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Australian Mines Ltd encouraged from drilling near Plutonic Gold Mine

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Australian Mines Ltd (ASX:AUZ) has received assay results from reverse circulation drilling at its Dixon gold prospect in Western Australia revealing lithological control of primary gold mineralisation.

The Dixon gold prospect is part of a joint venture with Riedel Resources Ltd (ASX:RIE) and is hosted by a similar greenstone belt to that containing the nearby Northern Star’s (ASX:NST) Plutonic Gold Mine.

It is worth noting that the Plutonic Gold Mine has poured over 5 million ounces of gold to date.

The recent drilling at Dixon returned intersections that included 4 metres at 1.31 g/t gold from 170 metres and 3 metres at 1.13 g/t gold from 140 metres.

The gold grades and widths of mineralisation at Dixon could be similar in aspects to the open pits across the Plutonic and Marymia operations.

The company will test the interpreted depth extension by way of a diamond core drill program, co-funded by a $105,000 grant from the state government’s Exploration Incentive Scheme.

AUZ had raised $1.5 million in April from a share placement and is undertaking a pro-rata entitlement offer to existing shareholders to raise a further $1.46 million.

 

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Quick facts: Australian Mines Ltd

Price: 0.015 AUD

ASX:AUZ
Market: ASX
Market Cap: $51.67 m
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