- RC and diamond core drilling confirms additional high-grade gold at Mt Freda
- Ausmex is moving towards a combined Maiden JORC resources estimate for the project
Ausmex Mining has announced its drilling program at Mt Freda has confirmed additional high-grade gold up to 32.7 grams per tonne.
Other significant results include 5m at 7.9g/t of gold, 24m at 2.8g/t of gold, 7m at 5.2g/t of gold, 10m at 2.8g/t of gold and 9m at 2.3g/t of gold.
The Mt Freda open mine is located within the granted Mining Lease ML2752. It has current haul road access to two third party gold CIP ore processing facilities within Cloncurry with a combined processing capacity of approximately one million tonnes per annum.
Ore from the mine has been processed at the Great Australian Mine which is currently operated by Round Oak Minerals. Ausmex has the option to process all ore produced from the Golden Mile projects at Round Oak’s Great Australian 600 ktpa Gold CIP processing plant in Cloncurry.
Before Ausmex, Mt Freda was not mined since 1991 following the fall in the gold price to historic lows below US$300 per ounce. Between 1987 and 1991, it produced approximately 30,000 ounces of gold per annum at an average grade of 4 grams per tonne of gold.
Previous mining reports indicate recoveries of over 95 per cent gold via CIP processing.
Ausmex will keep shareholder updated on its current exploration programs in the next four to six weeks.
The company is moving towards a combined Maiden JORC resources estimate for the Mt Freda Complex, including the Golden Mile projects by late November 2019.
Ausmex aims to commence a preliminary mining study for Mt Freda in early December. This mining study will focus on accelerating gold production by utilising current infrastructure and CIP processing capacity within Cloncurry.