Gold alliance on hunt for processing plant
The companies today announced a strategic alliance as Ausmex continues its drive to begin producing gold from its Cloncurry district tenements in 2020.
The alliance aims to ‘identify, review, consider and acquire’ suitable gold processing facilities within the Cloncurry region.
Ausmex’s key Mount Freda and Golden Mile project (ML100201) areas lie within 30km of the existing Great Australia and Lorena carbon in pulp gold processing facilities (map below).
Ausmex plans to develop a Cloncurry mining hub centred around its Mount Freda project, a former operating mine which produced about 30,000oz of gold per annum under the ownership of Diversified Mineral Resources (1987-1991).
Previous mining reports indicated recoveries greater than 95 per cent gold via carbon in pulp processing, Ausmex said.
Mining ceased in 1991 after gold prices fell to below $US300 per ounce. The spot price today is more than $US1700 per ounce ($AU2660)
Ausmex and ActivEx intend to enter a joint venture (Ausmex 75 per cent, ActiveEX 25 per cent) for any potential acquisition or transaction.
The alliance is for a term of four months, but can be mutually extended.
ActiveEX holds a range of Queensland projects including its Cloncurry copper and gold project, which covers more than 1090sq km across 13 tenements.