Ausmex Mining rejoices in Queensland bonanza gold strike
Bonanza gold grades were intersected in the extension of drill hole TR17RC07 with grades of up to 172g/t gold.
Ausmex Mining Group (ASX: AMG) has uncovered bonanza gold grades along with high-grade copper and cobalt from the latest drilling campaign at its wholly-owned The Trump copper-gold prospect in Conclurry, Queensland.
The junior explorer today reported exceptional drilling results from two reverse circulation holes at the project, including a 153m intersection grading 1.02% copper and 1.43 grams per tonne of gold from surface.
This continuous mineralisation included 6m at 32.9g/t gold with 4m at 48.9g/t gold, plus 7m at 1555 parts per million of cobalt with 1.02% copper and 0.32g/t gold.
According to Ausmex, bonanza gold grades of up to 172g/t gold were also intersected in the RC hole, which was an extension of a hole drilled during the Trump maiden drilling campaign at the end of last year.
The second RC hole in the latest campaign, located further to the west, returned a 157m intersection grading at 0.67% copper including three zones of mineralisation with a combined 77m averaging 1.03% copper.
Ausmex is currently undertaking a 2500m RC drilling program on the Golden Mile gold prospect in its nearby 80%-owned Mt Freda Complex gold project.
However, the company said once this is completed, additional drilling at The Trump prospect is planned to further define high-grade copper, gold and cobalt mineralisation.
Stage three drilling of The Trump will involve stepping out further along strike and orientating holes to establish a true thickness of mineralisation.
Prime location
According to Ausmex, the Trump prospect is proving to be a highly prospective high-grade copper-gold-cobalt project with the potential to host a large mineralised deposit that is still open at depth and along strike.
Ausmex managing director Matt Morgan said the “remarkable” results from the latest drilling campaign highlighted The Trump’s “potential to host a significant and valuable economic deposit”.
“The project has an excellent location adjacent to road and rail infrastructure and within trucking distance to multiple ore processing facilities,” he added.
According to Ausmex, the combination of a granted mining lease in close proximity to spare processing capacity and existing infrastructure “significantly reduces mining approval times and working capital requirements, that may allow the potential fast tracking to production of any economic mineral resources later defined”.
The company’s stock was sitting up 79.41% at A$0.061 by afternoon trade.