Ausmex has identified two prospective drill targets in an area shared with Newcrest Mining’s Canteen prospect near Cloncurry, Queensland.
The Canteen iron oxide-copper-gold ore (IOCG) prospect is owned by a joint venture (JV) between Newcrest Mining and Exco Resources, the company that discovered the target in 2012.
Newcrest and Exco recently completed farm-in drilling at the site, around 30 per cent of which is intersected by land from Ausmex’s Mt Freda gold complex.
The first of the two planned targets to be drilled by Ausmex is an 800m cored hole with very high total magnetic intensity (TMI). The second hole is a 650m cored hole that correlates with a 1km-long cobalt-copper-gold shear zone previously tested by Ausmex.
Ausmex recently reported high-grade results from drilling at the Golden Mile group, which is within the Mt Freda complex and contains several historical mines.
The drilling returned up to 42.6 grams per tonne (g/t) of gold from the Shamrock mine and 29.6g/t of gold from the Falcon mine.
Ausmex managing director Matt Morgan said the company would continue to drill from west to east across the Golden Mile’s 2km length of historic high-grade gold mines, culminating in the Little Duke and Iron Duke mines.