Potential to be one of South Australia’s first stand-alone cobalt discoveries with a significant scale.

Additional funding of $2.5 million cash from the recent stockpile sale at Cloncurry

Ausmex Mining Group Ltd (ASX:AMG) has confirmed a strike length of about 2.3 kilometres of anomalous high-grade cobalt at the Willalo cobalt prospect in Burra, South Australia.

The company’s second-stage field work produced nineteen additional high-grade outcropping rock chip samples that averaged 2,554 ppm cobalt.

Ausmex controls 4,893 square kilometres of the highly prospective underexplored Burra cobalt-copper-gold belt that includes the recently revealed large conductive target by Geoscience Australia.

High-grade cobalt mineralisation remains open to the north and south

To date, 27 high-grade cobalt samples from a total of 45 collected during stage one and two produced an average of 3,014 ppm cobalt, including assays up to 6,920 ppm cobalt.

Furthermore, Ausmex’s rock chip sampling and soil analysis has confirmed that the high-grade cobalt mineralisation remains open to the north and south.

Based on the cobalt results till date, the company is currently planning a maiden 2,000-metre drilling program at the Willalo prospect to commence in June 2018.

Well-funded for exploration

Ausmex managing director Matt Morgan said: “These latest results confirm that this zone of mineralisation has the potential to be one of South Australia’s first “stand alone” cobalt discoveries with significant scale.

“The company and its SA geological consultants are currently in the field testing for possible parallel structures and additional extensions.

“With the additional funding of $2.5 million cash from the recent stockpile sale at Cloncurry, combined with high-grade cobalt drill targets at Willalo and further high-grade drill ready cobalt, copper and gold targets in Cloncurry, the next six months may prove very exciting for Ausmex Shareholders”.

 

Source : http://www.proactiveinvestors.com.au/companies/news/196468/ausmex-mining-group-confirms-surface-cobalt-mineralisation-at-willalo-196468.html