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Australian Mines ( (AU:AUZ) ) has provided an update.
Australian Mines’ latest quarterly report highlights solid progress at its Boa Vista Gold Project in Brazil, where diamond drilling at the VG1 target intersected the interpreted mineralisation envelope as planned and delivered a standout intercept of 160.8 gram-metres from hole VGADD0002, the second-best result recorded on the project to date. These early results, together with the identification of a new near-surface high-grade zone (Biota) not included in the historical resource, support the company’s strategy to define the geometry, continuity and potential scale of the Boa Vista mineralised system. In New South Wales, the company has begun a targeted drilling program at its Flemington scandium–nickel–cobalt project to test a large underexplored geophysical anomaly adjacent to the existing high-grade scandium resource, while SRK Consulting has been engaged to update the Flemington Scoping Study with an emphasis on scandium production. To underpin these expanded exploration activities and provide working capital, Australian Mines has secured firm commitments for a $4 million strategic placement, enabling the company to upscale its drill programs at both Boa Vista and Flemington and potentially strengthen its future resource base and project economics.
The most recent analyst rating on (AU:AUZ) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Australian Mines stock, see the AU:AUZ Stock Forecast page.
More about Australian Mines
Australian Mines Limited is an ASX-listed resources company focused on the exploration and development of battery and strategic metals, with key projects including the Boa Vista gold project in Brazil and the Flemington scandium–nickel–cobalt project in New South Wales. The company targets high-value mineralisation, particularly gold and scandium, to position itself in markets linked to advanced materials and clean energy technologies.
Average Trading Volume: 7,741,595
Technical Sentiment Signal: Buy
Current Market Cap: A$41.01M
For a thorough assessment of AUZ stock, go to TipRanks’ Stock Analysis page.