Ausmex Mining is continuing to strike high-grade gold mineralisation at its Mt Freda project near Cloncurry.
Recent drilling had delineated more than 75m of continuous down dip, high-grade mineralisation at the Shamrock mine, the company said.
Shamrock is one of 10 historic gold mines within an area of the Mt Freda complex dubbed the Golden Mile.
“The recent drilling results continue to highlight the potential for the Golden Mile suite of mines to host significant high-grade gold mineralisation,” the company said in a statement to the ASX.
“With current gold prices in excess of $2000 per ounce, and current haul road infrastructure in place to two separate third-party ore processing facilities that have a potential combined annual throughput of approximately 1Mtpa, the company is focused on defining a large JORC mineral resource by November, suitable for an open-cut, bulk mining operation.”
Ausmex holds the Golden Mile prospect in joint venture with Round Oak Minerals, which operates a gold processing plant in Cloncurry.
A 15,000m reverse circulation and deep diamond core drilling program is continuing at its Mt Freda complex – including the former Mt Freda mine, the Golden Mile prospect and a deeper IOCG target.