Australian Mines returns further high-grade results from Flemington

Australian Mines returns further high-grade results from Flemington

Advanced battery materials developer Australian Mines (ASX: AUZ) has announced that further positive assay results have been received from the first phase of the Company’s Mineral Resource expansion drilling campaign at its 100%-owned Flemington Project in New South Wales, Australia.


Advanced battery materials developer Australian Mines (ASX: AUZ) has announced that further positive assay results have been received from the first phase of the Company’s Mineral Resource expansion drilling campaign at its 100%-owned Flemington Project in New South Wales, Australia.

HIGHLIGHTS

·       Additional high-grade intersections highlighted from second tranche of results at the Flemington Mineral Resource extension drilling program

·       Intersections include:

·       11 metres at 1,001ppm (0.10%) cobalt from surface

·       10 metres at 1,062ppm (0.10%) cobalt from 1 metre depth

·       10 metres at 1,014ppm (0.10%) cobalt from 12 metres depth

·       15 metres at 576ppm scandium from 12 metres depth

·       12 metres at 500ppm scandium from surface

·       10 metres at 315ppm scandium from surface

·       13m @ 10,024ppm (1.00%) Nickel from surface

·       12m @ 10,019ppm (1.00%) Nickel from 1 metre depth

·       14m @ 1,205ppm (0.12%) Copper from 12 metre depth

·       High-grade horizon shown to extend beyond the existing Flemington Mineral Resource

·       Second high-grade mineralised zone open on both sides

·       Final batch of assays anticipated to become available throughout the coming weeks.

The Flemington Project, located in central New South Wales, is Australian Mines’ second battery materials project after its flagship Sconi Nickel-Cobalt-Scandium Project in North Queensland, where the Company continues to advance project development following the release of a Bankable Feasibility Study in November 2018 and a subsequent optimised study reported in June 2019. 

To date, the Company has received 82% of the assay results from the May 2019 drilling program. These initial results have shown a zone of high-grade cobalt and scandium mineralisation extending westward for over 300 metres directly from the current Mineral Resource at Flemington, giving encouragement for expansion of the current Mineral Resource.

A second zone with high grades of cobalt, copper and nickel has been highlighted in the assay results. This second area is centred just over 800 metres west of the existing Mineral Resource and appears to remain open to the west of the current drilling.

Due to limited assay results that are located between these two areas, it is too early to know if mineralisation in these areas is continuous; however, initial signs from the drilling observations are encouraging. Further results from this area are due in the coming weeks.

Given the highly encouraging early results (as summarised in this report), a large-scale followup infill and expansion drilling campaign is currently being planned for later in the calendar year to enable the Company to better determine the full extent of the mineralised envelope at Flemington and, in turn, maximise the Mineral Resource potential for the Project.

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