Tracking Australasian Metals’ (ASX: A8G) progress at high-grade Queensland projects

Highlights

• Australasian Metals has two prominent projects in Queensland - May Queen and Mt Clermont.
• Latest field work at May Queen South Bauxite project confirmed its geological fertility with high-grade surface samples of 6-17.55% TiO₂.
• Work is in progress for transfer of titles EPM16260 and EPM16261 to its subsidiary company.
• With more than 6,700m of historical drilling, Mt Clermont demonstrates the possibility for presence of a high-grade polymetallic epithermal system.
• The company has a tight capital structure and close to AU$4 million cash in the bank.

Australasian Metals Limited (ASX: A8G) has been focusing on potential discoveries while progressing its exploration projects in Australia. The company has two prominent Queensland projects that boast the potential of hosting significant metals, such as gold and titanium.

MAY QUEEN SOUTH BAUXITE PROJECT

In May 2023, the firm signed an agreement with Atlantic Lithium Limited for the acquisition of the May Queen South Bauxite Project in Queensland. The project has a JORC 2012 Inferred Mineral Resource estimate of 54.9Mt at 37.5% total Al₂O₃% and 5.2% TiO₂ and 7.9% Rx SiO₂%.  

The project has seen test work completion relating to preliminary scoping metallurgy, such as size reduction, and scrubbing at Core Resources lab in Brisbane, on samples weighing around 25 to 50 kg collected from surface duricrust and bauxite resource.

Data source: company update 

A8G has also wrapped up its first field campaign at the project. This included mapping as well as surface rock chip sampling. The identification of high-grade surface samples ranging from 6% to 17.55% TiO₂ has confirmed the geological fertility of the project.

Now, the focus is on transfer of titles EPM16260 and EPM16261 to its subsidiary company. Upon successful title transfers, A8G plans to file the work program application to begin a shallow drill program for expansion of the TiO₂ mineral resource.

Basic geology of the EPM16260 and EPM 16261 with RC hole’s locations marked

Image source: company update

MT CLERMONT PROJECT
Located within the Anakie Province of the Drummond Basin, Mt Clermont comprises Nanya, Retro, and Retro Extended prospects which are considered regionally important as they hold associations with the Retro Fault Zone. This zone includes a series of Devonian to Carboniferous sediments in Queensland.

Maiden MRE announced in April 2023 (Image source: company update)

With more than 6,700m of historical drilling, Mt Clermont demonstrates the possibility for presence of a high-grade polymetallic epithermal system.

The firm intends to target extensions of mineralisation in the form of potential high-grade plunging shoots detected during drilling. This includes drill hole CAR036: 26m at 3.88 g/t Au from 45m, including: 2m at 33.4 g/t Au from 50m and 3m at 3.89 g/t Au from 59m and 1m at 9.75 g/t Au from 78m.

A8G shares traded at AU$0.140 midday on 15 September 2023, with a market cap of over AU$7.5 million.