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Corporate Spotlight

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.
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AUSMEX IS GOING FOR GOLD

IOCG DRILLING UPDATE

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IOCG TARGET DRILLING UPDATE

ASX Announcement 8 July 2019 

Latest Diamond Core hole drilled along the + 1500 m potential IOCG conductive anomaly is the third hole to intersect Copper & Gold mineralisation.

  • Latest drill hole ES19DD004 intersects 51 m @ 1.21 % Cu and 0.70 g/t Au with 295 ppm Co (0 – 51 m) above the conductive target.


Figure 1. Drill hole location plan with current and previous significant intersections above the potential conductive IOCG targets, (Refer ASX release 6th December 2017, 29th November 2018, 1st July 2019).


Ausmex Mining Group (ASX: AMG) (“Ausmex” or “The Company”) is pleased to announce that to date three Diamond Drill holes have now intersected copper, gold, & cobalt along the projected +1500 metres of strike length of the IOCG target (“potential porphyry” as recently described by Emeritus Professor Ken Collerson; Refer ASX release 1st July 2019) anomaly previously identified as a conductive structure. All three drill holes are located within the Ausmex tenements, refer figure 1 above.

The latest hole ES19DD004 intersected 51 m @ 1.21% cu, 0.70 g/t Au and 295 ppm Co, with an additional 4.5 m of assays outstanding. The hole was terminated at a depth of 55.5 m when drilling hit a ~ 4 m void with no sample recovery. An additional hole is currently planned to re drill this target below the void. Recent significant drill hole intersections along the conductive target include:

  • LD18RC006 intersected combined 67 m @ 1.33% Cu, 0.47 g/t Au (Refer ASX 29th November 2018)
  • ES19DD001 intersected 29 m @ 0.90% Cu, 0.35 g/t Au (59.5 – 88.5 m) (Refer ASX 1st July 2019)
  • ES19DD004 intersected 51 m @ 1.21% Cu, 0.70 g/t Au and 295 ppm Co (0-51 m)


Figure 2. Geological interpretation of Diamond Core Hole ES19DD004 drilled under the Evening Star Copper mine into an Ausmex potential IOCG conductive target. The drill hole was terminated at a depth of 55.5 m when drilling intersected a void (possible historic underground working). The final 4.5 m ( 51-55.5 m) of down hole assays are still outstanding.

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BONANZA GOLD GRADES

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AUSMEX’S GOLDEN MILE DRILLING DELIVERS BONANZA GOLD GRADES UP TO 23 g/t GOLD.

ASX Announcement 1 July 2019 


DRILLING ON THE AUSMEX OWNED IOCG ANOMALY INTERSECTS MINERALISATION FROM NEAR SURFACE TO ~90 m AT THE PROJECTED SOUTH WEST EXTENSION. THE DIAMOND CORE HOLE WAS DRILLED ~1500 m FROM DRILL HOLE LD18R006 THAT INTERSECTED 67 m @ 1.33% Cu AND 0.47 g/t Au (Refer ASX release 29th November 2018). MINERALISATION INDICATES THE POTENTIAL FOR A LARGE PORPHYRY DEPOSIT, AS 1 INTERPRETED BY EMERITUS PROFESSOR KEN COLLERSON ( 1Refer Appendices Report 1.)


Golden Mile RC latest drilling result, phase 2 include: 

  • Drill Hole FA19RC021: 7 m @ 10.50 g/t Au (23-30 m) includes 4 m @ 17.80 g/t Au 
  • Drill Hole SH19RC034: 5 m @ 9.00 g/t Au (27-32 m) includes 2 m @ 21.70 g/t Au 
  • Drill Hole SH18RC007: 5 m @ 8.00 g/t Au (25-30 m) includes 3m @ 12.00 g/t Au 

The Phase 2 drilling results confirm previously released 2018 Drilling at the Golden Mile in phase 1 below included: CO (Comstock), FA (Falcon) SH (Shamrock) (Refer ASX releases from 30th August 2018, 10th September 2018, 8th & 26th October 2018, 9th ,15th & 23rd November 2018 for results).


