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Ausmex Mining Group Limited (AMG)
is a publicly listed company on the Australian Securities Exchange (ASX).


{{businessSummary}}

General Overview

About Ausmex Mining Group

Ausmex is a company assembled by experienced, exceedingly well-qualified and all very well rounded team members that have previously floated exploration companies which achieved major resource discoveries and success. Between the Ausmex team members, Ausmex as a company have well over 100 years of accumulated experience in the mining, exploration and resource sector.

Ausmex principal objective is to acquire assets to explore for and develop a large IOGC or porphyry deposit funded by low-risk gold production resources. To that end, Ausmex has a license covering 970 sq km prospective for gold/copper in the Mount Bryan-Red Banks-World’s End area near Burra in South Australia; with strategic agreements with Queensland Mining Corporation.

Ausmex is ultimately seeking a listing on ASX in order to raise funds with a view to accelerating the development of the Ausmex projects.

Business Model and Strategy

Ausmex is planning two key strategies as corporate objectives: (a) to secure exploration projects that have potential to host giant world class IOCG or porphyry copper gold deposits such as Ernest Henry or Rocklands in Queensland, Olympic Dam in South Australia or Cadia – Ridgeway in New South Wales; and (b) allied and conducive to such exploration, secure gold/copper production opportunities on smaller gold projects to fund exploration and asset growth.

Studies of both IOCG and porphyry copper gold deposits in Queensland, South Australia and other mineral provinces have allowed geologists to formulate typical IOCG models or porphyry models based on the significant number of copper gold discoveries in those regions. Many of the largest copper gold deposits show atypical features however, which suggest a transition from porphyry or mesothermal conditions or indicating overprinting of a hydrothermal system on a porphyry environment. IOCG signatures have also allowed key indicator profiles to be built as exploration pathfinder tools.

The two key mineral provinces in which Ausmex projects are located are the Mt Isa Inlier, Queensland and the G2 Structural Corridor in South Australia. The geological model and structural controls for each province can be interpreted by reference to tectonic setting and the evolution of the volcanic arcs in each region. In particular, deposit form, vein texture and mineralogy coupled with growing knowledge of the hydrothermal alteration which accompanies the formation of these type of copper gold deposits, are useful tools available now to explorers in those provinces towards recognising the key features of copper gold-bearing geological environments. Thus an ‘indicator checklist’ of IOCG or porphyry features in Queensland and South Australia can be utilised in exploration.

Ausmex plans to focus on geochemical sampling and geological mapping against which the typical geochemical, geophysical and geological profiles will be compared in search for a match in focusing the best drilling targets.


Projects

Queensland

Evening Star IOCG/ Oxide Project

The Evening Star Project is located 39 km southeast of Cloncurry and consists of three granted mining leases that lie adjacent to the Mt Freda gold deposit comprised of mining lease ML2742, North ML2763, and ML2750 (total area 21ha). A 20 hole RC programme drilled 160m of the potential 600m strike length by former tenement holder DMR. There is potential to delineate further mineralisation both down dip and along strike as the Evening Star deposit is open in all direction both down dip and along strike as the Evening Star deposit is open in all directions although it does thin at surface. The target has IOCG potential or as near surface oxide material to feed a heap leach or other processing operation.

QMN in its 2008 prospectus included an independent geologist’s report (Australian Geoscientists- author Neil Stuart) which stated: “The northern end of the Evening Star mine was worked on a small scale in the 1880s. The first reference to modern exploration was by Broken Hill Proprietary  Ltd which in the 1970s drilled two holes immediately south of the Evening Star open cut. Information about this drilling is sketchy and no records have been sighted. During the early 1980s, and about 1,000 tonnes of ore averaging 4.3% Cu was mined and sold to Mt Isa Mines before DMR bought the Evening Star project in 1987. DMR later mined 380.84 tonnes of oxide ore averaging 3.9% Cu and 0.96 g/t Au that was sold to Mt Isa Mines.”

Flamingo IOCG Project

The Flamingo Project is located 105 km NNW of Cloncurry and comprises mining leases with a combined area of more than 13 square km. Drilling by MIM in the early 1990’s intersected encouraging gold and copper grades.

QMN in its 2008 prospectus included an independent geologist’s report (Australian Geoscientists – author Neil Stuart) which stated: “Many old copper workings are present in the area, although only minor amounts of ore have been mined. Mining Lease 90103 contains scattered workings that include prospecting pits, shafts and costeans while shallow prospecting pits have been reported in the northern part of Mining Lease 90104.”

MIM completed exploration within the project area during 1990-96, while investigating EPM7052 for economic concentrations of copper-gold mineralisation. Follow-up exploration included geological mapping. Drilling was undertaken by QMC to test the coincident copper-gold soil anomaly, which resulted in encouraging copper and gold grades being intersected. As well, several MIM holes intersected wide intervals of oxide copper-gold mineralisation.

