logo-loader
viewAustralian Mines Ltd

Australian Mines begins low-cost RC drilling at Thackaringa project near Broken Hill

This drill program is anticipated to take up to three weeks to complete, with the results to be announced in accordance with the company’s continuous disclosure obligations.

Australian Mines Ltd - Australian Mines begins low-cost RC drilling program at NSW Thackaringa Project
This follows an airborne Versatile Time Domain Electromagnetic (VTEM) survey over its entire Thackaringa project area

Australian Mines Ltd (ASX:AUZ) has begun drilling designed to test high-priority base metal targets at the Thackaringa project near Broken Hill in Far West NSW following an airborne Versatile Time Domain Electromagnetic (VTEM) survey.

The VTEM survey, commissioned by Australian Mines, was conducted over its entire Thackaringa project area in 2017 and revealed nine separate anomalies.

Of these anomalies, Target A1 and Target A5 in the northern section of the tenement were classified as high-priority targets by two separate and independent consulting firms, Mitre Geophysics and Newexco Exploration, who concluded these targets represent areas of potential base metal mineralisation that warrant follow-up drill testing.

This drill program is anticipated to take up to three weeks to complete

Target A1 first-up

A low-cost reverse circulation drilling program is underway at Target A1 to verify the presence of base metal mineralisation, which is expected to take up to three weeks.

Managing director Benjamin Bell said: “It is too early to speculate on what type of conductive source may be causing the high priority anomalies at Thackaringa.

“It is, however, important to continue with our drilling and exploration activity at this project, which is relatively low cost, as we look to unlock further value for our shareholders.”

The project’s proximity to the regional mining town of Broken Hill, where mining major BHP originated mining the supergiant Broken Hill lead-zinc-silver ore body, allows access to an established local mining culture and highly skilled workforce.

Maintaining Sconi focus

Bell said: “We are maintaining our focus on progressing our flagship Sconi Project to meet the huge demand for technology metals from the electric vehicle revolution and rapidly expanding energy storage industries.

“However, our longer-term strategy is all about maximising the value from each of our projects - Sconi, Flemington and Thackaringa, for the benefit of our shareholders and all our stakeholders.”

Quick facts: Australian Mines Ltd

Price: 0.021 AUD

ASX:AUZ
Market: ASX
Market Cap: $76.15 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Australian Mines Ltd named herein, including the promotion by the Company of Australian Mines Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Australian Mines exploration manager updates on Sconi Project

Australian Mines Ltd (ASX:AUZ) exploration manager Stuart Peterson updates Proactive Investors on the Sconi Cobalt-Nickel-Scandium Project, which is located in North Queensland, Australia. A considerable resource upgrade at two deposits was recently announced, and the company does plan to...

on 18/2/19

2 min read