Ausmex Mining Group Limited ACN 148 860 299 E | [email protected] T | (02) 9248 0104 W | www.ausmexgroup.com.au A | Level 14, 309 Kent Street, Sydney NSW 2000 20 th March 2020 ASX Release GOLDEN MILE MINING LEASE ML100201 APPLICATION UPDATE • Final stages of ML100201 “ Golden Mile” Mining Lease application. For personal use only
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AusmexMiningGroupLimitedACN148860299E|[email protected]|(02)92480104W|www.ausmexgroup.com.auA|Level14,309KentStreet,SydneyNSW2000
20thMarch2020
ASXRelease
GOLDENMILEMININGLEASEML100201APPLICATIONUPDATE
• FinalstagesofML100201“GoldenMile”MiningLeaseapplication.
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PLANNED2020QLDGOLDPRODUCTIONUPDATE
• TheGoldenMileMiningLeaseApplicationML100201isinthefinalstages,currentlyprogressedbytheQLDMinesDepartment.
• The GoldenMileMining Lease Application is formining only, with oreprocessing planned at the Great Australian Gold Carbon in Pulp (CIP)processingfacilityinCloncurry.
• TheGoldenMileisaJointVenture(JV)projectwithRoundOakMineralsPtyLtd (80%AMG:20%RO).Under the JV terms, theCompanyhasanagreementtoprocessgoldoreatthe600KtpaGreatAustraliaMineGoldCIPprocessingfacilityinCloncurryownedbyRoundOakMineralsPtyLtd(subsidiaryofWHSoulPattisonASX:SOL).
• MtFredaJORC(2012)infinalstagesofestimation,followingresurveyingandgeo-spacialdatumamendmentstoeighty-four(84)historicdrillholes,withananticipatedAprilcompletiondate.HeavytropicalrainfalldelayedthefinalsurveycontroluntillateFebruary2020.
Figure1.MtFredaComplexLocationPlanincludingtheGoldenMileML100201.
“MtFredaComplex”
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Ausmex Mining Group (ASX: AMG) (“Ausmex” or “The Company”) is pleased to updateshareholdersontheprogressofMiningLeaseML100201overtheGoldenMilehigh-gradegoldprojects located within the Mt Freda Complex. The Queensland Department of NaturalResources,MinesandEnergyhasprogressedtheapplicationwithfinalsubmissionsfromthepublicdueby24thApril2020.
The Mining Lease application for the Golden Mile (ML100201) is for mining only, as theCompanyhasanagreementtoprocessGoldenMileoreattheGreatAustralia600KtpagoldCIPprocessingfacilityinCloncurry.
The Company is in the final stages of JORC (2012) resource estimation for the Mt FredaComplex,withanexpectedAprilcompletiondate.ItisenvisagedtheCompanywillcommenceaMineScopingStudyfortheMtFredaOpenCutML2752inApril2020aimingtosubmitbyJune2020aPlanofOperationtorecommenceopencutmining.
Planninghascommencedfortrialopenpitminingandgoldproductiontocollectprocessingparametersforfeasibilitystudies.
Round OakMinerals Pty Ltd recently (2018) purchased a ~ 200,000 tone low grade goldstockpilefromMtFredaandprocessedattheGreatAustralianMine,(ReferASXrelease16thApril2018).
TheCompanyisreviewingtheprocessingofremaininglow-gradegoldstockpilesatMtFreda.
AstherearecurrenthaulroadfacilitiesinplacefrombothMtFredaandTheGoldenMiletothirdpartyoreprocessingfacilities,MtFredaML2752andtheGoldenMileML1000201offerAusmexshareholdersaverylowcapitalrequiremententrypointintopotentialnear-termgoldproductionin2020.
Photo1.MtFredalowgradegoldstockpileprocessing(2018).
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Photo2.MtFredalowgradegoldstockpileprocessing(2018).
Figure2.AusmexCloncurryGoldtenementlocationplan,indicatingthecloseproximityofbothMtFredaML2752andtheGoldenMileML100201projects,aswellastheGildedRoseGoldMinetotwo,thirdpartyGoldCIPprocessingfacilitiesatLorenaandtheGreatAustraliaMine,withacombinedcapacityof~1Mtpa.
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AusmexMiningGroupLimitedACN148860299E|[email protected]|(02)92480104W|www.ausmexgroup.com.auA|Level14,309KentStreet,SydneyNSW2000
AusmexDevelopingaCloncurryMiningHubattheMtFredaComplex
CurrentlytheCompanyholdstwelve(12)grantedMiningLeaseswithintheCloncurryregionwithnine(9)oftheseMiningLeaseswithacombinedareaofover200Ha,allwithinhaulingdistancetothird party ore processing facilities, as indicated in Figure 2 above. (Refer Table 1 below fortenementdetails).
