Ausmex Mining say they have found high grade copper and cobalt at their King Brown prospect in North West Queensland.
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The company told the ASX they found samples of up to 4pc cobalt and up to 24.4pc copper and they will now gear up exploration to see if the discoveries are part of a larger mineralised system.
Ausmex said the Land Court is making a determination on compensation to the landholder before the nearby Golden Mile mining lease can be granted.
"The granting of the Mining Lease will then allow the company to move to gold production which is the company's main focus," the company said.
Ausmex has also updated its resource estimate for its next door Mt Freda prospect, a gold mine located 39km south-east of Cloncurry.
Ausmex said they will send the samples from King Brown (west of Golden Mile) to a Townsville laboratory for gold assaying while carrying out a drilling program on site.
"This current exploration program has been a long time waiting and well overdue and commenced only due to the Golden Mile project waiting for the mining lease to be granted," the company said.
"The open time allowed the Ausmex geological team to follow up on these previous exciting exploration results."
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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.
