Ausmex Mining Gtoup has formed a strategic alliance with ActivEx Limited to identify and acquire gold ore processing facilities in Cloncurry.
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Ausmex is seeking gold at Mt Freda Complex, 40km south-east of Cloncurry while ActiveEx also has a copper-gold project south of Cloncurry with 13 tenements.
Ausmex and ActivEX have formed a non-binding alliance to identify and acquire gold processing facilities in the Cloncurry region.
The strategic alliance will last for four months, though can be mutually extended and on satisfactory outcome the parties intend to enter a JV for any potential acquisition or transaction of the plant.
If they agree to a partnership or joint venture Ausmex will take a 75% interest and ActivEX a 25% interest.
Ausmex's Mt Freda has an open cut mine was previously operated by Diversified Mineral Resources from 1987 to 1991 which produced 30,000 ounces of gold a year at an average grade of 4 g/t.
Mining ceased when gold hit historic lows in 1991.
Ausmex now say the combination of Mt Freda and its Golden Mile application could allow for a multi pit mining hub close to Cloncurry processing facilities.
"The strategic partnership with ActivEx provides the opportunity for both parties to potentially acquire gold ore processing facilities and partnering in long term gold production," Ausmex told the ASX.
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
