AMG-AUSMEX CASHES UP WITH SALE OF NON CORE ASSET FOR $4M SALE

Ausmex Mining Group is a Gold explorer who is drilling several high grade Gold mines in the Cloncurry Mineral Field 100klms East of Mt Isa. The Company recently announced the sale of the Gilded Rose Gold for $4m. The Gilded Rose mine, sits around 19klms East of the regional township of Cloncurry. The mine was originally mined at the turn of the century with an average grade of 47g/t Au. There is quite a lot of recorded history available on this historical Gold mine at the Queensland Mines Department.

Goldtalk made a call to Ausmex MD Matt Morgan, he said, ” it was more sensible and strategic to sell a prospect like the Gilded Rose which the Board considered, was surplus to our current Company requirements and allow us to focus on the Mt Freda Complex and associated prospects.” He said, ” Ausmex (80%) owns the Golden Mile Prospects in JV with WH Soul Pattison (20%).” The Mt Freda Complex, he said, “apart from the Golden Mile and 30Sq Klms of EPM’s, Ausmex owns the Mt Freda historical high grade Gold Mine that was producing until 1990 as well as other high grade historical producing Copper and Gold Mines, all with granted mining leases and in the immediate area”. Mt Freda, he said, “already has 5 granted Mining Leases”. The Company has reported, that the Golden Mile where significant high grade Gold has been intersected, is situated only 500metres North of the Mt Freda Gold Mine and consists of 8 historical Gold Mines all with parallel North/South striking orebodies, with a combined strike length of 8klms and spread across a 2 klms wide zone. Ausmex, has reported that historical records, relating to the Golden Mile, confirm a combined average production Gold grade of 55g/t Au”. The 8 historical Gold Mines that make up the Golden Mile, have been lying dormant in thick scrub until recently discovered in 2018 by Ausmex. The sale of the Gilded Rose, the MD says, “also allows the Company to help fund the ongoing drilling, exploration programs, including the Burra prospect that lies within the G2 corridor, the location of the giant BHP Olympic Dam mine in SA in October.”

The Company has previously reported, that the Mt Freda project, already with granted ML’s and a 2004 JORC Resource completed by QMN with over 100,000 ounces of Gold was the Company’s main focus. The Gold resource defined by QMN is ready to be mined by open-cut. The Company said, “that to, commence mining of the Mt Freda Mine, the Company would only be required to lodge a Plan of Operations, to the Mines Dept and transport the ore to the Soul Pattison Gold process plant in Cloncurry. Because no processing of the ore from Mt Freda will be processed on site, the EPA approval is far more less complicated. Only an area for the waste and the ore stockpile area located for transport to the process plant in Cloncurry is required.

Burra Drilling now fully Funded

The Gilded Rose sale funds, Ausmex says, will assist the funding, of the deep drilling at their Burra Project (AMG 7,000sq klms of EPM in South Australia where our exhaustive geophysical surveys, have identified 6 highly prospective targets of up to 14klms x 6 klms wide, magnetic and conductive structures”. What also, attracted Goldtalk to this story, is that all of the exploration (funded by the Australian Federal Government) that has taken place at Ausmex Burra Project, is all within the G2 corridor is its “near project” including the BHP owned Olympic Dam and the Oz Minerals owned, Carapateena and Prominent Hill mines. Time will tell.

Goldman

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