- Ausmex Mining Group (AMG) has received assay results from three out of five holes completed at its Mt Freda Project in Queensland
- The latest assays returned gold grading up to 13.8 and 18.59 grams per tonne
- Ausmex is aiming to upgrade Mt Freda's current mineral resource estimate as it was completed with limited drilling information
- The miner will drill another five holes to infill gaps and to confirm high-grade gold with completion expected by December 8
- Ausmex ended the day with shares 12.8 per cent in the green trading at 4.4 cents
Ausmex Mining Group (AMG) has received assays from three out of five holes completed at its Mt Freda Project in Queensland.
Latest assays include 11 metres at 3.6g/t gold from 41-52 metres including two metres at 13.8g/t gold, as well as 12 metres at 3.54g/t gold from 43-55 metres including four metres at 8.34g/t gold and five metres at 11.24g/t gold from 133-138 metres including three metres at 18.59g/t gold.
This is part of an infill drilling program being undertaken to upgrade the historic project's current mineral resource estimate which currently sits at 1.7 million tonnes at 2.06g/t gold for 113,000 ounces of gold.
Ausmex released the maiden mineral resource for Mt Freda back in June however, the estimate was completed without including historical drilling data and with only limited drilling information.
Therefore, Ausmex hopes this round of drilling will better reflect original drilling by Diversified Mineral Resources in 1989 and subsequently repeat their resource estimates.
The company expected to release the new resource by the end of November but due to drill rig availability and the slower pace of lab analysis, only five holes were completed in the last six weeks.
While assays are yet to be received for two of the completed holes, the zone of mineralisation appears to be identical to the three holes assayed.
Ausmex will drill another five holes as part of this program which will aim to infill the gaps from previous drilling and to confirm the presence of high-grade gold.
The company hopes to complete all the remaining holes for Mt Freda's resource upgrade by December 8.
Additionally, the company is about to complete drilling at its Golden Mile Project. Only three holes are yet to be drilled and this is expected to be completed by December 15.
Ausmex ended the day with shares 12.8 per cent in the green trading at 4.4 cents.