Ausmex Mining Group Ltd (ASX:AMG) surged 135% after revealing high-grade copper and cobalt along with bonanza-grade gold in results from The Trump project near Cloncurry in north Queensland.
Reverse circulation (RC) drilling has returned assays of up to 172 g/t gold, 2.51% copper and 1,555 ppm cobalt.
Results spark investor interest
This prompted shares to jump to 8 cents late morning and in mid-afternoon Ausmex was still trading up 71% at 5.8 cents on strong volume of more than 18 million.
Following successful maiden drilling at The Trump, the company has completed an additional two RC holes.
One hole returned a continuous 153 metre mineralised intersection from surface at 1.02% copper and 1.43 g/t gold with an additional 7-metre zone of 1,555 ppm cobalt from a depth of 135 metres.
This hole included 3 metres at 2.33% copper from 0 metres, 2 metres at 2.42% from 41 metres and 5 metres at 2.51% from 50 metres.
Bonanza-grade gold
Bonanza gold grades were also intersected with grades of up to 172 g/t, including a 6-metre gold zone within oxide material from 75 metres averaging over 1 ounce per tonne.
A second hole has confirmed the extension of mineralisation to the west with a 157-metre intersection at 0.67% copper.
Within this were 7 metres at 1.01% copper from 5 metres; 43 metres at 1.03% from 25 metres, including 3 metres at 2.03% from 33 metres and 4 metres at 2.04% from 53 metres; and 27 metres at 1.03% copper from 111 metres, including 7 metres at 2.01% from 117.
READ: Ausmex Mining Group identifies high-grade cobalt, copper and gold at Burra project
Ausmex managing director Matt Morgan said, “A continuous 153 metres intersection from surface that grades 1.02% copper and 1.43 g/t gold is a remarkable result.
“Bonanza gold grades with a 6-metre intersection that assays over 1 ounce of gold, plus high-grade cobalt intersections of 7 metres at 1,555ppm highlight the Trump Mining Lease has the potential to host a significant and valuable economic deposit.
“The project has an excellent location adjacent to road and rail infrastructure and within trucking distance to multiple ore processing facilities.
“The Ausmex team has displayed the ability to identify underexplored and undervalued projects, adding considerable value for shareholders.
Additional drilling planned
“The company plans additional drilling for The Trump project, following current drilling within the Mt Freda Gold Complex at Cloncurry.”
Drilling has started on the 80%-owned Golden Mile gold prospect which forms part of the Mt Freda project.
A 2,500-metre RC drill program has started on five parallel historically high-grade producing mines within a 300-metre wide zone, with historical production grades of 2 and 3 ounces gold per tonne.