Drilling at Little Duke confirms continuation of IOCG-style mineralisation for Ausmex Mining

Ausmex Mining Group ASX AMG drilling Little Duke IOCG copper gold prospect Golden Mile Queensland
Visual inspection and logging of the additional diamond core at Little Duke indicates IOCG style mineralisation continues to a 132m depth with drilling still in mineralisation.

Ausmex Mining Group (ASX: AMG) has continued drilling at the Little Duke IOCG-style copper-gold prospect within the Golden Mile project in Queensland after activities were halted last month.

In September, the company announced a drill rig at the prospect, located near Cloncurry, had intersected 6 metres at 1.3 grams per tonne gold with 0.5% copper and 17m at 4.1g/t gold with 1.2% copper and 493 parts per million cobalt.

Reverse circulation rods on the rig had become bogged at 48m depth and the hole was terminated in high-grade gold.

The hole was recently re-entered and extended with diamond core, intersecting an additional 84m downhole of the previous results, with drilling continuing in mineralisation.

Visual inspection and logging of additional core indicates the IOCG-style mineralisation continues downhole to 132m.

Diamond core has been dispatched for gold-copper-cobalt analysis as drilling continues.

Mining lease application

Ausmex’s confidence in the prospect has resulted in a draft mining lease application.

“As Little Duke is prospective for [IOCG-style] gold, copper and cobalt with mineralisation still open along strike and at depth, [we have] commenced drafting an additional mining lease application over the project area,” the company said today.

Little Duke is located within the Golden Mile project, approximately 800 metres north-east of Ausmex’s historic Mt Freda open pit, located above a significant conductive structure previously identified by Ausmex.

Golden Mile is a joint venture between Ausmex (80% equity) and Round Oak Minerals Pty Ltd (20%) whereby Round Oak has the option to process all ore produced from Golden Mile projects including Little Duke at its Great Australia 600 kilotonnes per annum gold carbon-in-pulp processing plant at Cloncurry.

The company said it was committed to fast-tracking gold production in 2020 by utilising current infrastructure and CIP processing capacity within Cloncurry.

It is currently targeting completion of a combined maiden resource estimate for the Mt Freda Complex and Golden Mile by next month.

At mid-morning, shares in Ausmex Mining Group were trading 32.18% higher at $0.115.