CO18RC0O9: 11 m @ 4.39 g/t Au (21-32 m) incl 2 m @ 18.31 g/t Au & 6 m @ 7.40 g/t Au 

CO18RC014: 12 m @ 5.00 g/t Au (25-37 m) incl 4 m @ 10.00 g/t Au & 2 m @ 17.00 g/t Au 

CO18RC015: 10 m @ 4.49 g/t Au (23-33 m) incl 5 m @ 6.86 g/t Au & 2 m @ 15.27 g/t Au 

CO18RC001: 15 m @ 7.27 g/t Au (8-23 m, incl 2 m void) incl 3m @ 13.91 g/t Au 

CO18RC003: 7 m @ 7.60 g/t Au (8-15 m) incl 3 m @ 12.10 g/t Au 

CO18RC004: 9 m @ 2.40 g/t Au (9-18 m) incl 4 m @ 4.50 g/t Au 

FA18RC011: 8 m @ 10.00 g/t Au (24-31 m) incl 4 m @ 18.93 g/t Au 

FA18RC013: 10 m @ 3.78 g/t Au (36-46 m) incl 5 m @ 7.23 g/t Au 

FA18RC019: 2 m @ 12.45 g/t Au (13-15 m)

FA18RC016: 13 m @ 4.27 g/t Au (44-57 m) incl 5 m @ 8.11 g/t Au 

FA18RC017: 3 m @ 6.91 g/t Au (09-12 m) incl 1 m @ 20.20 g/t Au 

FA18RC014: 2 m @ 15.85 g/t Au (55-57 m) 

SH18R008: 28 m @ 4.34 g/t Au ( 37-65 m) incl 2 m @ 23.50 g/t Au & 2 m @ 14.90 g/t Au 

SH18RC025: 3 m @ 8.18 g/t Au ( 53-56 m) incl 1m @ 19.90 g/t Au 

SH18RC005: 23 m @ 2.00 g/t Au (102-125) incl 5 m @ 4.00 g/t Au & 1m @ 26.00 g/t Au 

SH18RC024 : 3 m @ 27.22 g/t Au( 47-50 m) incl 1m @ 42.60 g/t Au & 2 m @ 39.65 g/t Au


MT FREDA HIGH GRADE GOLD JORC RESOURCE DEFINITION: 

Ausmex Mining Group (ASX: AMG) (“Ausmex” or “The Company”) is pleased to announce additional Resource definition drilling has commenced at the Mt Freda mine site, with both RC and Diamond drill rigs currently on site targeting high grade gold extensions to the historic (2004) resource estimate previously estimated by Queensland Mining Corporation. Diamond core drilling has specifically targeted high-grade gold under the immediate floor of the current open pit, with the aim of recovering metallurgical test work samples to review the potential to re commence mining at Mt Freda. Previously Mt Freda Open cut operated from 1986 – 1989 averaging 4 g/t gold, ceasing operations when gold fell to US$260 per ounce. High grade gold was left in the floor of the pit. With current escalating gold prices in excess of AUD$2,000 per ounce, the Company intends to define further high-grade gold resources and review the potential to recommence mining at Mt Freda.


Image 1. Resource definition drilling underway at the Mt Freda Pit where Ausmex is targeting high grade gold under the immediate pit floor and upgrading the previous (2004) mineral resource estimate. 


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FAST TRACK DRILLING

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Ausmex    fast    track    drilling    at    the Mt    Freda    Complex,    Cloncurry    QLD,     with    five    exploration    drill    rigs    now    on    site    with    a    sixth    rig    in    transit!

ASX Announcement 24 may 2019 


  • Ausmex is    fast tracking a 15,000    metre    RC    and    deep    diamond    core     drilling    program targeting: 
    • IOCG (Ernest    Henry    style),    or    ISCG    (Eloise    style)    massive    sulphide, high    grade    Gold-Copper-Cobalt    mineralisation    at    the    Mt    Freda     Complex. 
    • With    the    aim    of    defining    JORC    compliant    resources    over    the     company’s        Mt    Freda    Complex,    Evening    Star,    and Golden    Mile suitable    for    a    shallow, high    grade    gold, bulk    mining    operation. 
  • Currently    five drilling    rigs    on    site    with    the sixth rig    in    transit    and    due    on     site    shortly.


Image    1.    Diamond    drilling    in    operation    targeting    conductive    IOCG    or    ISCG style     mineralisation at    the    Mt    Freda    Complex that    adjoins    the    current    Newcrest    Mining    Limited     2019    deep    IOCG    drilling    targets 



Image    2.    Diamond    drilling    in    operation    targeting    conductive    IOCG    or    ISCG style     mineralisation at    the    Evening    Star    project    that    adjoins    the    Newcrest    Mining    Limited    2018     IOCG    drilling    targets    (Newcrest    are    yet    to    release    any    results    to    date). 



Ausmex    Mining    Group    (ASX:    AMG)    (“Ausmex”    or    “The    Company”)    is    pleased    to    advise     shareholders    that    additional    drill    rigs    have    been    sourced    to    fast    track        the    current    15,000    m     drilling    program    at    the    Mt    Freda    Complex,    Cloncurry    Queensland,    targeting    both    high    grade     gold,    copper,    cobalt    and    massive    sulphides    indicative    of    IOCG or    ISCG style    mineralisation.     


