Junior miner Ausmex Mining Group has told the ASX that Newcrest Mining has begun Tier 1 drilling at a highly prospective iron ore-copper-gold target in Cloncurry.
Newcrest drilling at the prospect, named Canteen, in the Mount Isa Inlier fulfils part of a farm-in agreement with Exco Resources, which identified it in 2012.
The prospect is 40km south-east of Cloncurry
The target is significant for Ausmex as 30% of the target area identified by Exco intersects Ausmex’s Mt Freda mineral complex, which hosts shallow gold, copper, cobalt and rare earth minerals and is expected to produce a JORC result soon.
Ausmex Managing Director Matt Morgan confirmed Newcrest’s drill start as a wonderful outcome for Ausmex, and “the moment all junior listed companies wait for”.
“The Ausmex team always suspected that we were sitting on a very large mineralised system at the Mt Freda complex,” he said.
“To have this confirmed by an international mining house such as Newcrest Mining who have identified the Canteen project that adjoins the Mt Freda complex as a Tier 1 IOCG drilling target, is exceptional.”
Sign up here to have your weekly North West Star headlines delivered to your inbox.