Australian Mines triples cobalt mineralisation footprint at Flemington

Australian Mines triples cobalt mineralisation footprint at Flemington

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


HIGHLIGHTS

·       Final assay results from the Flemington resource expansion drilling returned additional high-grade cobalt and scandium intersections

·       Significant intersections include:

·       15 metres @ 2,054ppm (0.20%) cobalt from 3 metres depth

·       14 metres @ 1,202ppm (0.12%) cobalt from 11 metres depth

·       13 metres @ 1,186ppm (0.11%) cobalt from 4 metres depth

·       Individual metres grading as high as 16,300ppm (1.63%) cobalt

·       Confirms continuity of high-grade zone which is contiguous with, and extends 1,200 metres west from, existing Flemington Mineral Resource

·       High-grade mineralised zone remains open along strike

·       Encouraging results support large-scale follow-up drilling program, which is planned to commence from October 2019

·       Update of Mineral Resource currently scheduled for early 2020

These results confirmed that a significant, continuous zone of high-grade cobalt and scandium mineralisation extends westward for over 1,200 metres and is contiguous with the current established Mineral Resource at Flemington.

In the Company’s 8 July 2019 release, limited drilling results received suggested the existence of two separate zones of high-grade cobalt and scandium mineralisation.

This final set of results has confirmed that, in fact, the high-grade mineralisation is continuous across the extent of the drilling footprint, and is not confined to separate high-grade zones.

Importantly, the high-grade cobalt-scandium mineralised footprint which has been outlined with this current round of drilling results, now represents a tripling of the areal extent when compared to the footprint of the initial Flemington resource.

In addition, the geological host rock for the Flemington Resource, the Tout (ultramafic) Complex, continues to trend further to the west, as indicated from this latest round of drilling, and this is where the Company will focus the next exploration drilling effort.

Given the highly encouraging results from this early round of exploration drilling, a large-scale follow-up infill and expansion drilling campaign is being planned for later this calendar year.

It will be important to continue to follow the mineralised trend and explore all potential areas within Australian Mines’ tenements.

Australian Mines plans to conduct more than 12,000 metres of drilling, representing the largest exploration / resource definition program ever undertaken across the Flemington Project, reflecting the Company’s confidence in the project as a potential future source of battery materials to the rapidly growing global electric vehicle sector.

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