This decision will enable the Company to concentrate its resources on advancing a number of high priori ty nickel, copper and gold targets recently identified across its Marymia Project in Western Australia, including the Burton prospect where a strong bedrock conductor was recently detected directly below a thick layer of nickel oxide mineralisation.
Since entering into the Jumbulyer joint venture within Mount Magnet South in March 2014, Australian Mines has conducted a comprehensive review of the historic drilling that included the construction of a detailed three – dimensional geological model of the Foothills gold and copper prospect, followed by two ground based geophysical surveys and a targeted reverse circulation (RC) drill program .
Whilst results from this work in dicated that the project has the potential to host a Quasar – style gold deposit, Australian Mines elected to review its options in relation to Jumbulyer given the success of its ongoing exploration program at Marymia.
Managing Director Benjamin Bell stated, " The decision to withdraw from the Jumbulyer joint venture is in no way reflective of the potential prospectivity of this project . Australian Mines felt that given our recent successes at Marymia, it would be prudent for the Company to focus all a vailable funds on the ongoing exploration at Marymia, which is shaping up to have a number of highly prospective targets."
