duke, at the Round Oak Minerals Pty Ltd 600,000 tonnes per annum processing plant in Cloncurry.
Ausmex will continue to update shareholders for both Cloncurry, shallow, near-term production gold projects and IOCG target drilling results as the various independent laboratories process a backlog of assays.
The company is also progressing towards a combined maiden JORC resources estimate for the Mt Freda Complex, including the Golden Mile projects, by late November 2019 with the aim of commencing a mining study for Mt Freda in early December 2019.
This study will be aided and advanced by the company’s existing knowledge and access to all necessary data on mining conditions that applied in the original Mt Freda Pit.
Metallurgical test work will continue on diamond core bulk samples from all gold projects being drilled.