# TBA - Tombola Gold



## System (6 March 2012)

Eumeralla Resources Limited was incorporated on 19 January 2011 for the primary purpose of acquiring and exploring mining projects in Mongolia with the aim of discovering commercially significant minerals deposits.

Through its wholly owned Singaporean subsidiary, Eumeralla Resources Pte Ltd, Eumeralla Resources acquired all of the issued capital in Centreville LLC. Centreville is a Mongolian incorporated company and holds a granted minerals exploration licence located in Mongolia.

The License covers an area of 12,657 hectares and encompasses the historical Chuluun Khoroot tungsten mine which was active during the period 1945-1955. The License area is located in north-eastern Mongolia approximately 20 km north of the town of Dashbalbar, 850 km north-east of Ulaanbaatar and 85 km north ¬west of the Solowevsk-Choibalsan railway.

The Company's initial metal focus will be on tungsten, although other commodities may be targeted in the future.

http://www.eumerallaresources.com

Eumeralla Resources (EUM) is expected to list on the ASX on Friday, March 9, 2012.


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## System (16 May 2017)

On May 15th, 2017, Eumeralla Resources Limited (EUM) changed its name and ASX code to Ausmex Mining Group Limited (AMG).


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## Anastasia (12 August 2017)

An announcement came out early this week updating the progress of Ausmex in their exploration work in Cloncurry, an extract of the announcement in which I'm attaching below. With copper and gold prices on the way up, it's looking like a real little gem of a find, especially when one also takes into consideration the South Australian tenements they also hold and the JV recently announced with PNX for further tenements that include the Burra, Princess Royale, and Mongalata Mines.

As always DYOR.

_*Promising start with two new gold mineralised gold systems identified on EPM14163, with assay grades of up to 79.8 g/t gold produced from random rock chip sampling.

One of the two potential Gold systems was identified south of the historical King Brown Gold/Copper prospect and traced for over 700m to date to the east, striking towards the Mt Freda Gold Project. Random rock chip samples, were taken from four above ground quartz breccia outcrops along the possible strike length. All samples were assayed for Gold via SGS Laboratories in Townsville, with samples returning high grade gold assays up to 79.80g/t Au. (Refer Image 2 below for sample locations & Table 1 for individual sample grades) 

This prospect has been marked as a priority for follow-up work exploration work. Now that the system has been identified, a detailed low impact exploration program will be undertaken with results to form the basis for an exploration drill program. 

The second gold system was identified at the historical Carpet mine. The mineralised structure was traced and assayed along ~ 1,000 meters, striking North/South with grades up to 23.4 g/t Au and 11.6% Cu. (Refer ASX announcement 27/07/2017 for high grade copper grades). 

Further exploration is continuing, but restricted at present to low impact exploration until statutory “Cultural Heritage Clearance” is completed. Low impact exploration does not include drilling. The company expects the cultural heritage clearance to be completed by late August. Currently the field geological teams are continuing with low impact mineral exploration. (For all results see below) 

In addition to the two new visually and possibly continuous gold systems identified, field exploration is underway on numerous historical Gold/Copper prospects encompassed by EPM14163. Further rock chip samples from these prospects, are currently at SGS Laboratories on Townsville awaiting assay analysis. *_​


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## Anastasia (12 August 2017)

This is the other half of the above posting  - the JV with PNX.


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## greggles (6 December 2017)

Some good results for Ausmex Mining mining today.



> Ausmex Mining Group (ASX: AMG) (“Ausmex” or “The Company”) is pleased to announce that it has made an outstanding discovery of high grade cobalt, copper and gold mineralisation at Mt Freda Mine Project in Cloncurry, Queensland.
> 
> New Cobalt, Copper & Gold mineralised shear zone with ~1km strike length identified
> 
> ...




That's the highlights anyway. The details can be found in the announcement for those interested. The market reacted positively to the announcement and at the moment the share price is up 26.15% to 8.2c. It did go as high as 12c earlier today, so it has retraced quite a bit from the intraday highs.


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## Anastasia (26 January 2018)

It will be interesting to see what happens on Monday as a result off the TH. A good announcement hopefully!


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## barney (28 August 2018)

Nice Drill results from AMG …….. Market likes it … currently up 90%.  Looks tightly held and Volume only modest … Watchlist for now until the dust settles


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## Anastasia (30 August 2018)

Another great announcement out today. Love that  all that gold and cobalt is very mineable and so close to the surface. Incredible to believe that it’s all just been sitting there all this time. A great week for Ausmex. Add these results found in Cloncurry to what’s recently been announced in Burra and Ausmex is way undervalued in SP.


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## barney (31 August 2018)

Anastasia said:


> Another great announcement out today. Love that  all that gold and cobalt is very mineable and so close to the surface. Incredible to believe that it’s all just been sitting there all this time. A great week for Ausmex. Add these results found in Cloncurry to what’s recently been announced in Burra and Ausmex is way undervalued in SP.





It looks promising … 

If the recent 153m @ 1.02% Cu drill results are replicated it could be turn into a large deposit, plus yesterdays Gold results also look good.

Still only $12 million market cap with $2 million in the bank … 

Currently in consolidation after price spike ….. should run again you'd think


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## barney (31 August 2018)

In at 0.046 cents ….. If the recent news was accurate the share price should appreciate after consolidation …. 

There will be a few punters who got caught buying at the top of the recent spike so a little tree shaking would be normal.  See how it pans out next week.


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## Anastasia (2 September 2018)

I totally agree with you Barney - if not next week then in the not too distance future (some ‘questionable’ trading happens every time there’s a good announcement knocking the price back down). 



The Golden Mile didn’t get its name because of no mineralogy and the Ausmex tenements are right in there. And when you take into account what they have found in Burra in conjunction with the University of Adelaide (who have no reason to ramp results up for financial gain I might add), then Ausmex is where I want my investment dollars. 



As I said before, I’ve followed Matt (MD) and Geoff (Director) for many years and they are true mine builders, not fly-by-nighters in for a quick dollar. 
I bought in originally at .072c but I’m not crying (although it would have been nice at .042), as I believe that very soon Ausmex’s worth will be realised and even at .072 will show a very nice profit. 
DYOR


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## barney (28 September 2018)

Very interesting announcement yesterday with Newcrest drilling a Teir 1 target next door. Could get interesting if they strike something substantial.

_
27 September 2018  

ASX RELEASE Newcrest Mining Limited drilling Tier 1 IOCG Target – 30% of the target is within AMG controlled leases. 

Ausmex controlled Mt Freda Complex contains approximately 30% of a massive IOCG geophysical and geochemical prospect previously identified by Exco Resources Ltd in 2012.  

Newcrest Mining Limited (ASX: NCR) commenced farm in drilling on the Tier 1 “Canteen” IOCG target approximately 800m south of the Mt Freda Complex, with the anomaly extending into the Ausmex controlled Mt Freda Complex.    

Mt Freda Complex hosts a large mineralised system that has the scale to host a massive Tier 1 IOCG prospect hosting shallow Au, Cu, Co and Rare Earth Elements. _


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## barney (28 September 2018)

I was going to pick AMG in the Comp picking this month …. The 9% rise today takes a bit of meat out of any rise that might eventuate, but I might still take it if no else has.

Both the Buy and Sell sides are seriously thin on this at the moment so very little can be assessed from the current price action but given Newcrest are drilling next door and have a high opinion of the area, anything could happen over the next month or two.

Have a reasonable holding in this now so my hip pocket has a vested interest in any results … hopefully it will perform better than a few of my other recent picks ……


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## Anastasia (28 September 2018)

barney said:


> Very interesting announcement yesterday with Newcrest drilling a Teir 1 target next door. Could get interesting if they strike something substantial.
> 
> _
> 27 September 2018
> ...




It’s incredible what the Ausmex announcements (in addition now to Newcrest) are saying and yet the SP remains so undervalued. I can understand that shareholders want something more than rock chips sample and survey results before investing. It’s always “do some drilling, give us good results, give us proof that you’re not just talk”. And usually good quality core results will do this...increase the SP.

