All,
Just to give everyone an idea of what a decent deposit of gold is worth at the moment, AMG's low range estimate across all their Cloncurry exploration sites is worth billions on paper. The high end, and yes scoff if you must, has an in ground value over AU$9b.
" Mt Freda and the Golden Mile offer Ausmex shareholders a very low capital requirement entry point into potential near-term gold production in 2020 ".
Very low capital requirement - if these guys can't raise $2-3m either by sale or capital raising, then I am a monkeys uncle??
The biggest problem here has been patience. They didn't drill the deep holes because of funds conservation. They focused on near term production. Their sale of GR failed to Chinese novices??
Their old drilling data (84 holes) had to be regridded (sic).
Burra holes were delayed by drought and fire bans.
All drilling results have been tardy from labs.
For a junior stock though, to have a 10km long gold/copper strike with 10 previous known mining sites, all of which are open at depth (deeper source??), is not a bad effort.
This is just Cloncurry region, Burra is the big mystery.
Mt Freda produced 30k oz at 4g/t from a 60m deep pit. The pit is deeper than 300m!!
If the low range estimate at Mt Freda is close, that is 246,000 oz alone - (in ground value AU$665,922,000.00). If they are out by 50%, we still have $330m worth of gold at first production site.
They have a 2km magnetic IOCG-style anomaly, drilled at either end running between Little Duke and Evening Star.
If they get to the starting line, they will be at Cloncurry for many years....and then there is Burra.
Resource information must be at hand by now and being written up this week. Is this the start of Ausmex recovery?
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