Ausmex Mining Group Ltd. said June 8 that it launched a joint venture with Washington H. Soul Pattinson & Co. Ltd. unit Exco Resources (QLD) Pty. Ltd. on the historical gold mines collectively known as the Golden Mile project that is adjacent to the Mount Freda mining lease Ausmex also controls in Queensland, Australia.
Ausmex has acquired an 80% interest in two sub-blocks that contain the underground mines. Eight north-south striking historical gold mines have been identified within an area of about 1.5 kilometers by 1.8 kilometers, which have remained dormant since 1939 and the start of World War II.
Under the joint venture agreement, Ausmex is designing a 1,500-meter reverse circulation drilling program to test the high-grade gold mines. Drilling is expected to start in early July.
