Ausmex Mining Group (ASX: AMG) has announced that in coalition with the University of Adelaide it has completed 10km grid Magnetotelluric (MT) 3D modeling. It led to the identification of seven huge conductive structures (which allows electricity to pass through them) under Ausmex managed Burra region, South-Australia. To further identify the structure better with greater resolution, the company will now proceed further with 5km spaced grid-based survey using Audio-Magnetotellurics (AMT) which will play a pivotal role in identifying these structures and the drilling target in top 2kms of the Earth’s crust. The Ausmex mining group with this exploration technique remains the first such group to explore the deeper drilling target with a constrained grid project.
In December the company reported about the conductive anomaly discovered at Burra. After further exploitation of anomaly, the company in synergy with the University of Adelaide found the structure and depth level of the anomaly and is further allocating the project to discover the relative composition of the anomaly to identify the drill targets.
The Project initially started with a 50Km spaced AusLAMP MT grid which further led to the successive closer spaced grid projects to identify the drilling targets better and to further explore the geology to identify such structure for further production which is proven to be a cost-effective method to explore for unidentified conductive structures over large areas of previously underexplored ground.
The company is further identifying 60 sites for the next stage of the work program which will use Audio-Magnetotellurics (AMT) to explore the composition of these structures further and will majorly focus on further defining potential fluid pathways from these large conductive structures with the aim of recognizing near surface mineralized signatures.
The Managing Director Matt Morgan has expressed contentment for the outstanding results by the project with The University of Adelaide. He also stated that the structures identified are like those identified under Olympic Dam. The MD also stated that the shareholders could expect significant news in the second quarter of 2019, which may cherish the shareholders’ sentiments.
As per, Morgan’s statement in December quarter activities report published on 31 January 2019, shareholders of the company now possess the two potential world class Tier 1 IOCG and AMG controlled Burra region which has the potential to be like ~ 830 Ma Jinchuan deposit located in western China.
December Activities Update:
- The company generated Positive Cash flow of $1.5 million from subscribers to a convertible Note Offer.
- The company reported extensive golden mile high-grade drilling results expansion.
- Independent experts validate potential world class IOCG (Iron Oxide copper-gold ore) and magmatic sulfide (nickel-copper) deposit at Burra.
- Potential mineralization in the Burra area has similar mineral features to another huge ~ 830 Ma Jinchuan deposit (China).
- University of Adelaide 3D MT Modeling reported 30Km long, 10km wide conductive anomaly at Burra that commences approximately from a 200 m depth below the surface.
The shares of AMG closed at 0.054 AUD (4 February 2019) and was 1.887% up from the previous closing price which was at 0.053 AUD.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.