Total
0
Shares
Ausmex Mining (ASX:AMG) - Director, Geoff Kidd
Director, Geoff Kidd
Sourced: Hot Copper
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Ausmex Mining (AMG) has identified multiple high-grade and under-explored projects within its South Australian tenements
  • Two projects that stood out for the company are Mongolata and Black Hills
  • Historical production at Mongolata consisted of more than 11,000 tonnes at an average grade of 45 grammes per tonne
  • Gold results from Black Hills peaked at 23.35 grammes per tonne
  • Ausmex is now continuing with negotiations with several companies that have expressed strong interest in purchasing the Gilded Rose Project in Queensland
  • Company shares are down 10 per cent and trading for 3.6 cents

Ausmex Mining (AMG) has identified multiple high-grade, under-explored projects within its South Australian tenements.

Two projects that stood out were Mongolata and Black Hills with exploration finishing within the last 10 years.

Mongolata

Historical workings at the Mongolata goldfields consisted of multiple workings over a 12 kilometre strike length.

Records from the South Australian Department of Mines indicate the average grade at Mongolata was 45g/t gold.

Gold mineralisation is made up of a network of cross-cutting quartz-limonite veins and breccias. The large flat-lying veins have recorded the highest gold production.

Structural control of Mongolata indicates that potential exists for new discoveries of gold mineralisation to the north and east.

In collaboration with the University of Adelaide, a 10 kilometre-long MT (magnetotellurics) survey located this under-explored area.

MT is a passive geophysical method that uses natural time variations of the Earth’s magnetic and electric fields to measure the electrical resistivity just below the surface.

Electrical resistivity of rocks is important for measuring and understanding geological structure and processes.

Black Hills

Black Hills is located seven kilometres northeast of the Mongolata Goldfields.

Gold mineralisation is structurally controlled in a quartz-iron-manganese rich breccia shear zone and it appears to centralise in steeply plunging lodes.

Previous drilling identified high-grade and anomalous gold over a three kilometre strike length which is open to the north and south.

Significant historical drill intercepts include 39 metres at 3.77g/t gold, including six metres at 23.35g/t gold from 66 metres, as well as three metres at 15.9g/t gold from 47 metres.

Ausmex is now continuing negotiations with several companies that have expressed strong interest in purchasing the Gilded Rose Project in Queensland.

With the current high gold prices, the company is confident that an agreement will be reached in the near term.

Ausmex shares are down 10 per cent and trading for 3.6 cents each at 1:39 pm AEDT.

AMG by the numbers
More From The Market Herald

" Red River Resources (ASX:RVR) commences drilling program at Thalanga

Red River Resources (RVR) has commenced a drilling program targeting gold areas near its Thalanga Operations in northern Queensland.
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.