Join our daily newsletter At The Bell to receive exclusive market insights
- Australian Mines (AUZ) has identified multiple new gold and copper targets at its Flemington Project in New South Wales
- The company only today received results from drilling that was completed in October last year with results returning high levels of gold, copper, bismuth and tellurium
- Australian Mines then hired RSC Consulting to put together a thorough exploration report for all of its tenements at Flemington
- This report outlined two copper-gold porphyry targets, one gold-platinum target, and one cobalt-scandium-nickel target
- Programs are now being planned to identify further mineralisation
- Australian Mines is up 6.25 per cent in mid-morning trade and shares are selling for 0.9 cents each
Australian Mines (AUZ) has identified multiple new gold and copper targets at its Flemington Project in New South Wales.
Flemington is located approximately 370 kilometres west of Sydney and is one of the most advanced cobalt-scandium-nickel projects in the state.
A mineral resource estimate from October 2017 sits at measured 2.5 million tonnes at 0.103 per cent cobalt and 403 parts per million (ppm) scandium, and indicated 0.2 million tonnes at 0.076 per cent cobalt and 408ppm scandium.
Drilling in October 2019 shows that cobalt and scandium mineralisation remains open to the north and west, and results that were only received today gives Australian Mines the opportunity to update this resource.
Diamond core drilling will be undertaken to gain knowledge over the areas of mineralisation at the project.
This program also returned high levels of gold, copper, bismuth, and tellurium, and the company hired RSC Consulting to put together a thorough exploration report for all of its tenements at Flemington.
This report outlined two copper-gold porphyry targets, one gold-platinum target, and one cobalt-scandium-nickel target.
Australian Mines is now in the process of planning an induced polarisation (IP) survey at the two copper-gold porphyry targets with aims to outline copper-gold mineralisation.
A shallow soil sampling program is then planned for the gold-platinum and cobalt-scandium-nickel targets.
“The RSC report, which is independent and utilised machine learning to objectively classify lithology that is spatially associated with mineralised areas, is very encouraging,” Managing Director Benjamin Bell said.
“Flemington’s potential to be a nationally significant cobalt-scandium-nickel project is enhanced by this report and now we also have prospective copper and gold targets to pursue at Flemington,” he added.
Australian Mines is up 6.25 per cent in mid-morning trade and shares are selling for 0.9 cents each at 10:32 am AEST.