Well Ausmex have sunk quite a few drill holes now in Cloncurry with several excellent mineral percentage results announced.  And now we discover that Newcrest is next door with a tier 1 “Canteen” IOCG of which Ausmex have a 1/3 claim to and the price hardly moves up. I’m so not understanding this movement. It is so undervalued.


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## barney (28 September 2018)

Anastasia said:


> Newcrest is next door with a tier 1 “Canteen” IOCG of which Ausmex have a 1/3 claim to




Agree @Anastasia … It does look potentially undervalued … 

The market is pretty touchy on Specs so a bit more credibility may need to be earned before any serious SP movement

I note you mention you have been following some of the management for a while and have a good opinion of them … Any general info you are able to share?   Cheers.


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## Anastasia (28 September 2018)

barney said:


> Agree @Anastasia … It does look potentially undervalued …
> 
> The market is pretty touchy on Specs so a bit more credibility may need to be earned before any serious SP movement
> 
> I note you mention you have been following some of the management for a while and have a good opinion of them … Any general info you are able to share?   Cheers.



Barney, I would be only too happy to pass on what I know. But let me say that while I am of course liking what we are all seeing at Cloncurry, I am actually as keen, if not more-so, on what AMG are chasing around Burra, SA.  I love the application of new technology to explore this area.  
Some time ago I researched what AMG have been doing and just who is running AMG’s Burra project and I was pleased to find out that it is their Director, Geoff Kidd, with Nicole Gallaway-Worland as the Project Manager – Burra Region. I did well out of CWK where Geoff Kidd was their COO where he constructed the technical case that forced or encouraged WHC to make their takeover offer. I knew of Geoff when he was Project Manager and Engineering Manager for a couple of mine developments for White Industries and White Mining, then as Project Director for the design group who built the process facility for Goldfields at Henty, and have followed him for many years concluding with my success at CWK. From my detailed checking it is clear to me that Geoff builds mines and processing facilities below budget and they all work. 
Now I was unaware of Nicole Galloway-Worland previously but a google search revealed she equally has a well-respected strong technical reputation in SA. She has strong Copper/Gold background from Mt Isa and elsewhere and I highlight that she is now the Competent Person for Burra.  I think that the Burra project couldn’t be in better hands with Geoff & Nicole running it especially with the inclusion of Prof. Heinson and UoA to run the MT investigation. 
I can see indications of the same thing in the way that Cloncurry has been assembled and tactically progressed to date. I first came across Matt Morgan when he was Exploration Manager at CWK, then Exploration Director at Gold Mountain and I did well out of both companies. I think that one of the great things about AMG is that the core Directors have proven to have worked together successfully in the past and their skills are totally complementary, proven to be without personality issues and with demonstrated expertise that leads to mines being built and operated. 
I see the twofold approach at both Cloncurry and Burra to be a major advantage for the company and I love the story that is developing. I’m staying in AMG and I reckon it will be an interesting and hopefully very rewarding ride.


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## barney (28 September 2018)

Thanks for the heads up @Anastasia


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## Anastasia (30 September 2018)

Apologies if I sound like a bit of a a ‘groupie’ but it’s so reassuring and confidence building when I have so much experience and history in a team not to rave on.


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## Anastasia (16 October 2018)

Todays announcement is very exciting especially considering it’s from an area that they didn’t expect to find anything substantial and with 86% of MT results to still come in with known mineralogy.  But definitely need to now get a JV with one of the big companies as this is way to big for a junior company. But what a lovely position to be in as a company and shareholder.


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## Knobby22 (16 October 2018)

Yes, my interest is now piqued Anastasia.
There was a lot of prospecting in that region in the past so it is a bit amazing if they have missed a major deposit, no doubt due to its depth and not having the tools of today.


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## barney (19 October 2018)

Some speccing on AMG today on modest Volume. 

The 3D image from the recent MT survey has the Managing Director Matt Morgan pretty excited about what else they are likely to find around Burra. 

The complete model is expected to be available before the AGM in November and the Company will be presenting the SA Exploration and Mining conference on December 7th. 

If it shapes up the way the MD is expecting it could really give the SP a boost.


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## barney (22 October 2018)

Fairly tightly held this little fella ….. Both the Buy and Sell sides are very thin.  A lot of the recent buying has come from off screen …..I just get the feeling something good is in the pipeline ….. I hold so I hope my prediction becomes a reality


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## barney (22 October 2018)

Bit of shenanigans with the DOM this morning ….. We have a punter who has now dropped around half a million shares at 5.9 cents on the Sell side.

To the naked eye it looks like they were trying to create some demand to sell into which is not as positive as I thought earlier

If the 5.9 stock gets taken out it may be just a one off but I suspect there may be a bit more Supply where that came from … we shall see what eventuates.


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## barney (26 October 2018)

barney said:


> Bit of shenanigans with the DOM this morning …..  but *I suspect there may be a bit more Supply where that came from *…




As it turned out there was a bit of selling but minimal Volume.

Announcement today on another healthy Gold drill result at their Mount Freda/Golden Mile complex. 
Also had some Tungsten strikes in the drill results which would certainly enhance the drilling value if they continue.  Currently trading at 0.052 cents

*DRILL HOLE SH18RC008 Intersects: 28m @ 4.3g/t Au from 37m
DRILL HOLE SH18RC005 Intersects:  23m @2.0g/t Au from 102m*


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## newanimal (30 October 2018)

guess the continued Dow sell-off is cancelling out any positive response in SP you'd expect from this string of great announcements one after another.


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## barney (30 October 2018)

newanimal said:


> guess the continued Dow sell-off is cancelling out any positive response in SP you'd expect from this string of great announcements one after another.




Yeah … I think its just the general vibe at the Spec end of the market …..

The Co have some nice Gold intercepts which look potentially positive … but the POG is still making up its mind …. and they have a lot more drilling to do on that front so more time required … 

MD Matt Morgan is very upbeat about what they might find around the old Burra region with their new technology, but its still all very early days so the market will ebb and flow until something concrete pops up.

I like the fact that the MD put his hand in his pocket for another $26K worth of shares a couple of weeks ago ….. MD's are traditionally not great Traders .. so I assume he is looking down the track a little by accumulating a few more prior to the great results we will have soon


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## barney (31 October 2018)

AMG is my pick for this month's Stock Comp ….. The modelling done by the University of Adelaide around the old Burra area is showing positive signs with some similarities to Olympic Dam … Full Report expected before the November AGM.


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## Anastasia (6 November 2018)

Interesting development with attaining convertible notes to the value of $2.5 million to provide funding for their projects. I would think that in the next few months there will be lots of results out and the SP sky rocket. Certainly positioning themselves nicely with the bigger mining companies for a JV or take over.


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## barney (7 November 2018)

Anastasia said:


> I would think that in the next few months there will be lots of results out and the SP sky rocket. Certainly positioning themselves nicely with the bigger mining companies for a JV or take over.




Management going on with business nicely …… That 5.9 cent level where some supply showed up the other day has been briefly revisited today so it will be interesting if the Sellers show up again ….. Otherwise very thin trading on both sides of the fence.

The AGM will be late in November I assume ….. the MD has been promoting the potential around the old Burra Monster Mine …… If the results are good and 6 cents gets breached it could move quickly.


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## barney (9 November 2018)

More good Gold hits in "The Golden Mile" area announced today …… Area looks very promising …


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## newanimal (9 November 2018)

.060 is breached. Maybe late Nov. will come early.

'The 4th historic gold mine"The Falcon" drilled on 2 km wide Golden Mile has returned high grade gold results from RC drilling. This is the 4th high grade historic working to undergo maiden drilling program b AMG that has intersected high grade gold.'


