Australian Mines identifies new targets at Yargarma

THE BOURSE WHISPERER: Australian Mines has received the final interpretation from a high-resolution aeromagnetic survey that was recently conducted over the company’s 100 per cent-owned Yargarma project in northwest Nigeria.

According to Australian Mines the interpretation has identified a number of gold targets within the Yargarma project, of which three have been classified as ‘high priority’ targets.

At least one of these priority targets coincides with an area of active artisanal workings.

 

Interpretation of the high-resolution aeromagnetic survey over
Australian Mines’ Yargarma project identified 34 targets zones
(highlighted by red and orange polygons) considered favourable for vein
formation and gold mineralization. The presence of numerous gold
workings by local artisanal miners (shown as yellow triangles) within
this project area indicates the area is prospective for quartz
vein-hosted gold mineralization. Source: Company announcement

The Yargarma project is situated within Nigeria’s northwest gold fields and covers 172 square kilometres.

Surface geochemical sampling carried out by Australian Mines from October 2011 to July 2012 identified multiple gold-in-soil anomalies with rock chip sampling returning high assay values including:

–    9.83 grams per tonne gold;

–    7.73g/t gold;

–    7.45g/t gold; and

–    6.49g/t gold.

The company said it had been encouraged by the targets generated from both the airborne geophysical survey and geochemical sampling programs, leading it to plan the commencement of its maiden drilling program at Yargarma in late October this year.

“The results of our aeromagnetic survey at Yargarma are very encouraging with the identification of many targets for the company on which to continue its exploration program,” Australian Mines managing director Benjamin Bell said in the company’s announcement to the Australian Securities Exchange.

“Of these targets, we anticipate commencing further work on the Priority 1 gold targets in October, which will include a first-pass drill program.”