Ausmex Mining has completed a review of gold retrospectives at its tenements in the Burra region of South Australia with promising results for multiple gold projects.
The company has access to 7500 square kilometres of the historically under-explored Burra region, including a 12 kilometre prospective strike in Mangolata Goldfields and the historic Black Hills gold workings on the north-east of Mangolata Goldfields.
The latest magnetometers (MT) survey carried out in collaboration with the University of Adelaide has identified new conductive anomalies in both targets.
The two sites have historically been under explored, with South Australia Mines Department records showing historic production of 11,127 ounces at average grades of 45 gram per tonne gold from Mangolata. Underground gold production from the site ceased in 1954.
Previous drilling by Ausmex identified high grade and anomalous gold over a three-kilometre strike length of the Black Hill project, including three metres at 15.9 gram per tonne from 47 metres depth and six metres at 23.35 gram per tonne from 66 metres.
Ausmex is planning to conduct further field work and sampling within the goldfields, and may consider joint venturing the gold project to focus on fast tracking its Mt Freda complex in Queensland into gold production.
The company is also negotiating terms with several parties for the sale of its Gilded Rose gold project near Cloncurry in Queensland and hopes to leverage the current high gold prices.
Ausmex announced on Thursday that the recent federal and state government coronavirus restrictions had not delayed the fast tracking of its Mt Freda complex into gold production, which is set to start in September this year.