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## barney (9 November 2018)

newanimal said:


> .060 is breached. Maybe late Nov. will come early.
> 
> 'The 4th historic gold mine"The Falcon" drilled on 2 km wide Golden Mile has returned high grade gold results from RC drilling. This is the 4th high grade historic working to undergo maiden drilling program b AMG that has intersected high grade gold.'




Maybe it will

Very thinly traded stock so still under the radar of the DT's … With a Market Cap of around $15 million it still has a lot of headroom to move if they keep getting good results. Happy to be holding at the moment.


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## barney (15 November 2018)

AMG again announced more good Gold results today and are shaping up as a serious player of the future if the ducks align over the next year or two ……. Management are switched on and confident and in the Spec space that is critical  ….

Presentation announcement yesterday 14th Nov is a must see for Spec followers ….. Hopefully link works.


You can access the video presentation here. (  )

Fundamentals are improving and the Chart appears to following suit


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## barney (20 November 2018)

AMG announced on 19th Nov that they are to drill a couple of Diamond drill holes looking for a potential Tier 1 IOCG at Mt Freda, Cloncurry … The initial target was discovered by Exco Resources back in 2012

AMG apparently share 30% of the tenement target with Newcrest Mining ….

Totally normal for Junior's to blow their trumpet when digging around land owned by Majors …

However Newcrest backed up this trumpet blowing by announcing the same information …. This seems to give a bit more credibility to AMG's claims that the land is very prospective and gives rise to some speculation that Newcrest may have more than just a close eye on AMG ….. interesting


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## barney (27 November 2018)

Firstly ….. I do hold AMG … and I hold a reasonable amount, so my bias should be noted

Trading Halt announced today ….

At first glance I expected it to be a Cap Raise so was very happy when it was in relation to drilling results from what I expect are "Little Duke" assays ….

From their recent ann on 23rd Nov …..  My *BOLDS*

ASX RELEASE

Ausmex RC Drilling intersects a 70 m Graphitic Black Shale shear zone with *visible sulphides adjacent to the massive Tier 1 IOCG “Canteen” prospect *Ausmex shares with Newcrest Mining Limited. 

• RC drilling intersected a significant 70 m continuous graphitic black shale shear zone containing *interbedded quartz veining and visible sulphides below the Little Duke gold mine*. 

• Geological field work surrounding the Little Duke mine has identified *additional gossan rich surface outcrop with gold grades of up to 35.4 g/ t Au*, possible southern extensions to the Little Duke mineralisation.

• The Graphitic Black Shale shear zone has the *potential to host significant copper, gold and cobalt mineralisation* radiating from the massive Tier 1 IOCG prospect shared with Newcrest Mining Limited. 


So ….. I know AMG management are Bullish on their tenements … but I also know they are a Junior and slightly embellishing the facts is standard procedure if you are going to create some hype around your Company (not complaining though) 

My initial thoughts on their to be announced drilling results are …. they will show a lot of potential …

If they actually show some genuine substance, I expect the SP to bounce heavily ….

My preference is for substance obviously …… I have had a few "doggie" buys in recent times so a "substance" report could ease my short term pain ….. I live in hope

As a Punter … I expect some high grade Gold assays from the awaited announcement … Anything better will be a bonus!!


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## Trav. (28 November 2018)

@barney fingers crossed you get a good announcement and she goes for a little run.

Question for you - Do you have a strategy in place to capture some profits if she gaps up? eg. take half of holding of the table on first day (hopefully we are talking profit here) and then let the rest run with a trailing stop?

The reason I ask is that I am still working on this part of my plan and for example I was watching IVZ go for a run on the 5/11 after a positive announcement and I would have thought that a new support level was being set and then build on that leading up to the next announcement. But now if you check its share price you will find that it is trading lower than when it went into trading halt.

I would appreciate any thoughts you have as I mentioned before I am always looking to improve trading plans as I have failed to sell on a couple of times and do not want to make the same mistakes over and over.

Good luck mate.

Trav


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## barney (28 November 2018)

Thanks for the best wishes Trav ….. Its been going well and I hope it continues as well

Re Strategy ….. probably not the best person to follow in that regard  lol  …… *totally discretionar*y and I get it wrong as many times as right, but do OK overall.

Re Selling in particular …. also guilty at times of holding too long, but I don't trade Momentum so timing the Sell is not as cut and dry ….. Trading Momentum Breakouts like Tech/a you basically have your Uncle point in place before you hit the buy button, so its a lot clearer in that sense …

In my opinion, unless the market is a big Bull, trading Specs on momentum breakouts will miss way more than they hit …. I trade as below …… The downside is time/waiting … and often the price will dip further before a Sell is clear so you can get a little more burnt occasionally. 

Re AMG at the moment.  It really depends on the strength of the announcement and the size of the spike or dip that immediately follows as to whether I would sell some/any/all.  

At this point, the news will likely be positive otherwise they wouldn't have gone into a trading halt … How positive will determine if the market players want to get involved …. 

If it spiked to 10 cents or higher (cheering) on just Ok news, I would probably take some off the table, but if the news is really good, I'll stay all in.

With Specs like AMG I try to *accumulate "proactively"* … as in based on what I think should occur and before the price has started to move too much, and often at retracement levels (Almost the opposite of trading Momentum, but *the buy in levels are much lower*) 

After I have my accumulated amount, assuming movement in the right direction, I'll Trade out of a Stock *"reactively"* … as in following the strength of announcements and relative Price action.

PS Had a look at* IVZ* … will follow up over there later … Cheers


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## peter2 (28 January 2019)

Price has been on a low volume slide since the last media release in early Dec18. This is not a concern for the longer term holders but perhaps a few short traders got caught. 
Price and volume perked up a little last week and that is enough for me to select it the Feb comp.


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## Anastasia (30 January 2019)

peter2 said:


> Price has been on a low volume slide since the last media release in early Dec18. This is not a concern for the longer term holders but perhaps a few short traders got caught.
> Price and volume perked up a little last week and that is enough for me to select it the Feb comp.
> 
> View attachment 91718



I have to agree with you Peter. The quarterly report should be out this week with hopefully an announcement or two for Burra. (Cloncurry will be out of the picture until the wet season is over). The results of the next stage of the MT survey should be completed by now or pretty soon and if the previous referencing with regards to the AusLAMP MT Survey indicating similarities in structures to those under Olympic Dam, then the results of the 25klm grid could be a great stimulus to buy. How I wish I had some spare cash right now - such a great buying opportunity passing me by!


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## barney (14 February 2019)

peter2 said:


> Price and volume perked up a little last week and that is enough for me to select it the Feb comp.




I'm keen for you to win this month's Comp Peter.

This afternoon's price action (subtle but noticeable) suggests this may be ready to move ….. I know they are looking to drill an 850 metre fully cored hole into the IOCG zone later this month so there may be a few punters looking to take a position ….. not a lot of shares being offered so it could move quickly on the sniff of good news.


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## peter2 (14 February 2019)

I want that drill report to be announced before the end of Feb but that seems unlikely as the drilling takes time and the lab work more time. I might have to select it for the next month's comp. Don't you steal it first. 

Looking at the latest qrtly cash report, they haven't got much left. Probably only enough for this 850m drill. They'll need some good news before asking for more capital. 

I don't trade or gamble in this sort of company.


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## barney (17 February 2019)

peter2 said:


> *I don't trade or gamble in this sort of company*.




Unfortunately ….. or fortunately …. I do …..

You are correct Pete …. they don't have a lot of cash in the coffers so the current drilling could be pivotal.

Management have done well in recent times to keep funding under control.  Fortunately they aren't just a one trick pony so I think they will be able to raise more as long as the upcoming results show potential. 

Recent price action shows some dedication from longer term holders if I'm reading it correctly. This is generally a good sign, but we shall see how it all pans out when the dust settles.


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## barney (25 February 2019)

Below info taken from today's announcement ….

