geoscience australia’s auslamp* program has … · 13/03/2018 · 3 ausmex mining group ltd asx:...
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Ausmex Mining Group Limited ACN 148 860 299
T | (02) 8315 3268 A | Level 13/50 Carrington Street, Sydney NSW 2000 E | [email protected]
13March2018
ASXMARKETRELEASE
GEOSCIENCE AUSTRALIA’S AUSLAMP* PROGRAM HAS IDENTIFIED A LARGECONDUCTIVETARGETUNDERTHEAUSMEXTENEMENTPACKAGEATBURRA,SOUTHAUSTRALIA,WHICHISSIMILARINAPPEARANCETOTHATASSOCIATEDWITHTHEWORLDCLASSIOCGDEPOSITATOLYMPICDAM.
Ø TheAusLAMP*explorationprogramconductedbyGeoscienceAustralia,UniversityofAdelaide,&theGeologicalSurveyofSouthAustraliahasidentifiedalargeconductivestructurebelowAusmex’sExplorationLicencesuiteatBurra.
Ø ConductivestructuresofsimilarmagnitudetothatbelowBurrahavealsobeenidentifiedbytheAusLAMPprogramintheGawlerundertheWorldClassIOCGdepositsatOlympicDam,CarrapateenaandProminentHill.
Ø OlympicDam,Carrapeteena,ProminentHillandBurraarealllocatedwithinthehighlyprospectiveG2Corridor.
Ø TheconductivetargetmayindicatealargesourceoftheknownBurraHighGradeCobalt,CopperandGoldmineralisation.
Ø Ausmexstrategicallyappliedforandwasawarded4additionalExplorationLicences(ELs6101,6102,6103and6116)tocovertheknownextentofthelargeconductivestructure.
Ø ThenewExplorationLicencescomplementandinterfacewithAusmex’soriginalEL5881andtheELsthataresubjecttotheOptionAgreementwithPNX(RefertoASXrelease07August2017).
Ø Ausmexhasacurrentapplication,ELA2018/00022tothesouth,knownasRiverton,whichisunderconsiderationbytheSAdepartment.
Ø These4additionalELstotal3033sq.kms,whichwhenaddedtoAMG’sEL5881andtheELsthatarethesubjectofthePNXOptionAgreementtotal4,722sq.kms.TheRivertonELAwouldaddafurther999sq.kms.whengrantedasanEL.F
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Ø AusLAMP is The Australian Lithospheric Architecture Magnetotelluric Project, acollaborative national survey that acquires magnetotelluric (MT) data aboutAustralia's geodynamic framework as well as valuable information for resourceexploration.
Figure 1 - Plan showing the red conductive structure approx. centred below Burra, asdefined by the recent AusLAMP program undertaken by Geoscience Australia, theGeologicalSurveyofSouthAustraliaandtheDepartmentofEarthSciencesattheUniversityofAdelaide.
Ref-Figures1&3havebeenderivedfromonethatwaspresentedbyDPCtotheDiscovery2017conferenceinAdelaide,butthesefigureshaveAusmex’sEL’shighlightedforclarity.Figures1and3includesomeshadingandcrosshatchingfromthesourcedocumentthatisirrelevanttothisannouncement.PleaserefertoFigure2fordetailsoftheCompany'sELsandELA.
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AusmexMiningGroupLtdASX:AMG(“TheCompany”)ispleasedtoannouncethatalargeAusLampconductivestructurehasbeenidentifiedbytheAusLAMPprogram,locatedunderAusmex’scurrentBurratenementsuite.Thecompanyhasnowstrategicallyaccumulatedasignificanttenementpackagecoveringthe largeregionalAusLAMPConductiveTargetthathas similar appearance to current AusLAMP anomalies under the threeworld class IOCGdeposits,OlympicDam,ProminentHill, andCarrapateena. The additional awarded4newExplorationLicencessurroundandadjoinAMG’soriginalEL5881andtheExplorationLicencesthatarethesubjectofAMG’sOptionAgreementwithPNX(RefertoASXrelease07August2017).ThesenewELstotalanareaof~3033sq.kms.andallarelocatedoveroraroundtheconductivestructurethatliesbelowBurra.
