One upon a time, Ausmex (ASX:AMG) was an underappreciated gold explorer with some pretty interesting projects.

Then, in March, word got out that Newcrest was drilling a huge IOCG target, a few hundred metres from Ausmex’ ground near Cloncurry in Queensland.

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Like BHP’s Olympic Dam, these can be deep but tremendously large, high grade, and simple-to-process concentrations of copper, gold and uranium ores.

The stock caught a rocket, up 100 per cent for the month of March.

Newcrest started drilling the IOCG target which runs into Ausmex’s tenements in April last year, Ausmex managing director Matt Morgan told Stockhead at the time.

“I know this because they asked if they could drive through our mining licence to access their tenement EPM joint venture tenement,” Morgan says.

“I saw all the action. They drilled 8 holes, over 850m deep each from April to August and they have not released an assay.

“Newcrest drilled 850m diamond core holes. They cost a fortune.

“They had whole camps there. It was 24-hour drilling. If there was four dud drill holes I don’t think they would’ve kept going to eight.

“They could sit on those results for a couple of years, but it doesn’t matter because we are going to drill ourselves.”


 

Fresh drilling starts now

That 15,000m RC and diamond drilling program targeting high grade gold, copper, cobalt and massive sulphides indicative of IOCG style mineralisation is underway, Ausmex says.

With four rigs drilling at any one time, the company says it expects to deliver consistent updates, with initial assays due before the end of June.

And guess what?  Newcrest Mining are about 400m away drilling the same anomaly, at the same time. Exciting times.


 

In more ASX gold news today:

Resource upgrades: Alchemy (ASX:ALY) has unveiled an upgraded resource for Hermes South deposit in WA – 2.2 million tonnes grading 1.6g/t for 114,000oz. Likewise, Andromeda Metals (ASX:ADN) increased  its Wudinna project resource slightly to 211,000oz, but the explorer maintains its main focus is still high purity alumina (HPA).
 
Oakdale Resources (ASX:OAR) inks a deal to buy underexplored Burpar project in southern Peru. It’s 150km from Oakdale’s recently acquired Ozinca gold plant, which the explorer is currently refurbishing.