AusMex gains 20pc after ‘bowling a hat-trick’ with Queensland copper result
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AusMex Mining gained 20 per cent on Friday after telling investors it had ‘bowled a hat trick’, with a “third consecutive successful copper exploration results in a row” at projects in north-west Queensland.
AusMex reported “high-grade copper drilling results” of 60m at 1.3 per cent copper and 54m at 1.01 per cent copper at a tenement called The Trump in the Cloncurry region, about 125km east of Mount Isa.
The result follow success at the two other tenements knowns as “The Answer” and “The Joker”.
“It just goes to prove, if you are prepared to spend targeted dollars drilling in one of the most heavily copper mineralised fields of Australia, the probability of achieving success is high,” managing director Matt Morgan told investors.
“Our budget for mineral exploration, drill and appraisal was 94 per cent of our total quarterly expenditure, with less than 6 per cent expended on administrative and overhead costs.
“…Our reward is success in the field.”
“The Trump” had not been due for drilling until mid-year but the project was brought forward when a drill rig finished work at “The Answer”.
The shares closed up 1.3c at 7.8c — making it one of Friday’s biggest movers.