Ausmex Mining Group (ASX: AMG) is in the business of metals and mining exploration and operates in Queensland and South Australia.
On 4th March 2019, the company announced that it is commencing its next phase of exploration at Burra which is a 5 km spaced grid-based Survey using Audio-Magnetotellurics (AMT).
This new AMT survey is designed to further define the deposit scale conductive structures from surface to a 2,000 m depth which was previously identified by Ausmex Mining Group. Ausmex is targeting IOCG and REE magmatic sulphide deposits at Burra, with the potential previously identified by Independent Expert Emeritus Professor Kenneth D Collerson.
This survey is expected to increase the data resolution from the initial regional 10 km spaced MT Survey completed in October 2018. The 10 km MT Survey was designed to identify areas of greatest structural alignments and prospectivity. But the use of bandwidth and spacing did not provide confident data in the top 2,000 m from surface. This new AMT survey will focus on 60 sites that are planned to infill three of the seven targets defined by the earlier 10 km regional MT grid.
For ongoing processing and modelling of the data, Prof. Graham Heinson of the University of Adelaide (UoA) is continually assisting Zonge Engineering and Research Organization (Aust) Pty Ltd which has been contracted to collect the geophysics data. This assistance from Prof. Graham Heinson will enhance the UoA’s previous modelling of the MT Survey while aiming at identifying potential conductive mineral pathways and drilling targets.
The initial survey is expected to be completed in the second week of March 2019, and all the results will be communicated to the shareholders once UoA modelling and interpretation has been completed.
On 28th February 2019, the company declared results through its latest RC drilling, its Gold Mile project has delivered more high-grade gold.
Some of the results of these prospects are as follows; RC drill hole FA18RC016: 13 m @ 4.27 g/t Au (44-57 m), including 5 m @ 8.11 g/t Au (48-53 m) for the Falcon prospect, RC drill hole SH18RC025: 3 m @ 8.18 g/t Au (53-56 m) for the Shamrock prospect and CO18RC002: 12 m @ 2.00 g/t Au (21-33 m) including 3 [email protected] 3.40 g/t Au (30-33 m) for Comstock gold prospect.
These results of high-grade gold support recent findings that the Golden Mile high-grade gold mines located within the Mt Freda Complex are derived from “hot springs” originating from a deeper Igneous source.
For detailed drilling results refer to the company’s official statement released on 28th February on ASX.
On 4th February 2019, the company’s announcement of Ausmex and Prof. Graham Heinson’s team from the University of Adelaide (UoA) completing their 10 km grid MT survey came out in which they had identified seven new conductive structures.
After today’s development, the stock price shot up aggressively to A$0.077 which is up by more than 8.4% as of 4th March 2019 compared to the previous closing of A$0.071. The stock has given a decent return of 18.3% over past one year.
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