Australian Mines (ASX:AUZ) shares have jumped in value to an...

Australian Mines (ASX:AUZ) shares have jumped in value to an intra-day high of $0.018 today, from $0.003 in early July.

Shares in the company have tripled in just the last week, largely due to an update released to market on Friday.

AUZ revealed that an electromagnetic survey over its Marymia project in Western Australia had detected a strongly conductive body beneath a historic nickel-in-soil anomaly.

Modelling of this geophysical anomaly indicated that the source is a 400 metre long structure which appears to parallel a previously reported 1,200 metre by 600 metre nickel-copper soil anomaly.

The top of this conductive body is estimated to be 250 metres below the surface and continues to a depth of at least 700 metres, being the depth limitation of the geophysical equipment.

Based on the geophysical characteristics of this conductive body, the anomaly represents a target for massive sulphide mineralisation that could be related to nickel, copper or copper-gold mineralisation.

AUZ has designed an initial drill program to test the source of this bedrock conductor, coined Simmons, which is scheduled to commence by September, with final assays in October.

The Marymia Project is located 40 kilometres east of the Plutonic Gold Mine, which has produced over 5 million ounces of gold to date, covers 425 square kilometres and lies 55 kilometres along strike of Sandfire Resources' (ASX:SFR) DeGrussa deposit.

AUZ controls over 20 kilometres of ultramafic rocks within the Marymia project area, in addition to a number of DeGrussa-style copper-gold targets adjacent to the Jenkin Fault structure.