Drilling results firm up Mount Freda’s resource offer

Ausmex is crunching the data on its latest drilling program with a view to updating the JORC Minerals Resource Estimate for the Mount Freda lease around 60kms south southwest of Cloncurry. The December drilling program was designed to confirm the continuity of gold grades between previous drill holes said Managing Director Aaron Day. The program consisted of five diamond core holes and five RC holes, said Mr Day. “As part of the ten hole program, five RC holes were drilled simultaneously with the Diamond Core holes. All were completed by mid-December 2020 with the samples logged and delivered to the mineral laboratories,” he said. “Assays for the RC holes are expected shortly.” “At the completion of all the data being installed into the Mt Freda Mine data base, the company will release immediately an upgraded JORC Mineral Resources Estimate. “The mining and engineering studies and design for the mining by decline method (is) to be updated, based on the updated data from the new JORC resource estimate.” Upgrade Resource drilling has focused on projects within the Mt Freda complex including the Mt Freda Open Cut. The Company has also commenced infill drilling on the Comstock for JORC upgrade resource estimation. At Falcon and Shamrock Gold projects located around 500 metres north of Mt Freda, three resource infill diamond core holes and two additional geotechnical diamond core holes for the pit design are underway. The Company is waiting for the granting of the mining lease that encompass the project known as the Golden Mile, said Mr Day. “The Company plans to mine the Golden Mile, commencing on completion of the upgraded JORC resource and finalizing the feasibility study subject to the granting of the mining lease,” he said. “The Company has an agreement with our JV partners WH Soul Pattinsons 20 percent for all the ore mined at the Golden Mile must be processed at the WH Soul Pattinson CIP processing plant in Cloncurry.” Mt Freda is an historical high-grade Gold Mine, first operated as an underground mine in the 1940’s and again by Diversified Mineral Resources DMR) in the mid to late 1980’s. The company said ‘gap infill drilling’ by contractor Calibre Drilling was expected to upgrade the recent mineral resource estimations in gold grade and tonnage to reflect the original drilling by DMR in 1989. The existing pit at Mount Freda, now dewatered Dewatering of the existing pit at Mount Freda is complete allowing geotechnical consultants to inspect and gather data and samples for the decline and underground operations.

Drilling results firm up Mount Freda’s resource offer

Industry Queensland

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