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Ausmex Mining extends settlement date for sale of Gilded Rose Gold Project Group

The company recently delineated three priority conductive drill targets at the Princess Royal prospect within the wider Burra project in South Australia.

Ausmex Mining Group Ltd - Ausmex Mining Group agrees to extend settlement date of Gilded Rose Gold Project in Queensland
A 2,000-metre reverse circulation program is scheduled to begin shortly to test the anomalies at the Burra project

Ausmex Mining Group Ltd (ASX:AMG) and Jin Resources Limited (HK) have agreed to extend the settlement and completion date of the Gilded Rose Gold Project sale in Queensland by one week.

The date has been postponed to Friday, December 13, from December 6.

The terms of the sale and purchase agreement entered into between the parties are:

  • The sum of $2,400,000 is to be paid on completion, with completion to take place on or before December 13, 2019, in lieu of December 6, 2019;
  • The sum of $500,000 shall be paid to Ausmex 12 months from December 6, 2019; and
  • $1,000,000 shall be paid to Ausmex on the production of 10,000 ounces of gold. 

The Parties are working swiftly to a successful conclusion of the Transaction.

Mullaby drill targets

The company recently identified three-conductor targets for drilling at the Mullaby prospect within its Burra Copper-Gold Project in South Australia.

Using both recent and historical survey data, the magnetic anomalies can be interpreted as a potential porphyry intrusive mineralised system.

A 1,000-metre reverse circulation drilling program to test the three targets is scheduled for mid-December following completion of drilling at the nearby Princess Royal Prospect.

Quick facts: Ausmex Mining Group Ltd

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Market: ASX
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