6.East Location 45 (AUZ 100%)
The Location 45 tenement contains at least twenty five kilometres of prospective open contact along the Carnylia Ultramafic Belt which hosts nickel sulphide resources at Mt Martin and Goodyear, and nickel sulphide mines at Carnilya Hill and Zone 28.
1.The Goodyear Project
The company did not drill at the Goodyear Nickel Sulphide project during the reporting period, but, following the drilling of 5 diamond holes in the 2008 reporting period, a resource model was constructed and the total Inferred Mineral Resource for Goodyear is quoted at 387,000 tonnes @ 4.13% nickel for 16,000 nickel tonnes.
There could be potential for an underground mining operation at Goodyear at a higher nickel price and the project will be retained for the future.
2.The Fat Rat Prospect
The Fat Rat prospect presents as an extensive coincident nickel and copper anomaly along the southern limb of the Carnilya Anticline. Significantly, the nickel and copper anomalism also coincides with a shallow north dipping linear magnetic high.
A single RC hole through the magnetic anomaly penetrated high MgO ultramafic rocks, which are considered to be the ideal host rocks for a Kambalda style nickel sulphide deposit.
Figure 4 : East location 45 - contoured nickel and copper surface geochemical anomalism the nickel sulphide exploration potential at Fat Rat.
The recently completed optimisation study has indicated that an open pit mine would make a significant profit with various treatment options producing 50,000 - 60,000 ozs of Au at a gold price of A$1,300/oz
Encouraging results have been received from recent drilling of East Shear North
exploration target which lies to the east of the main Mt Martin pit.
Australian Mines Limited (ASX:AUZ) is pleased to announce an increase of approximately 50% in gold resources at the Mt Martin mine.
Australian Mines Limited (ASX:AUZ) is pleased to announce that surface drilling will recommence at Mt Martin on Monday 14th June 2010 to further define new resources at Mt Martin.
Australian Mines Limited (ASX:AUZ) is pleased to announce very encouraging results from its latest RC drilling under the East Lode pit at the Mt Martin Project
AUZ Mines which announced encouraging results on 6th April from drilling its 100% owned Mt Martin gold project will be recommencing drilling this week.