- Ausmex Mining is continuing drilling at its Little Duke prospect in Queensland
- One hole intercepted over four grams per tonne of gold before the rig became stuck
- Ausmex is now seeking another mining lease application at Little Duke to expand exploration
- Shares are up 32.2 per cent today, trading for 11.5 cents each
Ausmex Mining has continued diamond core drilling at its Little Duke prospect, which is located within the Golden Mile Project in Queensland.
The hole intersected 17 metres at 4.1 grams per tonne of gold with 1.2 per cent copper and 493 parts per million before the drill rig became bogged at 48 metres and was terminated in high-grade gold.
To date, visual inspection and logging of the additional diamond core indicate the iron oxide copper-gold (IOCG) style mineralisation continues to a depth of 132 metres while still drilling in mineralisation.
The Golden Mile Project is located approximately 800 metres north east of Ausmex’s Mt Freda open cut.
Historic mining was previously focused on high-grade gold from surface located with a steeply dipping quartz breccia.
Maiden drilling by Ausmex in 2018 identified a deeper graphitic shale shear zone that hosts extensive gold, copper and cobalt mineralisation.
As the Little Duke project is prospective for gold, copper and cobalt, and with mineralisation still open along strike and at depth, Ausmex has begun drafting an additional mining lease application over the project area.
This second mining lease application is currently being prepared for submission to the Queensland Mines Department.
Ausmex is also progressing towards a combined maiden JORC resource for the Mt Freda Complex and the Golden Mile projects. This is expected by late November 2019.
The aim is to begin a mining study for Mt Freda in early December 2019. This study will be aided and advanced by its existing knowledge and access to all necessary data on mining conditions.
Ausmex is a top gainer this morning, up 32.2 per cent, with shares trading for 11.5 cents apiece at 12:27 pm AEDT.