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Australian Mines (ASX:AUZ) - Managing Director, Benjamin Bell
Managing Director, Benjamin Bell
Source: Master Investor
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  • Advanced battery materials developer Australian Mines (AUZ) has received positive results from its drilling program at its Thackaringa asset, now called the Broken Hill Project, in NSW
  • The company conducted a reverse circulation (RC) drilling program over Alpha 1 and Alpha 5, while also conducting electromagnetic surveys
  • All five RC drill holes intersected the same host geology as the nearby supergiant lead, zinc, silver orebody at Broken Hill
  • Follow-up drilling is planned for Alpha 1 and Alpha 5 once COVID-19 travel restrictions are eased
  • On the market this morning, Australian Mines remains in the grey and trading for 1.5 cents per share

Advanced battery materials developer Australian Mines (AUZ) has received positive results from its drilling program at its Thackaringa asset at Broken Hill, NSW.

Due to these results, the company now calls the Thackaringa asset the Broken Hill Project.

In 2017, Australian Mines undertook an airborne Versatile Time Domain Electromagnetic survey over its Broken Hill Project, which found nine separate anomalies with the potential to host base metal mineralisation. Of these anomalies, Alpha 1 and Alpha 5 warranted follow-up drill testing.

Drill testing included three reverse circulation (RC) holes at Alpha 1 and another two at Alpha 5.

All five RC drill holes intersected the same host geology as the nearby supergiant lead, zinc, silver orebody at Broken Hill.

The recently completed drill program also included down-hole electromagnetic (DHEM) surveys of the Alpha 1 and Alpha 5 targets and a moving loop electromagnetic survey at Alpha 5.

Alpha 1

At Alpha 1, through the RC drilling program and DHEM survey, AUZ has successfully found off-hole conductive sources with potential sulphide mineralisation.

Australian Mines aims to undertake a follow-up drill program targeting these off-hole conductors once the COVID-19 travel restrictions have been lifted.

Alpha 5

Over at Alpha 5, results from the drilling and surveys shows that a conductive source is located near where the company drilled its recent RC holes.

“In this case, the MLEM and IP data suggests that this body is located immediately
east of the Company’s recent drilling, has a low resistivity, dips to the west with the conductivity of the body becoming stronger with depth,” the company said.

Like Alpha 1, Alpha 5 will also be drill tested once restrictions have been lifted.

Managing Director Benjamin Bell is pleased with the results from its latest drilling program.

“They indicate the geology at the project is consistent with Broken Hill-style sulphide mineralisation and confirm the presence of anomalous lead, zinc, silver and copper,” he said.

“Our primary focus remains to advance our flagship Sconi Project to full production and we are continuing to make good progress in our negotiations with potential offtake and financing partners. Our test drilling program at the Broken Hill project is part of our longer-term strategy to maximise the value from both the Broken Hill and Flemington projects,” he added.

On the market this morning, Australian Mines remains in the grey and trading for 1.5 cents per share at 10:03 am AEDT.

AUZ by the numbers
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