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Tuesday, May 5, 2020 - 12:57:24 PM
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Mining News Pro - Ausmex Mining Group has formed a strategic alliance with Activex in a bid to bring its Mt Freda gold complex in Queensland into production this year.
According to Mining News Pro - Both parties will team up to identify and acquire gold ore processing facilities in Cloncurry.
The collaboration will run for a period of four months but can be mutually extended.
Ausmex holds 12 granted mining leases within the Cloncurry region with a combined area of more than 200 hectares, which are all within hauling distance to third party ore processing facilities.
Any partnership or joint venture to be entered into as a result of the strategic alliance will be formed with Ausmex acquiring a 75 per cent interest and Activex holding a 25 per cent interest.
The Mt Freda open cut mine was previously operated by Diversified Mineral Resources from 1987 to 1991, producing approximately 30,000 ounces of gold a year at an average grade of four grams per tonne.
Mining ceased in 1991 following a fall in gold price to historic lows below $US300 ($466) per ounce.
In August last year, Ausmex applied for a 225 hectare mining lease over the Golden Mile high-grade gold project located within the Mt Freda complex.
The combination of the Golden Mile application and the current Mt Freda mining leases will allow Ausmex to schedule a development of a multi pit, mining hub facility within hauling distance of Cloncurry clean-in-place (CIP) processing facilities.
Short Link:
https://www.miningnews.ir/En/News/524375
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