With    up    to    five    drilling    rigs    drilling    at    any    one    time,    the    Company    expects    to    deliver     consistent    updates    on    its    progress.        Initial    assay    results    are    expected    before    the    end    of    June.


The    company    is    pleased    to    report    that    within    six    weeks    of    closing    the    recent    oversubscribed     placement    including     58,333,336    fully    paid    shares    in    Ausmex,    raising    $7    million at    $0.12 per     share (refer    ASX    release    2nd April    2019), the    company    has    contracted    six    drill    rigs    in    total,     including    three diamond    core    drill    rigs    and    three RC    drill    rigs.


Additional    drill    rigs. 

The    company    has    recently    contracted        two    additional    drilling    companies    to    bring    the    total     planned    number    of    drill    rigs    on site    up    to    six.    The    two    additional    rigs    have    a    combination     Diamond    Core    and    RC drilling    capacity. The    Company    has    employed    additional    Geologists     and    field    staff    and    operators    to    take    up    the    increase    in    activity    on    the    Ausmex tenements,     aimed    at    fast    tracking    drilling    and    subsequent    assay    results    to    shareholders.


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COMMENCES 15,000 M DRILLING

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Ausmex commences 15,000 m drilling program at the Mt Freda Complex, Cloncurry QLD. 

ASX Announcement 8 May 2019 


  • Ausmex has    commenced    drilling    a 15,000    metre    RC    and    deep    diamond     core    drilling    program targeting: 
    • IOCG    massive    sulphide, high    grade    Gold-Copper-Cobalt     mineralisation    at    the    Mt    Freda    Complex. 
    • With    the    aim    of    defining    JORC    compliant    resources    over    the     company’s        Mt    Freda    Complex,    Evening    Star,    and Golden    Mile     (that    incorporates    8    historical    high-grade gold    prospects    with     over    8    kms    of    outcropping mineralization). 
  • Currently    three    drilling    rigs    on    site    with    the    fourth    rig    due    shortly. 
  • QLD    Exploration    Manger    Mr    Kieren    Whittock    appointed    to    manage    the extensive    drilling    program.


Image    1. QLD    Exploration    Manager    Kieren    Whittock    supervising    RC Rig    1, pre    collar    drilling    for    deep     diamond    drilling    targeting    IOCG    style    mineralisation    at    the    Mt    Freda    Complex. 


Figure    1. Ausmex    Mt    Freda    Complex    Stage    One    15,000    m    drilling    program    location    plan    targets.    Note     the    close    proximity    of    the    current    Newcrest    Mining    Limited    IOCG    target    drilling.    (Refer    to    ASX    releases    on     30th August    2018,    10th September    2018,        8th &    26th October    2018,    9th,    15th ,    23rd        &    29th November    2018,    &    28th February     2019    for    results). Source:    QLD    Gov.    Mt    Isa    TMI    GSQ    open    file    dataset    Survey    GSQ1029    &        Exco    IOCG     roadshow    release    2012                 


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BOARD

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Board and Management


Mr. (Joseph) Yosse Goldberg, Chairman

Mr. Goldberg has a successful international career in Property Development in the UK, Spain, USA and Canada. Mr. Goldberg has also been a consultant and major shareholder in a number of companies and helped companies create a foothold in countries such as PNG, Indonesia, Cameroon, South Africa and Turkey. Mr Goldberg has also consulted to Sydney Gas Limited, Blue Energy Limited, Kimberley Diamond Company NL, Sundance Resources Limited, CuDeco Limited, Gindalbie Metals Ltd about resource projects such as iron ore, oil and gas bed methane and copper. Recently Mr Goldberg has been engaged in establishing a major thermal, cooking oil and gas project in Indonesia requiring major infrastructure and financing.

Mr. Goldberg is currently a Non Executive Director of ASX Listed Company South Pacific Resources (ASX:SPB).


Dr Andrew Firek

Dr Firek holds a M.Sc. and a Ph.D and is a Fellow of the Australian Institute of Mining and Metallurgy and the Australian Institute of Energy. He has been involved in the minerals exploration, mining and processing industry at operational and executive levels for over 25 years.

He worked in Europe and Africa as a United Nations expert in fossil fuels, mineral processing and energy generation. He was a Group Leader at the CSIRO, Division of Fossil Fuels in Sydney and was engaged in developing technologies to produce liquid fuels from coal. He was a Project Director at Memtec Ltd, following which he joined Pancontinental Mining Ltd where he was a Research and Development Manager involved in substantial mineral resources projects including base and precious metals, uranium and the technology development and commissioning of a $220 million magnesia production facility near Rockhampton in Queensland. He worked on site during construction and commissioning for 12 months. He was a founding director of three ASX-listed companies and managed coal, iron ore, base and precious metals exploration, feasibility studies and financial negotiations for projects in Australia, South America and China (Inner Mongolia).