SP currently up 25% on low Volume … I'm not complaining
*


ASX RELEASE* (abbreviated)

Independent Expert Emeritus Professor Kenneth D Collerson (PhD., FAusIMM) has presented findings validating the significance of a large IOCG (Iron Ore Copper Gold) or ISCG (Iron Sulphide Copper Gold) mineral source below the Little Duke Gold Mine, located within the Ausmex controlled Mt Freda Complex

*Key Findings Include:* 

➢  data indicates that Little Duke.. is proximal to a deeper and fertile IOCG or ISCG mineral system.

➢ The Little Duke drilling data (LD18RC006) is highly significant, and it is recommended that diamond core drilling should continue  

➢ Little Duke drill hole LD18RC006 combined Gold and Copper down hole mineralisation : (Refer ASX Release 29th November 2018) of *67 m @ 1.33 g/t Au and 0.47% Cu o Gold assays up to 8.00 g/t Gold, 1,100 ppm Cobalt and 1.43% Copper.  *

➢ Little Duke Drill Hole LD18RC006 was possibly drilled into the contact of a Tier 1 IOCG target that Ausmex shares with Newcrest Mining Limited (ASX:NCM) (Refer ASX 19th February 2019).


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## barney (28 February 2019)

More good grades in the Golden Mile drilling. Shaping up nicely for a decent deposit even discounting the potential IOCG with Newcrest.


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## barney (7 March 2019)

Currently in Trading Halt pending Results …..

They only started the latest round of drilling the other day so for them to have results worth a trading halt means it will be an upbeat announcement

Market Cap still under $20 million but more cash required soon so good results followed by a cap raise looks a possibility.  

The 5klm grid based survey over the old Burra Mine area looks very interesting. Proven mineralised area but now being surveyed with modern techniques could open up a big can of friendly worms ... holding tight at the moment.


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## peter2 (11 March 2019)

They've found gold. I notice that NCM are interested in the results also. Hmm..


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## barney (12 March 2019)

peter2 said:


> They've found gold. I notice that NCM are interested in the results also. Hmm..




Yeah the Gold has been basically known about for a while but they continue to find more.  Newcrest are digging on the same land next door and very tight lipped about what they have found.  Speculation it could be a large IOCG copper/gold find.

SP has raced up on the speculation … the 10 cent area is notoriously hard to break but liquidity has been thin …. interesting times.


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## barney (12 March 2019)

barney said:


> Recent price action shows some dedication from longer term holders if I'm reading it correctly. This is generally a good sign, but we shall see how it all pans out when the dust settles.




The Price action was as it seemed … it seems  …. posted on 17th Feb.  The dust has stirred if anything but the SP has risen steadily.

SP has been well traded today ….. Pushed up on Speculation …. Sellers around the 10 cent area as expected.  

Until the current drilling is reported on we are still skating on speculation regarding the potential of the IOCG tenements held in conjunction with Newcrest. 

The word on the street is Newcrest have drilled several very deep diamond drill holes but remain tight lipped.

They also invited AMG boss Matt Morgan to a "discussion" regarding the jointly held tenements but security protocol could not be agreed on  …. The plot thickens.

Positive news from either NCM or AMG could see me eating scotch fillet next month ….. Average news and I'm back to corn flakes and toast

Chart to follow.


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## barney (12 March 2019)

Just under 3 million shares traded today at around $282,000 so all in all its still under the radar of any day trading activity …. that's a plus given the recent rise.

Late last year the Top 20 Shareholders owned around 70% of the Co. so I imagine that is still the case.  That makes sense as to why it is fairly illiquid at the moment.

Closed the day back at 10 cents so all in all … pretty positive if the upcoming news is good.

I still hold … and still hope


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## debtfree (13 March 2019)

Nice pick guys  I'm thinking about those Scotch Fillets @barney, what day was the barbie


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## barney (13 March 2019)

debtfree said:


> Nice pick guys  I'm thinking about those Scotch Fillets @barney, what day was the barbie




Lol @debtfree  ……  It's moved quickly for sure ….. Could be the trade of a lifetime  …. could end in tears!lol

I'll let you know whether the BBQ is warmed up in a week or two after the drill results are announced

At 50 cents I'll supply copious amounts of Scotch fillet for all and sundry …. at a Buck … I may be slightly intoxicated for a week or two!!


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## barney (14 March 2019)

Interview with Professor Ken Collerson regarding the potential of both Ausmex tenement areas.

The Mt Freda area at Cloncurry where Newcrest are also drilling and the Burra area near the old Burra Monster mine in SA.

At 7 minutes 24 sec into the interview he mentions the Platinum and Palladium levels found in widespread surface samples along the whole Golden Mile area as the *highest he has ever seen*.  No wonder Newcest and RIO are sniffing around the area

Another sharp rise in the SP so far today.  If it holds up into the close the chart will start to look vertical which is generally a pre curser to a pullback.  Supply looks to be coming in around the 16-16.5 cent area so far today  …. there has to be some profit taking after such a run you'd think.

Link to Interview below

https://ausmexgroup.com.au/independ...significant-potential-of-cloncurry-and-burra/


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## barney (15 March 2019)

barney said:


> If it holds up into the close the chart will start to look vertical which is generally a pre curser to a pullback.  Supply looks to be coming in around the 16-16.5 cent area so far today  …. *there has to be some profit taking after such a run you'd think*.




And on queue the Profit taking came in as expected with the SP down  16% today. 

Everything is typical of Spec behaviour at this stage ….. The million dollar question is whether there is a large IOCG ore body to be found .... behind/under the recent speculation

Given the many and various "Pathfinder" Statements from respected Geologists … plus the Newcrest "interest"  …. I'm happy to ride the roller coaster for a while longer 

The profit taking has been on "normal" Volume … so I expect the overall current trend to continue pending further news …… I doubt we are going to see a Sandfire or Cudeco price blitz … but there are many positive similarities at this early stage to give Shareholders  good hope that there may be more than just gold in them there hills 

Holding and hoping as always ….. mashed potato tonight unfortunately … scotch fillet put back in the freezer


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## barney (28 March 2019)

CAP RAISE.

As expected, the Company was always going to need more cash given the extent of drilling required.

Interesting that the announcement today states they are "seeking a trading halt pending the release of a *material announcement* in relation to a proposed *possible* fund raising"

Reading between the lines on that, it wont surprise me to see one of the big boys (preferably Newcrest) getting involved here ….

If the announcement is *"material"* but still only *"possible"*, I'd say Matt Morgan may be trying to negotiate the capital at a premium to the SP ….. 

If that is the case, it would be a certain indicator that they are sitting on something substantial at Cloncurry and the SP could easily spike further ….. cheering if that is the case

On the flip side, it could be the exact opposite


----------



## barney (29 March 2019)

barney said:


> CAP RAISE.
> I'd say Matt Morgan may be trying to negotiate the capital at a premium to the SP …..




A little fly on the wall indicates the Cap Raise will be fairly substantial but not at a premium ….. This is still hearsay until proven otherwise, but if that turns out to be correct, I would hope for over 10 cents at the minimum. If not at least 10 the SP will suffer … Preferably 12 cents or higher. 

If they issue 50,000,000 shares at 10 cents= $5 mill less costs or at 12 cents = $6 mill less costs

The Major S/H's will not want excessive dilution but we need the cash to drill.  

The Stock is illiquid so hopefully Matt Morgan has been able to squeeze out a reasonable deal …. Still holding and hoping


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## barney (2 April 2019)

barney said:


> A little fly on the wall indicates the Cap Raise will be fairly substantial but not at a premium ….. Preferably 12 cents or higher.
> 
> If they issue 50,000,000 shares at 12 cents = $6 mill less costs




My Fly on the wall guy was close to the money it seems

58 million shares at 12 cents to raise $7 million before costs ….. That is actually very good considering not long back they were trading at 7-8 cents ….. Well done Matt Morgan!