Gilded Rose Gold Project

The Gilded Rose Project is located 15 km east-southeast of Cloncurry and has a history of mining dating back to 1882. There are four granted mining leases (66.41 ha), including mining leases ML2709, ML2713, ML2718, & ML2719, owned by Spinifex.

The Gilded Rose group of workings have produced approximately 280 kg of gold, most of which came from the oxidised zone. Potential for mineralisation is present in repeat structures and associated with the 1.5 km long system that hosts the Gilded Rose group of workings. Ausmex plans to step out and re-focus drilling on cross faults to 200m targeting Au-Cu mineralisation.

Morris Creek IOCG Project

The tenement consists of one sub-block (EPM 15076 of 3 sq km) and is located approximately 18 km to the west of Cloncurry. Access to the tenement is via station tracks leading north from the Barkley Highway. Low hills and shallow creeks dominate the terrain. The Morris Creek project abuts Cudeco’s Ltd’s ground to the north where the Rocklands Cu-Co-Au deposit was discovered and is now under mine development. The prospect is located in the hinge part of the regional north-plunging Duck Creek Anticline in the highly mineralised eastern fold belt of the Proterozoic Mount Isa Inlier. The area hosts the Overhang Jaspilite and Mitakoodi Quartzite units of the Mid Proterozoic Age, which are intruded by dolerites and transacted by NE, NS and NW trending faults.

Past work has identified strong ferruginous and silicified zones in the northern part of the tenement where intense deformation and oxide copper mineralisation are evident along a NWW-SEE trending linear structure (estimated to be at least 300m long and 5m wide) parallel to the mineralisation zones defined in the Cudeco’s Rocklands Project. Copper showings were also recognised in the central part of the tenement in association with marble units and mafic intrusives. In addition, historical soil sampling by SRC highlighted an elevated copper anomalous zone at an extent of 700m by 50m over 200 ppm Cy in the southwestern portion of the project area.

Jessievale IOCG Project

Jessievale EPM 16078 is located 48 km north-northwest of Cloncurry in northwest Queensland. The EPM comprises four sub-blocks that cover an area of 13 sq km.

Work by Western Mining Corporation involved interpretation of aeromagnetic data, compilation of previous exploration results, and a regional gravity survey with later infill at 200 x 400m spacing. The gravity survey found an anomaly trending north-south for 7 km in the eastern part of their tenement. In 1999, the tenement was assigned to BHP and in 2000, after reviewing WMC’s exploration results farmed out the tenement to Noranda Pacific Pty Ltd. Three diamond holes were drilled to test coincident magnetic and TEM anomalies. The holes intersected massive magnetite and strong zones of pyrite-pyrrhotite several metres wide, with trace chalcopyrite mineralisation.

The Jessievale EPM is located within the Ernest Henry magnetic terrane, nearly 31 km northwest of the Ernest Henry Mine (166 Mt at 1.1% Cu, 0.54 g/t Au). Despite being investigated by other explorers, it remains prospective for IOCG mineralisation within Proterozoic basement rocks, which are concealed by up to 60m of younger Mesozoic-Cainozoic cover. Several structures are obvious from the geophysical data, some of which could be major pathways for mineralising fluids.

Wide spaced drilling by previous explorers outlined several zones of anomalous Cu and Zn geochemistry within Proterozoic basement rocks at the Jessievale and Cattle Creek Prospects. The zones of anomalous geochemistry have not been fully tested at depth and warrant follow-up investigations.

Mt Freda Gold Project

Mt Freda lies 39 km southeast of Cloncurry and comprises mining leases ML2741 and ML2752 (total area 120.28 ha) held by Spinifex Mines Pty Ltd (of which Ausmex is to hold 80% and QMN 40%) (Spinifex).

Former tenement holder Diversified Mineral Resources NL (DMR) production averaged 88 – 90% Au recovery from its carbon in leach plant producing over 350 kg of gold. Depending on the level of success in establishing a mineral resource, Ausmex will assess this project for development through the use of the Gilded Rose plant. A low-cost heap leach operation will be considered as one of the production options. Project infrastructure and mine layout from previous operations may reduce development costs for such an operation.

Ausmex’s in-house technical team will undertake project planning studies including a drilling program, metallurgical test work, bulk sampling or trial mining and other feasibility work.

South Australia

Burra Projects

The Burra Projects, covering 970 sq km comprising three project areas in South Australia. Ausmex is targeting IOCG or porphyry copper-gold targets, Burra-style base metal deposits and vein-style gold deposits at its projects near Burra in South Australia.

Ausmex has two projects, Mt Bryan and World’s End, on strike from the famous Monster Mine which produced 10% of the world’s copper in 1851 and which became a copper boomtown and largest inland population centre in Australia at that time. Ausmex’s third South Australian project, Redbanks, is set on the same geological unit as the prolific Mongolata goldfield north-east of Burra with added prospectivity for phosphate.

