Surprise surprise for once good news is kept under wraps.
See this mornings infil drill results very encouraging as are the plans to release updated resource early in the NY and a pre feasibility for open pit mining first qtr and acquisition of further leases.
Remember ATX is backed by the powerful CSM with a strong cash flow. Although CSM is primarily to spend money drilling for Nickel (due to start shortly) I am sure they could be pursuaded to help with Gold if required.
November 16, 2004 RESULTS OF INFILL DRILLING AT THE MOUNT ACQUISITION OF NEW MINING TENEMENTS AT THE MOUNT The Board of Austminex is pleased to advise that further high-grade gold assays have been received from infill RC drilling at The Mount, with best results including:- 4m @ 37.9 g/t gold 3m @ 6.2 g/t 2m @ 7.0 g/t 3m @ 12.7 g/t 2m @ 11.7 g/t The current program of infill drilling is expected to be completed this month, bringing drill density to 40 x 40 metres, and up to 20 x 20 metres in areas which appear to have potential for short-term open-pit development. A revised resource will be announced early in the new year, and a pre-feasibility study is planned to start in the March Quarter. Acquisition of New Mining Tenements An option to acquire three Prospecting Licenses close to the north-eastern boundary of The Mount has been entered into (see plan attached). The terms of the Option are $10,000 option fee, with a right to exercise the option and own 100% interest by payment of $30,000 within 12 months. These tenements cover an anticlinal fold in the same stratigraphy as that found in the synclinal fold which hosts the known Mount mineralisation. The sub-vertical planar structures hosting gold mineralization at the Mount are parallel to the axial plane of the fold and are thought to have formed during folding, providing access for mineralising fluids. Statement of Competence The geological information in this report is supplied by Mr Charles McCormick, a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), who is defined as a Competent Person under the JORC Code of the AusIMM. Mr McCormick is joint Chief Executive Officer of Austminex. Kate Hobbs Executive Director