This sets a solid bar for AMG now  … If they dig up anything half decent, the SP could really spike given how tight the register is …… Not sure if all the rain water has cleared around Cloncurry yet but they will be keen to get the digging started(3 diggers)


----------



## samso (10 April 2019)

*Ausmex Mining Group or Ausmex (ASX: AMG)* has had a lot of attention lately with announcements that they are possibly sitting on top of an IOCG (Iron Ore Copper Gold) source. Recent drilling results have been very encouraging, and they are in elephant country in terms of talking about IOCGs.  When I think of IOCG, I think of Olympic Dam, and if what Ausmex have is anything like that, this is going to be a fantastic story for shareholders. * I am a shareholder of the company and have been for almost two years.* A long-suffering shareholder until the recent rise in share price.

*History*
I became a shareholder of Ausmex nearly two years ago when they listed on the ASX (Australian Stock Exchange) in May 2017.  It was a rebadging of a company called Eumeralla Resources Limited at a price of AUD$0.08.  It has been a long ride, and the share price has gone as far down as AUD$0.032. The original concept was to explore and add value to the Mt Freda group of tenements.  They have some stockpile of ore that they were going to commercialise, but I was intrigued by the package of projects and the historical drilling results.

One of the things I have learned about the Cloncurry area is that it is a very mineralised corridor, but it is not very big in terms of strike length (length of the region).  There have been some big mines and the potential of developing a project to get some of the cream will be good.

*Corporate Information
Market Capitalisation:* 63.8M (04/2019)

*Outstanding Shares:*  Approx. 470.7 (04/2019) -including 58.3M placed on 2 April 2019 (Not including 89.25M unlisted options)

*Top 20 Shareholding:*  Approx. 70.4% (2019) - Before placement



 Ausmex Mining Group (ASX: AMG) 3-year share price chart. (source: Commsec)

*What is an IOCG?*
(Source: Geoscience Australia)

Iron oxide copper-gold (IOCG) deposits are a diverse family of mineral deposits characterised by the following features:

*(1) Cu with or without Au, as economic metals,*

*(2) hydrothermal ore styles and strong structural controls,*

*(3) abundant magnetite and/or hematite,*

*(4) Fe oxides with Fe/Ti greater than those in most igneous rocks, and*

*(5) no clear spatial associations with igneous intrusions as, for example, displayed by porphyry and skarn ore deposits.*

Uranium-rich IOCG deposits in which U is an economic metal are an important yet uncommon subset of the IOCG family.

Currently, the Olympic Dam deposit is the only IOCG deposit in which U is extracted as a significant economic commodity. This deposit is the world’s largest single resource of U (BHP Billiton, 2010 Annual Report, www.bhpb.com).

In a global context, most of the other IOCG deposits containing higher grades of U are found in the Gawler Craton and Curnamona Province of southern Australia

Based on current knowledge of IOCG deposits globally, it would appear that the IOCG deposits with the highest grades of REE are also confined to southern Australia.



 Diagrammatic sketch of the iron oxide-copper-gold mineral system illustrating the relative location of deposits types within the overall setting and the likely distribution of critical and other commodities within and around these deposit types. In the commodity lists, blue indicates essential commodities, underlined bold indicates major products, bold indicates commonly recovered by-products, underlined standard font indicates commodities with limited recovery as a by-product (usually during downstream processing), and the normal text indicates commodities that are geochemically anomalous, but not recovered. (source: Geoscience Australia)

*Distinctive features*
(Source: Geoscience Australia)

High to extreme paleogeothermal gradients is the critical driver.  What that means to the average person is that it was damn hot at the time of mineralisation.  To achieve this extreme gradient, it has to be of a crustal-scale hydrothermal system to accomplish the massive scale of alteration systems and the masses of hydrothermal precipitates (mineralisation) in individual IOCG deposits.  When we geologists talk about crustal scale, what we mean is that it is a big system.  It's like comparing the Grand Canyon to the trench you would dig in your backyard for your garden reticulation pipes.

There is the presence of two distinct fluids during deposit formation:

*(1) a highly oxidised fluid (e.g., meteoric/ground waters),* and

*(2) deep-sourced high-temperature brines (magmatic-hydrothermal fluids and/or fluids reacted with metamorphic rocks).*

In many IOCG systems there is also evidence of *volatile-rich fluids* during ore formation (e.g., CO2-bearing; see review by Williams et al., 2005, and references therein).

To collect so much "mineralisation", you need to have a topographic depression such as calderas, grabens, maar complexes…etc).  They are conducive to mixing of shallow-crustal and deep-sourced fluids.

IOCG deposits are characteristically diverse in their minor element compositions and contain elevated concentrations of many critical commodities. Recently published data for the Olympic Dam deposit have revealed the presence of an extensive range of minerals and corresponding geochemical variation. More than 90 minerals have been identified, and in addition to Cu, U, Au and light REEs the deposit is enriched to strongly enriched in As, Ba, Bi, C, Cd, Co, Cr, F, Fe, In, Mo, Nb, Ni, P, Pb, S, Sb, Se, Sn, Sr, Te, V, W, Y, and Zn (Ehrig et al., 2013). It is interesting to note that almost all of these elements are included in the current study of critical commodities.

*Australian IOCG Provinces*
There are two major IOCG provinces in Australia of global significance:


*the Olympic IOCG Province along the eastern margin of the Gawler Craton in South Australia, and *

*the Cloncurry district in the eastern Mount Isa Inlier of northwest Queensland.*
In addition, there are several other metallogenic provinces that contain or may contain medium-sized or small IOCG deposits,


including the Tennant Creek district (Northern Territory),

Curnamona Province (South Australia and New South Wales), and

the Aileron province, Northern Territory (Schofield, 2012).

*Mt Freida Story
(Source: Ausmex Mining Group)*
The project area is approximately 38km from the township of Cloncurry. The famous Ernest Henry Mine which is an iron oxide copper-gold deposit lies in the same area (35km NE of Cloncurry). As of 2017, the mine had the following resources,

*Measured, Indicated and Inferred Resources for the Ernest Henry Mine* (source: Evolution Mining)
95.30Mt @ 0.63g/t Au for 1.92Moz
28.59Mt @ 1.17% copper for 334kt

*Ore Reserves for the Ernest Henry Mine*
51.40Mt @ 0.55 g/t gold for 902koz
15.42Mt @ 1.07% copper for 165k



 Ausmex project locations. (source; Ausmex)

The main component of the whole story is that you have this massive IOCG target that is being worked by Newcrest Mining Limited  (ASX: NCM) within a stone's throw from the tenement boundary.  I have been a fan of the whole Olympic Dam story, and hence I am excited to be associated with a story such as this in Ausmex.

*SAM could make all the Difference.*
Why do I keep bring up Olympic Dam?  When you read about the extent they went about chasing the concept, you realise that it could have been a non-event.  Looking at the image below, the SAM (Sub Audio Magnetic) conductor could be more than impressive. Remember my article about Carlow Castle, the only geophysical method that picked up the mineralisation was SAMS.  In the world of exploration, no one way works 100% of the time, and it is this kind of logical optimism that drives discovery.  If SAM is picking up something real, then this could be the game changer that will work in this instance.

The great thing about and IOCG target is that it is big and as mother nature intended, completely random where it put or shares its mother lode.  Looking at the location of that blue speck for the next phase of drilling, one has got to be quietly excited.  As in Olympic Dam, it was no the area of the high that drove the discovery.  It was the periphery of the high, and the participants admitted that it was a stroke of random genius that decided on that area.

The conductive structure that has been defined is an easy target, and if the drilling comes up with good results, this will be a sitting target to drill out.  Imagine what Newcrest would think if a minnow like Ausmex makes such a discovery.  Imagine what the Ausmex share price would do with discovery.





*Why Do I believe?*
I do get some of my "confidence" from the fact that you are not dealing with hundreds of meters of cover and being in the middle of the desert.  The intercept at Little Duke when they got 59m @1.25g/t Au, and 0.43% of Cu is very significant in my books.  The first two significant drill holes at  Olympic Dam was, RD1 which came back with 38m @1.05% Cu and RD5 with 92m @ 1.01% copper.  Although the copper values are more significant, one has to be encouraged with the length of 59m from a depth of 73m.  In my book (and it's not a very detailed book), I think if management can zero in on the source, I am going to be holding onto my shares.





