Ausmex Mining has set sights on finding joint venture and/or farm-in partners for the development of its gold assets in the Burra region of South Australia.
Ausmex controls approximately 7,500 square kilometres of prospective tenure in the under-explored region, with key prospects including Mangolata Goldfields, Princess Royal, Black Hills and Ulooloo.
Ausmex completed a magnetometers (MT) survey in collaboration with the University of Adelaide, which identified multiple high-grade gold prospects at its Mangolata Goldfields and Black Hills projects.
These include 12 kilometres of prospective strike length at Mangolata Goldfields, and gold mineralisation at Black Hills over a three-kilometre strike length with associated metals.
Previous drilling at Black Hills had shown promising results, including three metres at 15.9 grams per tonne from 47 metres depth, and six metres at 23.35 grams per tonne from 66 metres.
Gold mineralisations in Burra primarily consist of auriferous quartz veins localised along faults and shears. Its gold is associated with iron, copper, arsenic and lead.
Underground gold production at the Mangolata Goldfields ceased in 1954, but the South Australian Mines Department records show a historic production of 11,127 ounces at an average grade of 45 grams per tonne gold from the site.
Ausmex is also focussed on bringing its lead asset, the Mt Freda gold project in Queensland, into production this year while advancing its Burra project.
Meanwhile, the company has continued to negotiate terms with several parties for the sale of its Gilded Rose gold project near Cloncurry in Queensland.