Gold Exploration
Australian Mines retains a 100% gold interest in 225 square kilometres of tenements at the Blair Project, which contains suitable host rocks and favourable structural settings similar to that of the nearby gold orebodies at the Golden Ridge Mine (300,000 ounces), the Mt. Martin Mine (250,000 ozs) and the Wombola Gold Mine.
In early 2009 the company completed a targeting exercise which identified 5 priority gold target areas as illustrated in the diagram below and during the 2009 calendar year physical exploration activities were progressed on two of these areas, namely the Woodline Area and the Woolibar Fault Flexure, and as well a resource modelling exercise was completed for the Swift Orebody in the Mt Martin Area.
Figure 2: gold target areas and activity map over gold in soils and drillholes
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.