There is a diagram (see below) that was released in an announcement that gives a cross-section view of the whole concept.  I am a big believer of a schematic diagram as it simplifies the technical into a cartoon view.  This view was something that sold me on the story, and the funny part is that I think the story got better over time.  As I have said, it has taken a long time, and I hope this comes good.

You can interpret the diagram below in any level of technical confidence, but we all know that a missed drill hole could mean a lot, but a persistent team will most likely make up for that missed hole.  Just like the story of Sirus Resources Limited using the last remaining budget to drill holes which led to the discovery of the Nova-Bollinger nickel sulphide mine.





The flip side of a schematic diagram is that it is a cartoon and one has to become aware that it does not become a real cartoon.  Schematic diagrams are made to simplify a complicated view 





*What does this all mean?*
The big prize is the potential of tapping an IOCG source, and the reward can be astronomical.  The issue with chasing IOCG style mineralisation and chasing this big pie in the sky is that you will (not potentially) be spending a lot of money.  Western Mining Corporation which is now part of BHP started searching for a copper deposit in 1953 and only found Olympic Dam in 1976.  They spent in today's terms around AUD$45m to discover that copper mine.  Fortunately for WMC, they not only found a copper mine, but they also found the mother of all mines in copper and uranium and to a lesser amount, gold.  I think they commercialise a few other commodities.

It is good to see that Ausmex raised the AUD$7M as they will need that to keep the momentum going.  There is no doubt that there is a lot of noise around and management will have to be very scientific on where to drill. I don’t think there are too many people out in the geoscientific world today that will doubt the way WMC went about exploring.  When you read the book "The Olympic Dam Story" by David Upton, you will see the long and meticulous way the people went about looking for "Olympic Dam".

It took them years of postulating and finally ten holes to get the discovery.  Only 3 of those holes were not barren.  It was almost a 3-year journey, and it took another 13 years to get to production (mostly due to the anti-uranium program).  RD1 was a start, and RD5 was a teaser and RD10 was the discovery.  The time from RD1 and RD10 was over 12 months.

Hence, the point is that it is going to take even more patience and even more efficiency on the part of Ausmex management to create even more value for shareholders (*ME…  * )

*Conclusion*
To close on this article, the storyline that the management of Ausmex is telling people is the potential of a significant find. As a shareholder, I hope they are correct, and they spend the AUD$7M wisely and manage their salaries like how a chinaman would (if they want advice on how to do that, they know where to contact me) do if they were running the company.

I don’t doubt the storyline, but as many "investors" will attest, there have been many great stories that have become lemons.  In my experience, I always say that the proof of concept is the numerous smoke that is in the area and that Newcrest is spending money on the same idea.  It is not a lone ranger concept, and that gives me some confidence.

The conductive structure is the other piece of confidence.  Technology such as SAM was not around in the 1970s, so the comparison I have made with the discovery of Olympic Dam may not be so pertinent.  However, as a shareholder, I bloody hope it is the holy grail…..

At the end of the day, Olympic Dam is a big deposit. It had 10B tonnes of ore.  Something close to that would be punching above Ausmex weight and all shareholders will be happy.



*NOTE:  I am a shareholder of Ausmex, and I do want to highlight that this Insight is not meant to give advice and not to influence anyone to buy or sell the shares of the company.  This is my research and my thoughts on the activities of the company.  I have not been paid by the company to write this Insight.*


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## barney (10 April 2019)

samso said:


> *Ausmex Mining Group or Ausmex (ASX: AMG)* has had a lot of attention lately with announcements that they are possibly sitting on top of an IOCG (Iron Ore Copper Gold) source. Recent drilling results have been very encouraging, and they are in elephant country in terms of talking about IOCGs.




Thanks for the detailed post @samso    I am also in the AMG boat.  They are chasing a big and usually elusive dream, but the Little Duke drill hole also got me ultra keen …. The copper content for near surface is pretty damn good …….. If they happen to hit another 60 mtr hole down deeper and double the copper grade it could really take off.

Obviously a Spec Punt at this stage, but not too many Specs have Newcrest digging hundreds of metres of diamond drill holes literally on their doorstep


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## samso (10 April 2019)

barney said:


> Thanks for the detailed post @samso    I am also in the AMG boat.  They are chasing a big and usually elusive dream, but the Little Duke drill hole also got me ultra keen …. The copper content for near surface is pretty damn good …….. If they happen to hit another 60 mtr hole down deeper and double the copper grade it could really take off.
> 
> Obviously a Spec Punt at this stage, but not too many Specs have Newcrest digging hundreds of metres of diamond drill holes literally on their doorstep





@barney,  this is what I am trying to highlight...  One powerball and we are off to the moon....


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## Anastasia (10 April 2019)

Thanks for the post. I note that you have mentioned the application of SAM numerous times. With regard to Burra, AUSMEX have been pioneering the application of MT and AMT through a gridded program.

My research has confirmed that both BHP and OZ have been using MT/AMT  to define their known IOCG’s in recent times (perhaps in preference to SAM???) and for further exploration in the Gawler Craton. AMG’s use of SAM in the Cloncurry area and MT/AMT in Burra seems to be worlds best practice by this junior and their efforts are being rewarded.



samso said:


> *Ausmex Mining Group or Ausmex (ASX: AMG)* has had a lot of attention lately with announcements that they are possibly sitting on top of an IOCG (Iron Ore Copper Gold) source. Recent drilling results have been very encouraging, and they are in elephant country in terms of talking about IOCGs.  When I think of IOCG, I think of Olympic Dam, and if what Ausmex have is anything like that, this is going to be a fantastic story for shareholders. * I am a shareholder of the company and have been for almost two years.* A long-suffering shareholder until the recent rise in share price.
> 
> *History*
> I became a shareholder of Ausmex nearly two years ago when they listed on the ASX (Australian Stock Exchange) in May 2017.  It was a rebadging of a company called Eumeralla Resources Limited at a price of AUD$0.08.  It has been a long ride, and the share price has gone as far down as AUD$0.032. The original concept was to explore and add value to the Mt Freda group of tenements.  They have some stockpile of ore that they were going to commercialise, but I was intrigued by the package of projects and the historical drilling results.
> ...


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## samso (10 April 2019)

Anastasia said:


> Thanks for the post. I note that you have mentioned the application of SAM numerous times. With regard to Burra, AUSMEX have been pioneering the application of MT and AMT through a gridded program.
> 
> My research has confirmed that both BHP and OZ have been using MT/AMT  to define their known IOCG’s in recent times (perhaps in preference to SAM???) and for further exploration in the Gawler Craton. AMG’s use of SAM in the Cloncurry area and MT/AMT in Burra seems to be worlds best practice by this junior and their efforts are being rewarded.




@Anastasia in my opinion, one should use whatever is possible. Cost of these applications are all fairly acceptable.  What I have learned over the years is that a good explorer needs to be very open minded.

I would have liked to talk about Burra but that would have meant the article would have become a book 

Thank you for your contribution.

Cheers


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## Anastasia (10 April 2019)

Anastasia said:


> application



Samso, I would love to hear what you have to say about Burra if you have the time. Both areas are very very exciting. 



samso said:


> @Anastasia in my opinion, one should use whatever is possible. Cost of these applications are all fairly acceptable.  What I have learned over the years is that a good explorer needs to be very open minded.
> 
> I would have liked to talk about Burra but that would have meant the article would have become a book
> 
> ...


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## barney (10 April 2019)

Anastasia said:


> Samso, *I would love to hear what you have to say about Burra if you have the time*. Both areas are very very exciting.




Ditto  @Anastasia …….. Always good to get more input from other Punter's perspective.

