Highlights: • Maiden Mineral Resource Estimate has been defined within the Mt Freda Complex for a total of 1.7 Mt at 2.06 g/t Au, containing 113,000 Oz of Gold • The JORC Resource has been estimated over the following Ausmex Cloncurry Gold projects: o Mt Freda Open Cut Gold Mine (Granted Mining Leases) o Golden Mile ML100201 mines Falcon, Shamrock, Comstock and Little Duke • The Mineral Resource estimate highlights that gold mineralisation extends from surface, with the potential to develop a multi-pit gold mining hub at Cloncurry, targeting gold ore processed via third party CIP processing facilities utilizing current haul road infrastructure in place. • Previous cyanide leach test work for gold completed by Amdel for QMC in 2012 using Mt Freda ore produced high yields above 90%. The previous operator of Mt Freda, Diversified Mineral Resources reported CIP recoveries of up to 95% for gold. • The Company has a binding agreement where all ore produced from the Golden Mile must be processed at the Round Oak Minerals Limited Great Australia Mine 600 ktpa ore processing facility in Cloncurry. • The Mineral Resource estimate for the Mt Freda Pit has additional upside as numerous historical high-grade gold drill holes did not meet the JORC (2012) reporting requirements and were not used in the estimate. • The Company is now focused on completing current scoping studies for the Mt Freda Complex to assess mining and processing options available in Cloncurry. • The Company is focusing on near term gold production to fund additional drilling to upgrade and potentially extend known mineralisation. • A second Mining Lease application will be submitted for the Little Duke gold resource, cementing the region as a central mining hub. • The Company has a strong cash position to advance the Complex following the sale of the Gilded Rose Gold project for $4 million. (Refer ASX release 25th May 2020)
AMG Price at posting:
3.5¢ Sentiment: Buy Disclosure: Held
