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Ausmex Mining hits 122-metre zone of IOCG-style gold and copper at Little Duke Project

Drilling indicates there may be an extensive magmatic source at depth feeding the near surface mineralisation over several kilometres.

Ausmex Mining Group Ltd - Ausmex Mining hits 122-metre zone of IOCG-style gold and copper at Little Duke Project
The diamond core at 63 metres depth with grades of 3.57 g/t gold and 1.97% copper

Ausmex Mining Group Ltd’s (ASX:AMG) drilling has intersected 122 metres of Iron Oxide Copper Gold (IOCG) style gold and copper mineralisation at the Little Duke Project in Queensland.

The 122-metre mineralised zone contains multiple high-grade gold and copper zones within massive quartz sulphide mineralisation.

Little Duke LD19RD025 cross-section and geological interpretation

Ausmex managing director Matt Morgan said: “ With continual drilling we have finally worked out the geology at Little Duke, with the latest diamond core assays indicating we have interested a 122 m wide IOCG style mineralised zone, near surface, with mineralisation extending down dip to the east under the Mt Freda Complex.

“This fits our recent interpretation that the shallow ‘epithermal” high grade gold mineralisation at the Mt Freda Complex is sourced from a deeper IOCG style magmatic source.

“Mineralisation at Little Duke is very similar to the Ausmex, Evening Star copper gold mine, ~ 2 km to the south, that adjoins the Newcrest Mining Ltd Canteen IOCG project.

“This indicates there may be an extensive magmatic source at depth feeding the near surface mineralisation over several kilometres, from the Newcrest Ltd Canteen project up to the Ausmex controlled Golden Mile.”

LD19RD025 diamond core displaying massive sulphide IOCG style mineralisation at 119 metres depth, with gold grades of 9.56 g/t.

Sydney based Consultants Geos Mining Pty Ltd is continuing to progress the Cloncurry maiden resource estimate for both the Golden Mile and Mt Freda open cut, with an expanded scope to now assess the additional Evening Star and Canteen granted Mining Lease projects for gold, copper and cobalt.

The latest Little Duke drilling results and interpretation supports the independent expert identified Ausmex extensive IOCG target from Evening Star to Little Duke.

Both the Evening Star and Canteen projects contain remnant open pits where previous operators mined copper oxide material and sold to Mt Isa Mines.

The additional projects have extended the resource estimation by about 14 days, with estimates now due for completion by mid-December 2019.

Ausmex will commence mining studies immediately upon completion of resource estimating.

Little Duke drill hole location plan and significant drilling results to date

The mining studies will be aided and advanced by the company’s existing knowledge and access to the data on mining conditions that applied in the original Mt Freda Pit.

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.

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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