Figure2.AusmexBurratenementholdingsoverlainontheregionalstructure.
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Figure3-ShowingtheredconductiveAuslampstructureapprox.centredbelowBurra,withfurther details of the Ausmex Exploration Licences and towns in the Region. Note thecorrelationtoFigure5&6below,asimilarsignatureundertheWorldClassIOCGOlympicDam.
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Figure4.ToassistreaderstoconsiderthescaleoftheconductivestructurebelowBurra,asidentified by the red from the AusLAMP program, the above shows that conductivestructuretoscalerelativetoSydney,Melbourne&Adelaide.
Figure 5. Conductivity pathways revealed from high resolution broadband MT survey(UniversityofAdelaide,G.Heinson&P.Soeffkypers.Comm2016)acrosstheOlympicDamarea.PathwaysreachthesurfaceatthelocationofknownIOCGdeposits.
Ref,PosterpresentedbytheGeologicalSurveyofSouthAustraliaattheirDiscoveryDay,titled“ScalereducingMTexplorationfundedbyPACECopper”byKateRobertson&StephanThielfromtheGeologicalSurveyofSouthAustraliaandbyGrahamHeinsonandBenKayfromtheUniversityofAdelaide.F
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Figure6.Theresultsofaninversionof74PACECopperfundedlong-period(10-10000s)AusLAMPsites(Robertsonetal.,2016,2017;Fig1yellowrectangle).TheinversionrevealedalargeconductorthroughoutthecrustoftheCurnamonaProvinceofverylowresistivity(~1 Ohm.m; the Curnamona Conductor), and is investigated by the Curnamona InfillTransect.
Ref,PosterpresentedbytheGeologicalSurveyofSouthAustraliaattheirDiscoveryDay,titled“ScalereducingMTexplorationfundedbyPACECopper”byKateRobertson&StephanThielfromtheGeologicalSurveyofSouthAustraliaandbyGrahamHeinsonandBenKayfromtheUniversityofAdelaide.
AMG Comment - Note similarity in appearance of these structures to the conductivestructurebelowBurra.PleaserefertoFigures8fortheapprox.locationoftheGawlerandCurnamonaCratons.
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Figure7(FromtheCurnamona).Top:Resistivitymodelfrom2DinversionofCCMT-17datawithBouguergravityshownforperspective.Bottom:ResistivitycrosssectionofAusLAMP3DmodelacrosstheCCMT-17transectwithRTPTMIforperspective.YellowtrianglesshowCCMT-17sitelocation.
Ref,PosterpresentedbytheGeologicalSurveyofSouthAustraliaattheirDiscoveryDay,titled“ScalereducingMTexplorationfundedbyPACECopper”byKateRobertson&StephanThielfromtheGeologicalSurveyofSouthAustraliaandbyGrahamHeinsonandBenKayfromtheUniversityofAdelaide.Ausmex comment - Showing further interpretation and mineral pathways in theCurnamona.
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Figure8.TheG2StructuralCorridorLocationPlan.NoteBurrasharestheG2StructuralCorridorwiththreeWorldClassIOCGdeposits.TheseThreeWorldClassDepositsalsosharesimilarAusLampconductivestructuralpathwaystothoseidentifiedatBurra.
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ManagingDirectorMattMorganstated:
“AusmexholdsahighlyprospectiveBurratenementsuiteintheG2StructuralCorridorthatwenowunderstand,followingtherecentAusLAMPSurvey,sharessimilardeepconductivestructurestothosebelowtheWorldClassIOCGdepositsOlympicDam,ProminentHillandCarrapateena.
WiththerecentWillalohighgradeCobaltdiscoveryplusthecombinationofthehistoricBurraMonsterCopperMine,thePrincessRoyalCopperdeposit,andtheGoldatBlackHillsandTheMongolata, the AusLAMP deep conductive structure may now be an indication that thesourcetotheBurramineralProvincemaybeadeepseatedIOCGtarget.
