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Ausmex Mining identifies IOCG target from recent drilling at Golden Mile following expert review

The company is progressing towards a combined maiden resource estimate for the Mt Freda Complex including the Golden Mile projects.

Ausmex Mining Group Ltd - Ausmex Mining identifies IOCG target from recent drilling at Golden Mile following expert review
The company is committed to fast tracking gold production by 2020

Ausmex Mining Group Ltd (ASX:AMG) has revealed the results of a review and interpretation of the recently drilled diamond drill core at the Little Duke Project by independent expert Emeritus Professor Ken Collerson.

The Little Duke project is within the Golden Mile projects in Queensland.

Independent expert has identified an extensive IOCG (iron oxide copper-gold) target from Evening Star to Little Duke

Units of tuffisite that cross-cut Soldiers Cap Group lithologies have been identified in cores from Little Duke.

These tuffisite breccias are similar in appearance to tuffisites pipes described previously from Evening Star and Mt Freda prospect.

They played an important role in mineralisation as they provided a conduit for metal transport.

Steeply dipping vein of sulphide-rich tuffisite cutting Soldiers Cap Group lithologies

The presence of these metal-rich breccias indicates that Little Duke and Evening Star are proximal to the magmatic metal source that produced outcropping epithermal high-grade gold mineralisation and cobalt-copper mineralisation in the area.

These reconnaissance observations have significant implications for better understanding the Cloncurry Belt IOCG mineral system and hence, the IOCG prospectivity of the area, thus the exploration strategy for Ausmex.

Further work

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 the backlog of drill hole assays.

The company is progressing towards a combined maiden 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 early December 2019.

Ausmex had previously announced a 225-hectare Golden Mile Mining Lease Application ML100201 submitted to the QLD Mines Department over the current Golden Mile projects.

This mining lease application is for mining only, with ore processing planned at the Great Australia Gold Carbon in Pulp (CIP) processing facility in Cloncurry.

Second mining lease application being prepared

Following the latest positive results from the Little Duke project, a second mining lease application at the Little Duke Project is currently being prepared for submission to the QLD Mines Department.

Ausmex is committed to fast tracking gold production in 2020 by utilising current infrastructure and CIP processing capacity within Cloncurry.

Metallurgical test work will continue on diamond core bulk samples from all gold projects currently being drilled.

Quick facts: Ausmex Mining Group Ltd

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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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