These areas contain structural features with potential for mineralization produced by transportation of deeply sourced fluids typical of porphyry or IOCG style deposits and are also prospective for Burra-style base metal deposits and vein style gold deposits.

Mt Bryan Copper Gold Project Block

The Mt Bryan Block is about 12 km northwest of the township of Burra and in the same geological trend as the Monster Mine at Burra. The Burra region is reported to have historically produced 86,000 tonnes of copper in its history and produced 40,000 tonnes in the period 1969 to 1981 in its ‘second life’. The Monster Mine at Burra is reported to have produced 10% of the world’s copper supply in 1851 (ref. Copper Mining and Treatment in South Australia – Ken F. Bampton, Consultant Geologist).

The Monster Mine ore zone is hosted in a fractured and brecciated zone within the Skilogalee Dolomite member of the Adelaidean Burra Group of Neoproterozoic age. The geological unit consists of limestone, dolomite and dolomitic siltstone of which the Skilogalee dolomite forms the country rock. A group of volcanic porphyry dykes located within the current pit environment are interpreted as a possible source of the copper. Significantly Phoenix Copper in its Burra Group – Annual Technical Report 2009 to 2010 stated: “A small lens of sulphide- mineralized intrusive feldspar porphyry was exposed in the open pit. It is possible that this exposure represents an offshoot from a larger igneous body at depth, and if such a body is present it may well be the host of the primary mineralization from which the oxide bodies have been derived.”

Ausmex wishes to pursue a target based on a north south structural feature containing the magnetic high which is a proposed hidden porphyry model and deep seated intrusive.

Redbanks Gold Phosphate Project Block

The Redbanks Block is about 10 km east of the township of Burra adjoining the Mongolata gold field hosted within the Cox Sandstone unit. The Cox Sandstone unit which extends south across Redbanks project area is the host to the large number of Mongolata gold deposits.

Former tenement holder Phoenix Copper summarised the Mongolata goldfield geological model to the north of the Redbanks Block in its Burra Group- Annual Technical Report 2009 to 2010 which stated: 49 “The host formation for mineralisation in the goldfield is a feldspathic, sandy siltstone named the Cox Sandstone, belonging to the Neoproterozoic Tarcowie Siltstone Formation; which overlies the Tapley Hill Formation units. The Cox Sandstone outcrops for approximately 12 kilometres along the eastern scarp of the Mt Lofty Ranges, with most of the gold developments concentrated within a 4- kilometre extent within this outcrop. These formations are developed within a deformed (Delamerian orogeny) Neoproterozoic basin of greenschist facies metamorphism termed the Nackara Arc, this basin joins the larger Adelaide Geosyncline to the west. Gold mineralisation is hosted in a network of cross-cutting quartz-veins, with large flat-lying veins recording the highest gold production. Exceptional high-grade coarse-grained gold occurs at the intersection of these lodes with steeply-dipping veins. Mineralisation within veins and breccias outward into the hanging or foot-walls of the Cox Sandstone is also reported. The interface between the Cox Sandstone and the underlying laminated metasiltstone is characterised by the bedding- parallel “Limonite Lode”.

A typical model cross section for the significant Cox Sandstone Unit hosting these gold zones is shown above. Ausmex wishes to pursue a target based on potential for similar mineralization to that of the Mongolata Goldfield just to the north of the EL. This model is underscored by the Redbanks Block outline map above providing potential along the Cox Sandstone trendline for many gold targets given the multitude of gold deposits within the Cox Sandstone unit to the north.

In addition, given the existence of phosphate deposits to the south of the Redbanks Block, a phosphate prospectivity zone has been highlighted by past explorers including Phoenix Copper shown by the phosphate trend line in the diagram above. Ausmex will conduct a dual gold and phosphate exploration program in EL 5881 (SA).

World’s End Copper Gold Project Block

The World’s End Block area is about 15 km south east of the township of Burra and in the same geological trend as the Monster Mine at Burra. As referred to earlier the 50 Monster Mine ore zone is hosted in a fractured and brecciated zone within the Skilogalee Dolomite member of the Adelaidean Burra Group of Neoproterozoic age. The geological unit consists of limestone, dolomite and dolomitic siltstone of which the Skilogalee dolomite forms the country rock. Petrographic analysis shows a series of tuffaceous and volcaniclastic beds within the dolomite sequence without any large body of intrusives.

The World’s End prospect area is an interesting prospect as it lies in a trend zone having a number of common structural and geological features within the Skilogallee Dolomite that hosts the Monster Mine and thus is a prime drilling target once confirmatory work is done to validate the targets.



Contact Info

Ausmex Mining Group Limited

Level 13
50 Carrington Street
Sydney, NSW
AU Australia, 2000

Phone: +61 8 8315 3268
Email: enquire@ausmexgroup.com.au
Website: http://ausmexgroup.com.au/


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Important Information

The General Overview, Services, Products and Projects information for this profile was last edited on 15 May 2017.

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