Ausmex Mining Group has acquired a joint venture with Queensland Mining Corporation (QMC) to explore and mine within the Cloncurry region.
The company has completed the first and second sale under the Cloncurry Option agreement – acquiring a combined interest of 80 per cent in the venture with QMC.
The deal offers up potential to unlock early gold production potential at the Gilded Rose and Mt Freda projects. As part of the move, Ausmex will drive an aggressive exploration and project management programme.
Ausmex is now finalising an intensive exploration plan focused on identifying gold, copper and cobalt targets within the Cloncurry suite.
The programme will be followed by technical studies and engineering work to be carried out prior to the recommissioning of the gold processing plant at Gilded Rose to permit trial mining and production.
The in-house production management expertise with Ausmex will focus on low capex gold production projects, with cheaper heap leach potential within a short timeframe, to increase cash resources for ongoing exploration.
“This is a major milestone for the Ausmex team, securing an 80 per cent interest in long, and tightly-held, highly prospective ground,” said Matt Morgan, Ausmex’s managing director.
“We are now focused on fast-tracking exploration on identified gold, copper and cobalt mineralisation.
“I look forward to updating shareholders on our continuous progress on this exciting journey.”