- The company has completed a $7 million capital raise that favours exploration in Queensland first
- Ausmex plans to spend $2.4 million in the June quarter of 2019
- Its quarterly exploration and evaluation budget is $2 million
What does Ausmex Mining Group do?
Ausmex Mining Group Ltd (ASX:AMG) specialises in minerals exploration in Australia’s east. The Sydney company is focused on exploring two world-class mining provinces in the east of Australia that house T1 assets – Queensland’s Mt Freda complex, near Mt Isa inlier; and a South Australia G2 structural corridor that extends to Adelaide near Ausmex’s Burra project.
Ausmex is run by Matt Morgan, a managing director who has more than 25 years’ experience in mining, exploration and mine management. Moran has worked in underground and open cut environments for BHP Group Ltd (ASX:BHP) (LON:BHP)(NYSE:BHP), Rio Tinto plc (LON:RIO) (ASX:RIO) (NYSE:RIO), Idemitsu Kosan Co, Ltd (TYO:5019), Glencore PLC (LON:GLEN) subsidiary Xstrata plc and Whitehaven Coal Ltd (ASX:WHC) buy-up Coalworks Limited. He was previously a director at Gold Mountain Ltd (ASX:GMN).
What does Ausmex Mining Group own?
The key assets are in Queensland’s Cloncurry area and South Australia’s Burra region.
Ausmex’s Cloncurry ground on Mt Freda complex near Mt Isa inlier is found near a number of large copper-gold deposits.
These are the 354 million tonne Mt Elliot deposit grading 0.6% copper and 0.35 g/t gold; the 166 million tonne Ernest Henry deposit which grades 1.1% copper and 0.54 g/t gold; and the 56.7 million tonne Rocklands deposit grading 0.64% copper, 294ppm cobalt and 0.15% gold.
Ausmex’s Armada Capital & Equities Pty Ltd and CPS Capital Group Pty Ltd-led $7 million oversubscribed placement at current price levels was designed to help fund Mt Freda complex exploration where a massive 2,000-metre-long conductive structure was identified at Golden Mile Gold Project southeast of the town of Cloncurry.