Ausmex Mining Group Limited (ASX: AMG) announced that the infill drilling for the resource upgrade at its Mt Freda Project in NW Queensland has uncovered further high gold grades and confirmed the continuity of grade and Gold mineralisation.
Significant infill RC drill results included 6metres @ 4.37g/t Au from 97-103m including 2m @ 5.37g/t Au from 97-99m and 3metres @ 5.01g/t Au from 100-103.
Mt Freda mine
The Mt Freda mine is located approx 60klms by road from the regional mining town of Cloncurry in NW Queensland. Mt Freda was a producing Gold Mine until 1990 and ceased operations when the Gold price went below $380 in the late 1980s.
Infill drilling
AMG had commenced infill drilling which included Reverse circulation and diamond drilling, for the resource upgrade at the Mt Freda Project. The Infill drilling program was designed to drill between already drilled holes to establish continuity of the Gold grades and mineralisation.
The company had announced diamond core holes at the Mt Freda project last week, on January 7, 2021.
High-grade DD results reported
Earlier this month, the company had reported encouraging infill diamond core drill results from the Mt Freda project.
Significant results included MF20DD004: 4 metres @ 11.40g/t Au within 8m @ 5.93g/t Au from 48-56m; MF20DD001: 2 metres @ 13.80g/t Au within 11m @ 3.60g/t Au from 41-52m; MF20DD002: 4 metres @ 8.34g/t Au within 12m @ 3.54g/t Au from 43-55m; MF20DD003: 3 metres @ 18.59g/t Au within 5m @ 11.24g/t Au from 133-138m; and MF20DD005: 3 metres @ 5.76g/t Au from 119-122m.
Additional DD results at Mt Freda had included MF19DD186: 6m @ 10.10g/t Au and 2m @24g/t Au within 24m @ 2.80g/t Au; MF19DD193: 5M @ 6.90g/t Au within 16m @ 2.60g/t Au; MF19DD177: 3m @ 11.60g/t Au within 12m @ 4.10g/t Au; MF19RC170: 1m @ 32.70g/t Au within 5m @ 7.90g/t Au; MF19DD197: 2m @ 13.20g/t Au and 1m @ 21.80g/t Au within 6m @ 4.80g/t Au; MF19RC133: 1m @ 19.30g/t Au within 4m @ 6.30g/t Au; and MF19RC116A: 1m @ 29.30g/t Au within 5m @ 7.53g/t Au.
High-grade results from RC core
The company has now announced high-grade results from the RC holes at Mt Freda.
Important infill RC drill results included MF20RC010: 12metres @ 2.23g/t Au from 181-193m including 4m @ 3.60g/t Au from 189-193m; MF20RC011: 6metres @ 4.37g/t Au from 97-103m including 2m @ 5.37g/t Au from 97-99m and 3metres @ 5.01g/t Au from 100-103; and MF20RC008: 3metres @ 2.01g/t Au from 243-246m.
Upgraded JORC resource estimates
The company said that the recent diamond core holes announced and the RC holes just received confirms the continuity of grade and Gold mineralisation, both at depth. AMG said that this will now be used for the upgraded JORC resource estimates.
The company reported that the gold mineralisation continues at a depth of 230m, which is almost five times deeper than the bottom of the historical open cut Mt Freda mine.
Next steps
Ausmex said that further work would include additional mapping, costeans, geophysical surveys, and RC and Core drilling.