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.
So if you accept what the co says at face value, they did not have the additional drilling logs before for whatever reason. Maybe the problems with Mt Freda resource led to them finding these logs? They have said there will be minimal drilling required to upgrade the Mt Freda resources - ie ADD to the resources. Was this associated with the resignations?
Maybe we will find out one day!
AMG Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held