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Ausmex Mining Group Limited (ASX: AMG) is a mining exploration company, dealing with minerals and metals. The group serves customers in Australia and has projects in Queensland and South Australia.
On 8th May 2019, the company announced that it has begun a drilling program at the Mt Freda Complex in Cloncurry Queensland. With a 15,000m drill, AMG is targeting high-grade gold, copper, cobalt and massive sulphides indicative of IOCG style mineralisation. The aim of the program is to define JORC compliant resources over the companyâs Mt Freda Complex, Evening Star, and Golden Mile.
The Diamond Drilling for Rig 1 and Rig 2 has begun at the Mt Freda Complex. At a time, the company will drill a maximum of four rigs and has stated that it would notify constantly on the progress of the drilling update. The initial results of the assaying process are expected to arrive before the end of June.
Apart from AMG, Newcrest Mining Limited have also commenced drilling adjacent to the Mt Freda Complex in agreement with Exco Resources Limited. They have located and planned drill pads within around 400m of AMGâs tenure and has commenced drilling a Tier 1 IOCG target.
Besides the commencement of the drilling program, Ausmex Mining Group has appointed Mr Kieren Whittock as QLD Exploration Manager. His role will include the supervision and management of the Mt Freda drilling program. Mr Whittock has previously worked for Hastings Technology Metals Ltd Yangibana REE project, where he supervised the drilling for over five years, which comprised of a 22 million tonne JORC resource. He holds a BSc (Hons) Degree from UNSW and is optimistic about the progression of his new project with the company.
Earlier in February this year, the company announced that along with the University of Adelaide, in partnership, it has completed 10km grid Magnetotelluric 3D modelling. Post this, in March, it announced that the company commenced the next phase of exploration at Burra, a 5 km spaced grid-based survey with the help of Audio-Magnetotellurics.
The company presented its activity report for the quarter ending March 2019. Managing Director, Matt Morgan had presented Ausmex to investors on International Investors at the mining conference, 121 HONG KONG in March. As a result, the company received over subscriptions and raised $7 million. The company made significant progress at the Burra SA project.
As per the cash flow statement published in March, for the quarter ending March 2019, net cash used in operating activities was $908k. The net cash from financing activities amounted to $5k. Cash and cash equivalents at the end of the period were recorded at $522k. The estimated cash outflows for the next quarter are reported to be A$2,350k.
Share Price Information:
At market close on 8th May 2019, the stock was trading flat at $0.110. In the last six months, the stock has delivered a return of 92.98%, which is better than the YTD return of 69.23%.
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