Ann: Company Update, page-3

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slipperymack

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10/06/20

10:09

Post #: 45129209
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Originally posted by Meteor: ↑

Unbelievable, the amount of rubbish that the naysayers come up with!! IMO, begone - if you have nothing better to do!

"Company Update
Ausmex (AMG or the Company) recently announced a maiden mineral resource statement for the Mt Freda
and Golden Mile projects (Refer to ASX release 3rd of June 2020) as of which Mt Freda is a granted mining
lease. The resource estimate for Mt Freda was based on the drilling completed by Ausmex over the past
two years and was planned and drilled using previous drilling locations and assay results from two former
ASX listed public companies, QMC and DMR, that once owned these tenements. The Company is now in
possession of additional drilling logs and data from DMR and are intending to update the Mt Freda resource
using both QMC and DMR data, after certifying the previous drilling, to comply with the 2012 JORC code.
Any additional drilling programs will be based on the compilation and assessment of those results and will
commence immediately after the completion of the updated information being fed into the geological
model. The company will seek advice from the independent geological group that will aid with the location
of the drill holes for the next phase of drilling. We anticipate this will be completed as quickly as possible.
The purpose of this action is to upgrade and increase the current Mt Freda resource from inferred and
indicated to measured and indicated. The resource upgrade is one of the current goals the Company is
aiming to achieve. The timing for this phase is opportunistic, and when current restrictions due to COVID
19 are lifted Ausmex will take full advantage in utilising the excess drilling availability in Queensland."

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Seems Jin deal was even better than we thought. Will save shareholders substantially. Wonder how the old board missed all the old Mt Freda data?

AMG Price at posting: 3.3¢ Sentiment: Buy Disclosure: Held
4 Upvote

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