The breadth of themineralisation throughout the Burra region, in both area and nature,excitedAusmexfromthedatethatthecompanywasfoundedandledustosuspectthattheremaybesomemajorundiscoveredmineralisationorpathwaysunderoraroundBurra.
WearealsoawarethatwhileminersandexplorerswereactivearoundBurrainthemid-late1800’s and the early 1900’s, they were limited to outcrops and there has been limitedexplorationthroughoutthisareaandalmostallofthoseeffortswereconcentratingonCopperandGold.
Whilethenorthernsectionofourtenementsareundercoverwhichhaspreviouslylimitedexploration,ourworkalsoindicatesveryinterestingchangesofstructuretothenorthofBurrawhichwesuspectmayprovideidealconditionsformineralisation“Traps”.
Ausmex has spent considerable time during 2017 not only understanding the history ofexploration and mining throughout the district but also examining modern explorationtechniquesthathavepotentialtoexploreallofourgroundaroundBurra.WeparticularlywishtopaytributetotheassistancethathasbeenprovidedtousbytheUniversityofAdelaideDepartment of Earth Sciences, theGeological Survey of SouthAustralia and theMineralssectionsattheSADepartmentofPremierandCabinet.
Ascanbeseenfromthisannouncement,theMagnetotellurictechniques(MT)thatwereusedfortheAusLAMPsurvey(asperformedbytheabovedepartmentsworkingwithGeoscienceAustralia)hasproventobeabletodefineconductivestructuresintheAdelaideGeosynclineandmineralisationpathwaystothesurface&outlineIOCGdepositsunderSouthAustralianconditions.
Ausmex hopes that shareholders will see the value in the strategic work that has beenundertakentoarriveatthisannouncement,togetherwiththepartnershipsthathavebeenformedwiththevitalandprovenorganisationswiththenecessaryexpertisetoallowAusmextonowpressaheadinBurra.
Ausmex now has a small team located in South Australia and we look forward to theinformationflowthatweshouldprovidetoshareholdersoverthecomingmonths.”
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Ends
Forfurtherinformation,pleasecontact:
MattMorgan
ManagingDirector
AusmexMiningGroupLtd
ForwardLookingStatements
Thematerialsmayincludeforwardlookingstatements.Forwardlookingstatementsinherentlyinvolvesubjective judgement, and analysis and are subject to significant uncertainties, risks, andcontingencies,manyofwhichareoutsidethecontrolof,andmaybeunknownto,thecompany.
Actualresultsanddevelopmentsmayvarymateriallyfromthatexpressedinthesematerials.Thetypesofuncertaintieswhicharerelevanttothecompanymayinclude,butarenot limitedto,commodityprices,politicaluncertainty,changestotheregulatoryframeworkwhichappliestothebusinessofthecompanyandgeneraleconomicconditions.Giventheseuncertainties, readersarecautionednottoplaceunduerelianceonforwardlookingstatements.
Any forward looking statements in thesematerials speakonly at thedate of issue. Subject to anycontinuingobligationsunderapplicablelaworrelevantstockexchangelistingrules,thecompanydoesnot undertake any obligation to publicly update or revise any of the forward looking statements,changesinevents,conditionsorcircumstancesonwhichanystatementisbased.
CompetentPersonStatement
Statements contained in this report relating to exploration results and potential are based oninformation compiled byMr.MatthewMorgan, who is amember of the Australasian Institute ofMiningandMetallurgy(AusIMM). Mr.Morgan is theManagingDirectorofAusmexMiningGroupLimitedandGeologistwhomhassufficientrelevantexperienceinrelationtothemineralizationstylesbeingreportedontoqualifyasaCompetentPersonasdefinedintheAustralianCodeforReportingofIdentifiedMineralresourcesandOrereserves(JORCCode2012).Mr.Morganconsentstotheuseofthisinformationinthisreportintheformandcontextinwhichitappears.
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