- Gold producer Ausmex (AMG) has joined forces with explorers Activex (AIV) in a bid to activate its Mt Freda Gold complex this year
- The strategic alliance has been set up for both parties to help identify and acquire Gold Ore processing facilities at Cloncurry in northwestern Queensland
- Ausmex hopes the alliance will provide both companies with the opportunity to partner up in long term gold production, if they can acquire the processing facilities
- The company is bullish that with the combination of its golden mile application and its Mt Freda mining leases, it’ll be able to develop a multi-pit mining hub within hauling distance of the Cloncurry processing facilities
- Following the announcement, Ausmex shares are down 2.32 per cent, trading for 4.2 cents each while Activex shares are up 7.7 per cent to 14 cents per share
Gold producer Ausmex (AMG) has joined forces with explorers Activex (AIV) in a bid to activate its Mt Freda Gold complex this year.
Ausmex initiated the strategic alliance so both parties could team up to help identify and acquire Gold Ore processing facilities at Cloncurry, in northwestern Queensland.
Mt Freda open cut was previously operated by Diversified Mineral Resources from 1987-1991 producing approximately 30,000 ounces of gold per annum at an average grade of 4 grams per tonne.
Mining ceased in 1991 following the fall in gold price to historic lows below USD$300 per ounce.
If all goes well, it could lead to Ausmex and Activex partnering up for long term gold production.
The alliance will potentially lead to the grand plan of a joint venture multi-pit mining hub within hauling distance of the Cloncurry processing facilities.
Ausmex says that can be achieved through the combination of its golden mile application and the Mt Freda mining leases.
The current term for the heads of agreement is four months, however, and with a satisfactory outcome under the strategic alliance, the parties intend to enter into a joint venture (with Ausmex boasting a 75 per cent stake and Activex a 25 per cent slice) for any potential acquisition or transaction of the plant.
Following the announcement, Ausmex shares are down 2.32 per cent trading for 4.2 cents, each while Activex shares are up 7.7 per cent to 14 cents per share.