Aside from that request …. I note that there has been a fair amount of liquidity at the current SP (14 cents) 

Basically, there are obviously a few punters who are well in profit and happy to take said profit …. 

Fortunately there is also a notable amount of "new" punters happy to get involved at this price ….

Bottom line is … in the short term, for the SP to increase exponentially, it will require the current drilling to hit something pretty good ………. Otherwise there will be plenty of recent punters who will bail out for various reasons …..

Finding a serious deposit is never achieved over a short time frame, so there will likely be much volatility before we all become filthy rich.... 

The Kenny Rodgers indicator should always be taken under consideration


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## samso (10 April 2019)

barney said:


> Ditto  @Anastasia …….. Always good to get more input from other Punter's perspective.
> 
> Aside from that request …. I note that there has been a fair amount of liquidity at the current SP (14 cents)
> 
> ...






What's the Kenny Rodgers?


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## Anastasia (10 April 2019)

I have a feeling it’s in reference to “The Gambler” 


samso said:


> What's the Kenny Rodgers?


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## samso (10 April 2019)

Anastasia said:


> I have a feeling it’s in reference to “The Gambler”





Oh ok


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## barney (10 April 2019)

samso said:


> Oh ok




"Know when to hold 'em … Know when to fold 'em"

For the record ….. AMG is currently definitely a "hold 'em"


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## samso (10 April 2019)

Please share my article if its appropriate. Cheers


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## barney (10 April 2019)

samso said:


> Please share my article if its appropriate. Cheers




Nice job on your website Samso


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## samso (11 April 2019)

would you believe that Hotcopper has just published my article on their Corporate Spotlight and not reference Samso as the author.........
They got it for free...


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## barney (11 April 2019)

samso said:


> would you believe that Hotcopper has just published my article on their Corporate Spotlight and not reference Samso as the author.........
> They got it for free...




Could not see it … but any advertising is good advertising

If they've used your personal analysis I'm sure they would credit you if you contacted them though … 

The current 14-14.5 cent region is holding pretty tough at the moment …. Time for the drills to do the talking


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## samso (11 April 2019)

they have taken it down,  There was no reference to me... Nada... zero....Why would you not reference, its a universal courtesy.. yes?


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## samso (11 April 2019)

AMG will do well. In my opinion, the geology stacks up and now its all up to the drilling
The 59m hole is my confidence.  You dont get that if there is nothing there.


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## barney (11 April 2019)

samso said:


> AMG will do well. In my opinion, the geology stacks up and now its all up to the drilling
> The 59m hole is my confidence.  You dont get that if there is nothing there.




No doubt there are minerals all over the place …… The widespread Gold certainly fits the criteria to be a pathfinder to a potential Copper strike.

I think the next round of drilling is to start up close and personal to where NCM have been digging, but they will only be 200 mtrs deep?? ….  so no where near as deep as Newcrest would have been digging?  If they do happen to get more good copper hits there at shallow depth, that would be a huge result.  

If they strike more Cu with the deeper drilling further away into our tenement, it could get hectic very quickly ….. still a pipe dream, but the pipe looks to have a bit of tobacco in it


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## windwillow (16 April 2019)

Recent article in The Australian, _OZ Minerals chief sees deals ahead in copper scramble,_ provides some perspective for the opportunities both at Cloncurry and Burra. Apparently everyone wants copper assets with OZ resetting its strategy with a focus on earlier stage asset development including partnerships with exploration juniors.

It would appear that OZ Minerals is also working closely with University of Adelaide in relation to the application of magnetotellurics. The use by AMG of the higher resolution 5km spaced AMT survey will generate a lot of local and international interest particularly from companies already invested in the technology. Ausmex is chasing the big footprint at depth to locate the shallow target near surface. Instead of locating the proverbial needle in the haystack, Ausmex is using an altogether innovative approach in tracing the mineral migration from mid crustal conductive zones. Technology could be game changing for the location of IOCG systems.


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## samso (16 April 2019)

The whole chaisng the IOCG targets is great but I would think that the likes of AMG should not spread themselves too thinly.  Money flies out the door when you are a publicly listed company, especially when you are actually doing stuff.  AUD7M will not do much if they start allocating to other projects.


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## windwillow (16 April 2019)

The key first step in relation to Burra is to generate compelling drilling targets. Ausmex may already be close to its objective through world-class and cutting-edge use of magnetotellurics. If there is a _deal making_ _copper scramble_ underway, the funding question could easily be resolved. Ausmex will need to set its priority if faced with two major IOCG prospects in two different states.


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## barney (16 April 2019)

samso said:


> AUD7M will not do much if they start allocating to other projects.




Matt Morgan and the boys pride themselves in spending the bulk of Shareholder money in the most appropriate way so I'm not too concerned about that at this stage ….

Cloncurry is the main focus in the short term. If they dig up something there, Burra will be cream on the strawberries.


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## barney (16 April 2019)

windwillow said:


> Ausmex will need to set its priority* if faced with two major IOCG prospects* in two different states.




I dream of having that problem lol


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## windwillow (21 April 2019)

Looking through the Newcrest Briefing Book for March 2019 there is a slide _Looking deeper in Australia opens new opportunities_. Its a case of the low hanging fruit has largely gone. The Newcrest search and mining space extends down to 2000m into the _Deep Search Space_. The slide pictorial describes two scenarios; firstly where the traditional search space has been exhausted in outcrop areas and secondly, where exploring under barren cover.

Ausmex, through the utilisation of magnetotellurics (AMT), is exploring within the Deep Search Space albeit its focus is upon identifying ore body targets nearer to surface. The exploration work is innovative: OZ Minerals and BHP have also been identified in working with magnetotellurics in the Gawler Craton.

It would appear to create two opportunities in relation to Burra:

Identification of new near surface copper mineralisation.
Discovery of large IOCG deposits which could be an analogue of Olympic Dam or also potentially hidden under barren cover in the Deep Search Space.
What will be its strategy going forward in relation to Burra? Its potentially a Big Picture requiring Big Players although near surface copper mineralisation would create a mining opportunity for a junior. The _*cream on the strawberries*_ may be a lucrative joint venture where Big Budgets are required to drill into the deep search space.

In the meantime, its back to Cloncurry where we have a world class exploration team at Newcrest who appear somewhat interested in the tenement next door. We know that they like it deep down under so 1000-2000m is just fine.


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## Anastasia (29 April 2019)

This attached announcement just out now is an amazing report. 
https://www.asx.com.au/asxpdf/20190429/pdf/444lxds08fj5x7.pdf


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## barney (2 May 2019)

Anastasia said:


> This attached announcement just out now is an amazing report.
> https://www.asx.com.au/asxpdf/20190429/pdf/444lxds08fj5x7.pdf




And following on from that …. the enthusiasm of Matt Morgan is unmistakeable in the Hong Kong Investor Conference video


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## Anastasia (2 May 2019)

barney said:


> And following on from that …. the enthusiasm of Matt Morgan is unmistakeable in the Hong Kong Investor Conference video




I totally agree Barney and cannot wait to see what unfolds. They should be drilling now (or very soon) in Cloncurry so the next month could be very exciting.


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## kjartan (7 May 2019)

Interesting news article on the AMG website about good drilling results south of Cloncurry:

https://ausmexgroup.com.au/ausmex-encourged-by-good-drilling-results-south-of-cloncurry/

I notice the buy queue has emptied out recently, and it looks like some impatient shareholders are deciding to cut and run. While I don't think this will be another Sandfire, I think the outlook is pretty positive, and I'm eagerly awaiting the next set of drilling results.


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## Anastasia (8 May 2019)

Well here it is hot off the press..... 15,000 m Drilling Program has commenced at Cloncurry... now to just be patient a month or so....
https://www.asx.com.au/asxpdf/20190508/pdf/444y0wmyrzwjz8.pdf


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## kjartan (1 July 2019)

I'll break the silence, since there's probably a fair few watchers of this thread but no-one is talking.

