Australian Mines begins phase three exploration at Jequie

Australian Mines (ASX:AUZ) has begun phase three exploration at the Jequie Rare Earth Elements (REE) and Niobium Project in Bahia State, Brazil. 

CEO Andrew Nesbitt says the company is following a disciplined and systematic approach to identifying priority targets, which it says will inform a maiden drilling program.  

Australian Mines, which has a $15.38 million market capitalisation, says the exploration work will involve detailed geological mapping, rock chip sampling, stream sediment sampling, and grid soil sampling. 

Previous work completed at the project resulted in confirmation of multiple targets within two areas — Jequie North and Jequie South. 

Jequie North is defined by a northwest-southeast trending thorium anomaly extending some 7km along strike and a width of 2km. The company aims to carry out about 24km of soil traverses at Jequie North. 

Jequie South, meanwhile, is defined by a north-south trending thorium anomaly extending some 25km along strike at a width of 1.5km. Australian Mines intends to complete 35 to 40 stream sediments samples.  

The Jequie project comprises 72 mineral rights claims covering a total of about 1,310km2.  

Australian Mines is a mineral explorer focused on battery and critical minerals in Australia and Brazil. 

As of 31 December 2023, the company had $3.86 million in cash and cash equivalents at hand, according to its latest quarterly report. These amounts do not include the second-tranche placement of $934,892, which was received in January 2024.

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.