Dr Firek is the former Chief Executive and director of Coalworks Ltd taken over by Whitehaven Ltd in 2012 and a former executive director of Allegiance Mining NL and Zelos Resources NL. Currently he is a non-executive director of ASX-listed company Wollongong Coal Limited.


Mr Matthew Morgan, Managing Director

Mr Morgan holds a Bachelor of Science (Geology), is a member of the Australian Institute of Mining and Metallurgy (MAusIMM), and has over 20 years’ experience in mine geology, quality control and mining engineering, and mine management roles in coal, gold, antimony, and iron ore mining & exploration, both open-cut and underground. Mr Morgan recenty resigned as a non-executive director of ASX-listed company Gold Mountain Ltd (ASX:GMN).

His previous management experience includes open cut roles with BHP Billiton, Rio Tinto, Theiss, and Underground Mine Manager for Mandalay Resources and was previously exploration manager for Coalworks Limited prior to the 2014 takeover by Whitehaven Coal. Mr Morgan has previously worked within Australia as well as in Malaysia, Mongolia, & Papua New Guinea.


Mr Geoff Kidd, Director

Mr Kidd has over 35 years’ experience working in senior positions in and around the mining industry. He has fulfilled successful roles as Managing Director, Director, Chief Operating Officer, Operations Manager, General Manager, Engineering Manager, Project Manager and Regional Manager of mining companies or leading consultants to the mining industry.

He was previously Chief Operating Officer for Coalworks Limited prior to its takeover by Whitehaven and has worked successfully on numerous aspects of mining developments in all states of Australia and in Irian Jaya, India, New Zealand, South Africa, Zimbabwe, South America, China, and the USA.
Mr Kidd was a founding Director and Partner of Sedgman & Associates (later Sedgman Limited) and a founding Director of Mineral Control Instrumentation Pty Ltd, (later Scantech Limited) a company which commercialised CSIRO inventions for the mining industry.

He has a long background in successfully managing the risks associated with managing, studying, designing, purchasing, building, and commissioning new mines together with the expansion & optimisation of new and existing mine developments.

Mr Kidd was the inaugural Chairman of Austmine, a Federal Government initiative to export Australian mining expertise and services. He has also been a member of Australian trade delegations and he has chaired a number of mining industry professional bodies and associations.


Aaron Day , Director

Aaron Day is a Senior Geologist having been employed by Ausmex Mining Group managing the companies exploration, drilling and logistical programs in Cloncurry mineral field since early 2017. Aaron is also employed by the company as Site Senior Executive (SSE) for the Mt Freda group of mining leases and associated tenements. Aaron has consulted and been employed by a number of ASX listed and private companies in Australia. His duties have included designing and managing exploration and drilling programs, cadastral, environmental, health and safety, machinery and construction, site services and geophysical surveys and programs. With Aaron joining the Board and being a full time resident of Concurry, will allow the company to have a director on a full time basis solely for managing the Companies tenements and assets in the Cloncurry region. Aaron commences his role as a non-executive directors on 1st July 2017.


Nicole Galloway Warland, Project Manager Burra Region SA
B.Sc. Geo (Hons), MAIG, FGAA

Nicole is a geologist with over 25 years’ experience in the mining and exploration industry in Australia, Eastern Europe and South America. Her experience spans from exploration through project evaluation to open cut and underground mining; with a commodity focus in gold, copper-gold, base metals and uranium. Over the last 10 years she has been based in South Australia, exploring in the Adelaide Geosyncline, Gawler Craton and Musgrave Province.

She has a Bachelor of Science (Honours) Degree from the University of Technology, Sydney and is a member of the Australian Institute of Geoscientists (AIG), and Fellow of the Gemmological Association of Australia (FGAA).


Matt Suttling – Chief Financial Officer

Mr Suttling formerly of BDO Accountants, is a Chartered Accountant in Public Practice. He has practiced in the corporate mining and commercial sectors for many years including management accounting,  IPOs, financial modelling and resource related work.


Mientze Tang, Company Secretary

Ms Tang has been involved as an executive, company secretary and commercial manager with a listed resource and private equity group specialising in mining, capital-raising and IPOs. Ms Tang has practiced as a solicitor in large and boutique legal firms in funds management, commercial, corporate and capital raising/ IPOs. She was also an in-house corporate lawyer with a large financial services company.


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