Some drilling results came out today for Shamrock, Falcon, and Golden Mile, which caused a massive volume spike but ultimately failed to impress the market. To me it looks like only about 500-550m of drilling has competed in a 15000m program. The results confirm previous drilling results in those areas, so despite the headline of a "gold bonanza" it really sheds little more light on their tenements.

Perhaps someone more in the know can explain a little further, but from what I'm reading in the 85 page announcement, it looks like they're currently targeting the shallow mineralisation so that they can understand the structure, to in turn hone their "aim" when they start the deep drilling program. In other words, their drilling isn't yet targeting the IOCG target they're expecting. Does that sound about right?


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## barney (2 July 2019)

kjartan said:


> from what I'm reading in the 85 page announcement, it looks like they're currently targeting the shallow mineralisation so that they can understand the structure, to in turn hone their "aim" when they start the deep drilling program. In other words, their drilling isn't yet targeting the IOCG target they're expecting. Does that sound about right?




My understanding is that the bulk of the drilling should be close to completion unless they have struck some problems which would be expected given the number of holes being drilled.  Assay results will depend on how fast the laboratory is.  

The first results delivered yesterday were essentially from the initial 900 mtrs of drilling which was completed 24th May so it looks like the lab turn around time is 4-5 weeks. They had already completed 600 mtrs of diamond drilling late May but were only progressing at 20 mtrs per day so not sure when any results from the deeper holes is to be expected.  I'd guess a couple of updates over the next 1-5 weeks.

Yesterdays results seemed ok but I was hoping for a couple more gold veins other than just in the 20-30 mtr zone but still early days so probably cant read too much into those results.  They did get a lot of useful info from the sulphides etc.  The fact that they still have the rigs on site indicates they intend to drill further. Hopefully that's because they think they have a better idea where to drill, and not because they didn't find what they expected   I always expected the first results to be "normal" ….. Its the deeper holes where the potential really is. 

A lot of shares changed hands yesterday and given the Top 30 shareholders own over 70%, it wont take much to weed out the weaker hands if they release better results in a few days. Hopefully the lab results are kind.


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## peter2 (20 July 2019)

I thought you AMG followers would be getting excited by the completion of the four month corrective chart pattern. The recent BO-NH above 0.135 indicates higher prices for AMG.


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## barney (21 July 2019)

peter2 said:


> I thought you AMG followers would be getting excited by the completion of the four month corrective chart pattern.




Indeed Peter ……. The current specking is all about the upcoming drill results. The early results showed more shallow Gold but the deeper diamond drilling is hoping to give a lead into a possible large copper/gold resource.

Lots of water to flow under the AMG bridge yet so I decided a little while back to take some profit off the table as I was a bit overweight for a spec stock. As you say, it looks likely to move a bit higher now so hopefully I don't regret selling too much too early


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## barney (2 September 2019)

I've sold a lot of my holding in AMG over the last few weeks for various reasons but still hold a few. 

There seemed to be a little gentle persuasion going on in this morning's market depth …. Afternoon trading and the Close will hopefully reveal if there is a story to it.


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## barney (3 September 2019)

Couple of larger sells took out the 10.5 cent level today ….. It doesn't look like they are prepared to give the stock away but there is some liquidating going on. If no buyers step up to take the 10.5 supply it will likely stall. Recent drill results have been ok but no major hits … Licence to mine is a way off yet so impatience levels are probably rising.


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## barney (6 September 2019)

Three days later and everything looks different …. Chart musings below.  The recent Seller/s looks to be out.  All the offered Volume was taken up around the 10.5 - 11 cent region.  It wont take much to see this jump a bit if they announce positive drill results.  

I bought some more at 11 cents based on my ramblings below, but hold only 50% of my original holding.  Expecting a push sometime soon … we shall see


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## kjartan (6 September 2019)

barney said:


> It wont take much to see this jump a bit if they announce positive drill results.




What would you call positive drill results? They seem to be striking some decent g/T but in short strikes (which I imagine is why the market hasn't reacted too much).  That said it's at a shallow depth and from what I've read it's in shale, which to me seems like a decent drilling target even as low as 3-4g/T given current gold prices. I also note that they've put in a mining lease application with the Queensland Government, which indicates that the company has definite plans to shift from exploration to production.


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## barney (7 September 2019)

kjartan said:


> What would you call positive drill results? They seem to be striking some decent g/T but in short strikes (which I imagine is why the market hasn't reacted too much).  That said it's at a shallow depth and from what I've read it's in shale, which to me seems like a decent drilling target even as low as 3-4g/T given current gold prices. I also note that they've put in a mining lease application with the Queensland Government, which indicates that the company has definite plans to shift from exploration to production.




Recent drilling results have been ok.  I think the market has been waiting for some really big numbers to match the pre-drill hype.  Assay results from the Lab are apparently snail pace which isn't helping.  Had the below recent results (which are very good) been into the *1% Copper* range, we'd be seeing a lot more price action.  

Announcement 23rd August:- 
*46 m @ 2.0 g/t Au & 0.42 % Cu* with 245 ppm Co ( 70-116 m) and *70 m @ 0.82 % Cu & 0.35 g/t Au *(0-70 m) 
and the previous *59m @1.25g/t Au, and 0.43% Cu
*
These are still only relatively shallow holes so we are all still waiting for the 4-600 mtr deep drill results??

If they can fast track the ML (12 months) they should be able to fund ongoing drilling from profits which would be very handy


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## barney (19 September 2019)

Trading Halt yesterday ….. Material announcement re Sale of their "Gilded Rose" project.  GR is just one portion of their overall land holding so I suspect the sale is to fund continued drilling elsewhere and hopefully eliminate the short term need for a further cap raise ….. prudent decision if they get a good price for the sale.


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## barney (20 September 2019)

2 day Trading suspension at the request of the Co.


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## barney (1 October 2019)

Company has had further tidy results lately but the market has not been overly excited given the expectation vs actual results. I'm 95% out as of today for the short term but still like their prospects. See what eventuates.


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## barney (9 October 2019)

barney said:


> the market has not been overly excited given the expectation vs actual results. I'm 95% out




Fortunately I played the Kenny Rodgers indicator and left the building with my shirt in tact.  

SP looks weak at the moment but its a typical cycle in Spec land ….  I still like their longer term prospects but on the fence for now.


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## barney (10 October 2019)

Things can change quickly in Spec land.

Recent SP slide followed by an even bigger spike high off the back of the visuals on the follow up drilling.

Assays should be good but will probably be a while before we get results.

Potential subterfuge aside, the announcement was certainly timely ….  I won't be surprised to see some selling into the rise though given we have no concrete results to chew on.


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## barney (20 February 2020)

barney said:


> ….  I won't be surprised to see some selling into the rise though given we have no concrete results to chew on.




Played out as expected from last October.  

Their recent announced sale of 'Gilded Rose' fell through so the expected cash inflow is yet to be realised until another buyer is found, plus Cloncurry has not produced the results they were hoping for. 

All in all, disappointing 12 months for AMG.  The boys are good at writing a story however so a strong bounce of the bottom (wherever that will be) will not surprise  Watching.


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## barney (18 December 2020)

One of my old Favorites AMG  ...... Interesting couple of announcements last 2 days with retractions etc etc.  Price action today showed some real intent in passages with a little push back above 5 cents

Late "Pause in Trading" as I type .... It surely will not be a Cap Raise because the Co has stated they don't need to do that with their JV structure etc etc .... so i wonder ...

Recent results were actually almost spectacular but the market is wary of the boys embellishments in the past.

I kind of wish I'd bought a handful yesterday but my cash is tied up so no real choice.

Hopefully the finally get this up and running for those who hold 

PS Trading Halt till Tuesday ... no details just yet

PPS The ASX has requested the Co explain regarding their last Ann ..... The boys are being watched it seems.


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## System (31 May 2021)

On May 31st, 2021, Ausmex Mining Group Limited (AMG) changed its name and ASX code to Tombola Gold Limited (TBA).


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