AMG – CSRIO AUSTRALIA DESCRIBE CANTEEN “AS ONE OF THE LARGEST MAGNETIC ANOMALIES IN THE MT ISA LINEAR AND INDEED AUSTRALIA”

In October 2016 CSIRO Australia (Mineral Resources “www.csiro.au” released a document on the Canteen and Canteen South that is owned 1/3rd by Ausmex Mining Group and 2/3rds by Round Oak Minerals Pty Ltd, a subsidiary of WH Soul Pattison Group and JV with Newcrest Minerals (NCM) This report (attached below) by Australia’s own CSIRO has only just been uncovered. This is an exclusive for Goldtalk.

We, at Goldtalk, have never read a report so confident that the anomaly (IOCG) described below by the nations largest technical, world class, diverse and respected institution like the CSIRO, that after reading their entire report, that we have to undoubtedly and respectably, agree with their findings. When the drill finally hits the jackpot it will be a jackpot of super proportions. This is, at the end of the day, Australia’s foremost institution making these statements. Take into account, that Newcrest Mining have drilled the anomaly, more than 14 months ago and never released the assay results, also needs to be taken into account. Whether Newcrest are now going to take Ausmex’s lead and follow up with the geophysical IP and EM surveys is anyone’s guess, or they already sitting on the Golden Egg? Which ever way it goes Ausmex has more than a third of it.

The CSRIO carried out a very detailed exploration program over the Canteen and Canteen South and declared, (See report attached) “The Canteen was selected for the study because it represents a large highly magnetic target, associated with complex overprinting of several stages of metasomatism, accompanied by redox zonation of magnetite and pyrrhotite. The Canteen furthermore, sits along a major crustal lineament, the Cloncurry Lineament (Austin and Blenkinsop). The giant Ernest Henry Copper Gold Mine owned by Glencore sits to the North of the Canteen and lies on the lineament. CSIRO also went on to say, ” The Canteen and Canteen South magnetic anomalies lie over 2 klms in strike and has an amplitude of approximately 8,000mT, making it one of Mt Isa inlier making it one of the largest magnetic anomalies in the Mt Isa Linier and indeed Australia.”

During the past year the anomaly has been drilled by Newcrest Mining (NCM) in August 2018 and again in April 2019 but have yet to release results from the assays. We understand over 8 x 800m holes and 2 x 750m holes. The only details released was in the recent quarterly report where the Company said, ” we went to follow up the extensions of the previous drilling” Ten dollar question is “what extension?” Drilling was also carried out by Ausmex Mining Group (AMG) who hold over 1/3rd of the anomaly. Drilling to date from Ausmex have released assays for 6 holes all intersecting 50 to 70m intersections of excellent grades of Copper and Gold. The drilling has also reported some interesting geological information including the intersections of tuffsites (vents from volcanic action which hosts the source of the minerals). Ausmex also reported diamond core with Volcanic ash meaning that they were probably within 1,000 metres or closer to the source of the minerals. However, Ausmex made the decision to suspend the drilling of the +500m Diamond core holes and have taken advice from Geophysicist and geoscientists to use the holes that intersected the mineralisation to complete IP and EM downhole surveys to the 500m depth and to follow the results of the survey. After intersecting the mineralisation over 70m in some places it seems logical and smart to trace the mineralisation using the IP and EM techniques. Like most of the worlds largest mineral discoveries, they were discovered using these technique, in particular EM and IP. This was the smart thing to do, instead of blazing away with deep expensive diamond core hoping to hit the mineral source. BHP did the same thing when they discovered Olympic Dam, 27 holes and bingo, just follow the downhole magnetic field and the conductivity. It seems that the Company came under a little pressure in recent weeks, because of expectations of punters, some who have departed, but I think personally that Ausmex Directors will have the last laugh.

The Canteen (Ausmex) was mined in the 1980’s by Diversified Mineral Resources who was mining and transporting the ore to Mt Isa Mines. Records show that 120,000 tonnes was mined at 3.2g/t Au and 3% Cu. This sites directly above the anomaly. The grade is the mid 80’s was too low to continue and mining ceased is 1989. It is believed that the Canteen owned by Ausmex and the Canteen South currently, the subject of a JV between Round Oak Minerals and Australia’s largest goldminer Newcrest Mining (NCM).

Click here for attached CSIRO report

Goldman

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