All Five Holes To Date Have Intersected High-Grade Gold
Ausmex Mining Group (ASX:AMG) continues to have promising drilling success at its Mt Freda gold project in Queensland.
As part of the 10-hole program, 5 RC holes weredrilled simultaneously with the Diamond Core holes.All were completed by mid-December 2020, with the samples logged and delivered to the mineral laboratories. Assays for the RC holes are expected shortly.
At the completion of all the data being installed into the Mt Freda Mine data base, the company will release immediately an upgraded JORC Mineral Resources Estimate. The mining and engineering studies and design for the mining by decline method to be updated, based on the updated data from the new JORC resource estimate.
Mt Freda is an historical high-grade Gold Mine, first operated as an underground mine in the 1940’s and again by Diversified Mineral Resources in the mid to late 1980’s. The ore was processed by an onsite CIP processing plant but ceased operations due to the collapse of the Gold price. Mt Freda mine is located approximately 60km by road from the regional mining town of Cloncurry in NW Queensland.
The company has also commenced infill drilling on the Comstock for JORC upgrade resource estimation. At Falcon and Shamrock Gold projects located (approximately. 500m north of Mt Freda), three resource infill diamond core holes and two additional geotechnical diamond core holes for the pit design are underway.
The company is waiting for the granting of the Mining lease that encompass the project known as the Golden Mile. The company plans to mine the Golden Mile, commencing on completion of the upgraded JORC resource and finalizing the feasibility study subject to the granting of the mining lease.
The Company has an agreement with our JV partners WH Soul Pattinsons 20%, Ausmex 80% for all the ore mined at the Golden Mile must be processed at the WH Soul Pattinson CIP processing plant located in Cloncurry approximately 60 km to the NNW of the Golden Mile.
