Mt Freda - The rising sun

Mt Freda 1988. Found some photos from a Curry guy who worked at Mt Freda in the Gold Room and was a shareholder. Showed me a brochure done in 1988 and some photos. Thought would share some. He said the company that owned Mt Freda and Gilded Rose mine he said about 30 klms apart and both were in Gold production. Was owned by DMR and listed on the ASX. He said the market Cap when he was working there was $280m and DMR only owned these two Gold mines. He said closed because Gold got down to $260 an ounce. He said today he cant understand that Ausmex owns both the same Gold Mines and has a market cap of $17m
with Gold at $A2,000 ounce. I explained the promoter factor and he now knows why its $17m. He said when they closed Mt Freda it had a resource of about 110,000 ounces and that was only down to 160m. He said they poured 98.9% Gold bars and metallurgy was unreal in the tanks. Said they had 6 CIP tanks. Mt Freda was open cut and Gilded Rose underground. He has just started buying Ausmex shares. Shares were trading at 1.68c when he last sold out. Now buying at 3c cant believe it. He said Ausmex own 8 of the 10 of Gold only Gold mines in the Cloncurry area. (he said the rest all have Copper with little Gold) He wants to see the workers all employed from Cloncurry folks and sad fk the fly in fly out. He said plenty of experience miners in Cloncurry. He said that the Gilded Rose Mine is so rich he would be selling it if he owned it. He said lots of free gold and lots of nuggets in the area. Anyway finally looks like these two mines are going to re-open and the town very happy seeing the announcement by the Company. Everyone at the Leichhardt hotel excited (local watering hole) and had a big Aussie, aussie aussie, o,y oy, oy tonite. So good to see mines reopening in the area. He reckons when this starts producing everyone will get a shock how great it leaches. The other good thing is that they do not have to build a process plant for the Gold from the Golden Mile. Ausmex have an agreement with Round Oak Minerals to process the ore from the Golden Mile. He did say one thing that was really interesting. He said that towards the end before they shut the Mt Freda mine because of low gold price, the Company built a 10,000 tonne Vat leach operation next to the CIP Plant. He said they only put the solution through the Carbon Columns for 24 hours and poured 20 kgs of Gold. It has st there for 30 years as was the low grade +2g/t stockpiles which they sold to ROM for $2.5m and he said apparently they took the ore from the vat as well but not sure. So because Ausmex only has an agreement on the Golden Mile they could if they wanted process using the Vat Leach process. He said all the vat leach processing gear is still on site. He was a drillers offsider last year and was surprised to see the Goldroom shed and concrete pads and the Carbon Columns all still at Mt Freda. He reckons once the Mining Lease is approved they could have the Vat leach operating within two months if they start getting gear now. But maybe the Company has already signed up for the Mt Freda ore to be treated at ROM plant and the Great Australia mine as well.The announcement didn't mention the Mt Freda Mine and the agreement to process at ROM in the same sentence only the Golden Mile. I aske d hum what he thought of the Golden Mile, said " rich with Gold in quartz, but whilst he was offsider on the rigs last year said Ausmex only drilled shallow holes around 50 to 60m. He said he asked Matt Morgan why only shallow holes and he said that, so they could get the shallow gold and get cash flow going quick and worry about the deeper gold once they got the cash coming in.I looked up QMN announcements that used to own the Mt Freda Mine after DMR and found they already put out a JORC resource in 2012 with 105,000 ounces. He said that's BS, he said DMR averaged 4.4g;t Gold throughout its life. He showed me a page from the brochure with drill results which I have put in below. Anyway lets see if they can pull it off in their tight timeline. One thing is for sure the whole town is hoping they can oy oy oy. The thing that made me laugh the most was when I asked him where did the company sell the Gold. He said, "believe me this is true, they took it to the Cloncurry post office and put it in a jiffy bags and sent it to the Perth Mint", he said the whole town knew and was a town joke. He said, "How else would they send it", he said? The Publican intervened and said , "that's true, what he just said." Well putting out an announcement with dates on it is one thing doing it is another. I hope they are fair dinkum. They will be held to this timeframe
by the town. I will say one thing Ausmex have a big setup in Cloncurry and don't know why they have fkd aro
und with Copper in Burra to tell you the truth when they have these two rich Gold Mines in the Curry.