Mt Freda open cutwas previously operatedByDiversifiedMineral Resources from1987- 1991producingapproximately30,000Ozofgoldperannumatanaveragegradeof4g/tAu.Previousminingreportsindicaterecoveriesofgreaterthan95%goldviaCIPprocessing.Miningceasedin1991followingthefall ingoldpricetohistoric lowsbelowUSD$300perOz.ThecurrentMiningLeaseML2752is116Haandgranteduntil2028.(ReferASXrelease28thAugust2019).
ThecombinationoftheGoldenMileML100201applicationandthecurrentMtFredaMiningLeasesprovidesthepotentialfortheCompanyintheshorttermtoscheduledevelopmentofamultipit,mininghubfacilitywithinhaulingdistanceofCloncurryCIPprocessingfacilities.
Tenement ProjectName Holder
AusmexBeneficialInterest(%)
GrantDate ExpiryDate
Area(ha) Status
ML2517 Answer AusmexMiningGroupLimited 100 01/12/1973 30/11/2025 8.09 Granted
ML2541 Belgium AusmexMiningGroupLimited 100 01/02/1974 31/01/2021 4.05 Granted
ML2549 TheTrump AusmexMiningGroupLimited 100 01/02/1974 31/01/2021 12.14 Granted
ML2709 GildedRose SpinifexMinesPtyLtd 80 21/01/1982 31/01/2024 2.03 Granted
ML2713 GildedRoseExtdEast
SpinifexMinesPtyLtd 80 21/01/1982 31/01/2024 18.21 Granted
ML2718 GildedRoseExtdWest
SpinifexMinesPtyLtd 80 20/09/1984 30/09/2026 14.17 Granted
ML2719 GiltEdgeExtdEast1
SpinifexMinesPtyLtd 80 29/03/1984 31/03/2026 32.00 Granted
ML2741 MtFreda SpinifexMinesPtyLtd 80 29/05/1986 31/05/2028 3.80 Granted
ML2742 EveningStar SpinifexMinesPtyLtd 80 29/05/1986 31/05/2028 8.09 Granted
ML2750 EveningStarNorthExtd
SpinifexMinesPtyLtd 80 26/01/1989 31/01/2028 5.14 Granted
ML2752 MtFredaExtd SpinifexMinesPtyLtd 80 23/02/1989 29/02/2028 116.48 Granted
ML2763 EveningStarNorth
SpinifexMinesPtyLtd 80 08/06/1989 30/06/2028 8.00 Granted
ML100201 GoldenMile AusmexResourcesPtyLtd 80 225.4 Application
Table1.AusmexMLtenementschedule.
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GildedRoseDivestment
TheCompany is currentlynegotiatingwithseveral thirdparties regarding thedivestmentof theGildedRoseGoldprojectandwillinformthemarketuponanycommercialoutcomes.
AuthorisedbytheManagingDirectorForfurtherinformationpleasecontactMattMorgan,[email protected]
ForwardLookingStatements
The materials may include forward looking statements. Forward looking statements inherentlyinvolvesubjective judgement,andanalysisandaresubject tosignificantuncertainties, risks,andcontingencies,manyofwhichareoutsidethecontrolof,andmaybeunknownto,thecompany.
Actualresultsanddevelopmentsmayvarymateriallyfromthatexpressedinthesematerials.Thetypes of uncertainties which are relevant to the company may include, but are not limited to,commodityprices,politicaluncertainty,changestotheregulatoryframeworkwhichappliestothebusinessofthecompanyandgeneraleconomicconditions.Giventheseuncertainties,readersarecautionednottoplaceunduerelianceonforwardlookingstatements.
Anyforward-lookingstatementsinthesematerialsspeakonlyatthedateofissue.Subjecttoanycontinuingobligationsunderapplicablelaworrelevantstockexchangelistingrules,thecompanydoes not undertake any obligation to publicly update or revise any of the forward-lookingstatements,changesinevents,conditionsorcircumstancesonwhichanystatementisbase
CompetentPersonStatement
Statements contained in this report relating to exploration results and potential are based oninformationcompiledbyMr.MatthewMorgan,whoisamemberoftheAustralasianInstituteofMiningandMetallurgy(AusIMM).Mr.MorganistheManagingDirectorofAusmexMiningGroupLimitedandGeologistwhomhassufficientrelevantexperienceinrelationtothemineralizationstylesbeingreportedontoqualifyasaCompetentPersonasdefinedintheAustralianCodeforReportingofIdentifiedMineralresourcesandOrereserves(JORCCode2012).Mr.Morganconsentstotheuseofthisinformationinthisreportintheformandcontextinwhichitappears.
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