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Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce the latest rock chip assays from the Companies Ti-Tree project.
Augustus Minerals has received new assays from ongoing field work and rock chip sampling programs conducted on the new Nero prospect at the Ti-Tree Project.
- High grade copper rock chips assaying up to 3.1% and up to 11g/t silver have been identified from field work over a strike length of 1.1km.
- The copper and silver mineralisation is hosted within malachite bearing quartz veins in dolerite and granite along a northeast trending zone of faults.
Mapping and field work is continuing to identify suitable drilling platforms for future programs to be conducted.
Figure 1 Prospects and VTEM Survey areas
New Nero Prospect
Mapping along structures 3.7km along strike northeast of Claudius (6.6% Cu, 86ppm Ag1) (Figure 1) has identified a new mineralised zone associated with quartz veining, malachite (secondary copper carbonate mineral) and iron oxide after weathered sulphide minerals.
Figure 2 Location of the new Nero Prospect in relation to the tenement geology and Claudius and Nero prospects
The new “Nero” zone, defined by 24 rock chips, has a strike length of 1.1km with copper grades up to 3.1% and silver grade up to 11g/t (figure 2).
The mineralised zone is comprised of multiple gossanous quartz veins which cut both the Moorarie Supersuite granites and later Mundine Well Dolerite dykes in a north to northeasterly direction (Figures 2 and 3). Often the quartz veins, which are up to 5m wide strike almost north-south, oblique to the northeasterly strike of the shear/fault zone. The mineralised veins are within the dolerite in the south of the prospect but trend to the east into the surrounding granite towards the north.
Copper was elevated over the entire length of the structural zone with 17 of the 24 samples assaying >0.1% Cu, and five samples >1% Cu with a maximum of 3.1% Cu from sample WA001357 (Figure 4). Along with elevated Cu assays, Nero contains silver to 11g/t and elevated levels of gold (0.10g/t Au in WA001336) (Table 1 and Table 2).
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This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AUG:AU
Highly Anomolous Samples Confirm Drill Ready Targets
HIGHLIGHTS
- Highly anomalous values have been returned across the majority of areas sampled. Significantly, neodymium, praseodymium (magnetic rare earth elements) as well as niobium and titanium, are well above background values.
- Importantly, geological analysis of the surface samples, including all the previous work undertaken at Wabli Creek, has confirmed that niobium and REE mineralisation has been determined to occur within the alkaline granite and its contact with associated N/S trending pegmatites/dykes.
- A total of 74 surface samples have been returned from the Company’s latest detailed mapping and sampling program and provides the final step toward defining priority drill targets.
- Mapping and surface sampling focused on granite/dyke contact zones and identified large anomalous zones of total rare earth oxides (TREO) with values up to 7060 ppm from surface samples (Figure 1 & 2, Table 4).
Surface samples were taken specifically to refine the Company’s understanding of granite/dyke contact zones identified by geochemical and geophysical analysis previously completed. As mineralisation has been established in the Pelops zone, the purpose of this exercise was to confirm anomalous mineralisation exists in additional zones, prior to the definition of priority drill targets.
Approximately 7 km2 of the 15 km2 E 09/2377 tenement has now been geologically mapped.
FIGURE 1: Niobium current & historical, Wabli Creek (ASX Announcements 18 March, 28 May, 12 June, 7 August, 2024)
FIGURE 2: TREO current & historical, Wabli Creek (ASX Announcements 18 March, 28 May, 12 June, 7 August, 2024)
Reach CEO, Jeremy Bower stated,
“These latest surface sample results have certainly enhanced our confidence at Wabli Creek. The key for the exploration team has been to understand and try and replicate the Pelops Prospect, where rock chip samples from bedrock have returned assays up to 17.65% Nb2O5.
Our exploration team led by Nick Revell and Principal Geologist, David Tsiokos, now have a strong understanding regarding the genesis of mineralisation which has enabled them to confirm drill ready targets. The confirmation of anomalous mineralisation in other zones in addition to Pelops is the final confirmation we needed to de-risk the next stage of exploration.
Not only is there the potential for niobium and titanium but also significant levels of magnetic REE particularly neodymium and praseodymium. Of major importance is the thesis that the central alkaline granite is host to much of the rare earth mineralisation, in addition to its contact with the N-S trending dykes. This provides a much larger target area which is very exciting”
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Jeffreys Find Gold Mine. Second Toll Milling Campaign Completed. 6,295 Ounces Produced; Gold Sales Total $23.5M.
HIGHLIGHTS
- The second toll milling campaign for 2024 has been completed.
- 6,295 ounces of gold produced from 128,000 tonnes milled.
- Gold sales for this campaign total $23.5 Million.
- Highest sale price at AUD$3,859 per ounce.
- Average sale price at AUD$3,731 per ounce.
- Auric has received initial surplus cash distribution of $2.0 Million.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We are in the sweetest possible place with the mining of Jeffreys Find.
“Total production for the year has passed 7,500 ounces. Another toll milling campaign is scheduled for the end of November. It will be a mighty run home for Auric as the project draws to conclusion.
“Whilst the campaign processed lower tonnes than expected, the gross revenue was higher due to the extraordinary gold price.
“The reconciled yield of 1.65 g/t was marginally below expectation but the recovery of 93.2% was excellent.
“BML has a contract with Greenfields for 300,000 tonnes to be processed so it won’t be long before milling starts again. We are anticipating a further 142,000 tonnes to be processed in 2024 and early into 2025 at Greenfields.
“Jeffreys Find will produce substantial cash for Auric. It has been an outstanding investment,” said Mr English.
Photo: The Jeffreys Find Pit; 30 September 2024.
Through Auric’s joint venture partner BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 127,610 dry metric tonnes was processed by The Greenfields Mill at Coolgardie (Greenfields or Mill) with a reconciled recovery of 93.2%.
A total of 6,295 ounces of gold was recovered at a reconciled head grade of 1.65 g/t.
Gold sales amounted to $23.48 Million for the campaign with an average gold price of AUD$3,731 per ounce. The highest gold price achieved during the campaign was AUD$3,859 per ounce.
Stage Two of mining in 2024 has now produced 7,551 ounces of gold with total gold sales to date of $27.95 Million.
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This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
