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02/06/2011

John Lawton at Auzex Resources believes there’s a 30-40% undervaluation

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Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: AZX
Latest Price: A$0.28  (0,00%)
52-week High: A$0.64
52-week Low: A$0.17
Market Cap: A$39.33M
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Auzex Resources
www.auzex.com

Auzex Resources (ASX:AZX) major project is the 50%-owned Bullabulling gold project, located 65km from Kalgoorlie in Western Australia. The project area has a proven history of discovery and new exploration techniques are leading to new discoveries.

Full Auzex Resources profile here
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Pdf

Auzex Resources completes infill drilling ahead of Bullabulling Resource upgrade

11th Jan 2012, 4:42 am

Auzex Resources (ASX: AZX) and partner GGG Resources (ASX: GGB, AIM: GGG) are on track for a resource upgrade in February at the Bullabulling Gold Project after completing an infill drilling program.

Assays from the Phase II drilling program, which comprised 425 holes for a total 74,452 metres, are expected in four to six weeks.

The Phase II program was focused on infilling the area between the Phoenix and Bonecrusher pits.

Drill spacing was designed to allow a substantial portion of the 1.9 million ounce Inferred Resource to be reclassified to the Indicated Resource category.

Auzex and GGG have already started resource estimation work, which will be completed once results from the latest drilling program are received.

An updated resource estimate is expected in early February.

Currently Bullabulling has a JORC Resource of 78.8 million tonnes at 1.03 grams per tonne (g/t) gold, for 2.6 million ounces of gold based on a 0.5g/t gold cut-off.

Drill results to date have continued to confirm the resource and geological model, with about 99% of drill holes intersecting gold mineralisation.

The two companies now intend to drill at the Gibraltar resource and along strike to the south on the Bullabulling trend to explore for additional near-surface mineralisation.

In addition to drilling, Auzex and GGG have completed the acquisition of 2D seismic and aeromagnetic data over the entire Bullabulling trend.

The companies plan to acquire gravity data this month, which will be used to develop a 3D geological model of the Bullabulling Trend to target high grade mineralisation at depth.

The Bullabulling project, located in Western Australia’s eastern goldfields, is a large tonnage, low grade deposit with high grade shoots.

Auzex and GGG are focused on establishing an initial reserve greater than one million ounces of gold, with the aim of commencing production in 2015.

Bullabulling Gold

Auzex shareholders recently approved the demerger of Auzex Exploration, which placed all of the company’s non-Bullabulling assets into a newly incorporated, unlisted public company.

The move is part of Auzex and GGG’s plan to enter an all scrip merger to combine the Bullabulling project under a single corporate entity, Bullabulling Gold.

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