Ausmex Mining Group Limited (ASX: AMG) announced that the three most Western historical Gold Mines Comstock, Falcon, and Shamrock, within its 80%-owned Golden Mile Project in Queensland will be the first 3 Gold mines to commence Gold production planned for the first quarter of 2021.
Resource upgrade underway
AMG reported that the final infill drilling holes at the Golden Mile project are expected to be completed by the end of January of 2021. The company said that the upgraded JORC Resource Estimates are expected to be delivered within 2 weeks from assay results from the mineral laboratories for the final holes, with a possible increase on the Au grade.
The current JORC upgrade drilling program at Golden Mile had commenced to infill drill areas to confirm continuity of Gold grades between the holes, already drilled.
Scoping study
The company said that the Scoping Study is being undertaken by Alpha Mine Planning under project Management by Minecraft Holdings Pty Ltd.
Ore to be processed by Oak Minerals
According to the terms of the JV agreement between Ausmex Mining Group (80%) and Round Oak Minerals (20%), Round Oak Minerals must process all the ore mined from the Comstock, Falcon, and Shamrock projects at their Cloncurry CIP Gold processing plant 60klms to the NNW in the regional township of Cloncurry.
Mt Freda mine update
The Mt Freda Gold Mine is located approximately 500m South of the Golden Mile Gold Project.
The company said that at the Mt Freda Gold Mine, JORC upgrade drilling has now been completed and currently with the independent Resource Geologists. AMG had recently announced the results of these infill drill holes.
New upgraded JORC resource estimates
The company said that the drill hole data is now undergoing the new upgrade JORC Resource estimates for Mt Freda.
Underground mine design
AMG said that on receiving the updated JORC resource estimates, AMG will transfer the data for the Mine Design, costings, and feasibility study with independent consultants. The studies are expected to be completed within 2-3 weeks.
Feasibility study
Ausmex said that at the completion of the current resource infill drill programs at the Falcon, Shamrock, Comstock, and Mt Freda, the results will be added and included to the current modelling.
The company said that the Feasibility Study for Golden Mile mining projects Comstock, Falcon, and Shamrock is being undertaken by Minecraft Holdings Pty Ltd and is already well advanced.
*Photo courtesy of Ausmex Mining Group Ltd
