The company is focused on bringing its lead asset, the Mt Freda Gold Project in Queensland, into production in 2020 and also on advancing its Burra IOCG (iron oxide copper gold) Project in South Australia.
Given its focus on its two core projects, Ausmex is seeking joint venture and/or farm-in partners to work with the company to advance its highly prospective gold assets at Burra.
Ausmex controls about 7,500 square kilometres of prospective tenure in the Adelaide Geosyncline in and around Burra, South Australia.
It is worth noting that the Adelaide Geosyncline accounted for about 70% of South Australia’s total gold production prior to the commencement of Olympic Dam Mine in 1988.
The company’s key prospects in the region include Mongolata Goldfields, Princess Royal, Black Hills and Ulooloo goldfields.
The Mongolata Goldfield was discovered in 1930 and produced 11,127 ounces of gold from 7,684 tonnes treated (recovery grade average 45 g/t). Gold production was not stopped due to lack of ore.
Gold mineralisation at Mongolata extends over a strike length of about 12 kilometres with historical focus over 4 kilometres.
The historic Black Hills gold workings occur 7 kilometres north east of the Mongolata Goldfields.
Past drilling identified high grade and anomalous gold with associated copper, lead, nickel and zinc over a 3-kilometre strike length open to the north and south.
Potential gold JV tenure