Ausmex Mining Group has agreed a joint venture with Queensland Mining Corporation to explore and mine near Cloncurry.
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On Tuesday the companies told the Australian Stock Exchange Ausmex had successfully completed the first and second Sale under the Cloncurry Option agreement, giving them 80 percent of the JV with QMC in exploring permits, mining licences and a processing plant.
The announcement follows up on the deal announced May 10 where Ausmex would acquire a 60 percent stake in the JV in production assets including Gilded Rose and Mt Freda gold projects south-east of Cloncurry and would later increase it to 80 percent with a further $1 million payment.
Ausmex is now finalising an intensive exploration plan focusing on gold, copper and cobalt targets in the Cloncurry region.
Ausmex will also carry out technical studies and engineering work in order to recommissioning the gold processing plant at Gilded Rose, to permit trial mining and production.
The focus will be on low capex gold production projects, with cheaper heap leach potential in a short timeframe, to increase cash resources for ongoing exploration.
Ausmex Managing Director Matt Morgan said this was a major milestone for them securing an 80% interest in long and tightly held, highly prospective ground.
“We are now focused on fast-tracking exploration on identified gold, copper and cobalt mineralisation,” Mr Morgan said.