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AUSTRALIAN MINES LIMITED

ASX: AUZ

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Australian Mines Limited (ASX Code: AUZ) is an Australian listed gold and base metals exploration company whose vision is to develop into a respected and successful operational mining company with growth potential of its assets.

AUZ has recently acquired extensive tenement holdings in Nigeria's North West schist belt region that offer similarities to the better known gold producing countries of Ghana, Cote d'Ivoire and Burkino Faso - where a combination of advanced exploration and development programs is leading to rapidly expanding output.

Although Nigeria has a history of past production, quickly ramping up to 40,000 ounces a year from 1933, it died out during the Second World War and never recovered from the discovery of oil in 1956.

Today, the country's mineral sector is springing back to life as government reforms aim to bring Nigeria into line with global best practice.

The experienced board and management of AUZ are well positioned to be part of this exciting re-emergence as modern-day exploration techniques and thinking are applied to highly prospective ground that many in the country feel offers greater potential than that of its neighbours to the west.

NIGERIA GOLD PROJECT

In March 2011 AUZ acquierd Nigeria Gold Pty Ltd which owns gold exploration leases in Nigeria. The acquisition has been repoted under the separate heading.

The schist belts of Nigeria are considered highly prospective for gold and base metals. They have been compared to the better known Birimian schist belts of Ghana, Mali and Burkino Faso and are contained in the Basement Complex of Nigeria which occupies the western part of the Pan-African Mobile Belt. The Basement Complex occupies about half the surface area of Nigeria, with the remainder of the country being covered by sediment-filled troughs of younger age.

Commercial deposits of gold associated with other metallic minerals occur within the schist belts of the Basement Complex that host gold deposits of Ghana and areas in West Africa.

NICKEL SULPHIDE PROJECTS

With the collapse of the nickel price nickel exploration has become secondary to gold exploration, but the nickel price will surely recover and Australian Mines has retained all of its nickel resources for the future. Nickel exploration is reported as three entities, namely the Golden Ridge Joint Venture, and he East Location 45 freehold lease near Kalgoorlie, and the Marriotts Project near Leinster.

MT MARTIN GOLD MINE

AUZ purchase the head lease to the East Location 45 freehold block of 110 m2 in july 2007, but did not gain control of the Mt Martin gold mine until January 2010 when an existing sublease arrangement expired.

Since gaining control of Mt Martin the company has been actively interpreting the gold system and has now drilled 8 deep diamond holes plus 18 RC holes to increase the gold resources.

Mine For

nickel, gold, iron ore, manganese

Location of operation(s)

Western Australia, Nigeria

Address

Level 1 83 Havelock St
WEST PERTH, WA, AUSTRALIA

Phone

(08) 9481 5811

Email

Website


Last Updated

16/08/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.