Australasian Metals Limited (ASX: A8G) has entered into an agreement to acquire the May Queen South Bauxite project. The vendor is Atlantic Lithium Limited, an existing major shareholder of Australasian.
A8G managing director Dr Qingtao Zeng commented: “We are very excited to be adding the May Queen South Bauxite project to our metals portfolio especially given it shares a boundary with our May Queen gold project. Within our existing May Queen tenements (EPM19419 and EPM 27746), we have identified several outcrops of bauxite, therefore the combined projects have the potential to significantly increase the current JORC resource in the future.
“Since our IPO, Australasian has had a strong working relationship with Atlantic Lithium Limited and we are looking forward to building on the great work completed by the Atlantic team.
“With Australasian’s strong metals industry networks throughout the East Asian markets, we believe the May Queen South Bauxite project is a great addition to our project portfolio and offers near-term upside for shareholders”. The May Queen South Bauxite project is in central Queensland, within a short trucking distance of a rail system leading north to the Port of Bundaberg. It is also located within proximity of the main Queensland Rail network heading south towards the Port of Brisbane.”
The project is wholly owned by Eastern Exploration Pty Ltd, previous name Eastern Uranium Pty Ltd, a subsidiary of Atlantic Lithium Limited. Bauxite mineralized plateaus and zones defined to date along with RC drilling locations.
Mapping, sampling, and initial laboratory assay results have defined significant high‐grade bauxite mineralization at average 42% alumina over a combined surface area of 16km2. There is strong customer demand for this ore type. The project has a JORC 2012 inferred mineral resource estimate of 54.9Mt at 37.5% total Al2O3% and 5.2% Ti2O and 7.9% Rx SiO2%.
Preliminary scoping metallurgical test-work including size reduction, scrubbing, and sizing was completed at core resources laboratory in Brisbane, Australia on representative 25kg to 50kg bulk samples of the surface duricrust and bauxite resource. This work was carried out, to test whether a ‘premium quality’ DSO product could be easily beneficiated through simple crushing, scrubbing, and screening.
To find out more, please visit www.australasiangold.com
