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Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce the commencement of the previously announced airborne Versatile Time Domain Electromagnetic (VTEM) Max survey over three areas within the 3,600km2 Ti-Tree Project in the Gascoyne Region. The survey should be finished this week with final data expected within four to six weeks.
- The VTEM Max survey over Cu-Ni-PGE, Broken Hill Style and Uranium targets has commenced.
- The survey is covering:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nick’s Bore over anomalous Copper Drilling results.
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation of possible Broken Hill Style massive sulphide.
- The Munaballya Well area which shows potential for economic uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
VTEM
UTS Geophysics is conducting the helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer.
Figure 1 Prospects and VTEM Survey areas
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north (Figure 2).
The VTEM Max system will look to identify conductive anomalies which may reflect concentrations of massive to semi-massive sulphide along the thicker parts of the Money Intrusion within AUG tenure.
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.
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Augustus Minerals
Diversification can be key to a profitable mining and exploration strategy. While there's no shortage of companies that have experienced great success by focusing on a single commodity, there's always an element of risk to that approach. There is always the risk that certain commodities will fall in price whilst others rise. Augustus Minerals, a newly listed exploration company on the ASX (AUG) is cognizant of this fact. An exploration company based in Western Australia, Augustus has acquired a 100-percent interest in a land package covering some 3,600 square kilometers in Western Australia's Upper Gascoyne region. Although traditionally known as a source of base metals, gold and uranium, the Gascoyne is rapidly emerging as a prime target for rare earths and lithium discoveries.
As an early mover to the region, Augustus’s vast landholding is highly prospective for lithium, rare earths, copper and gold. Its Ti-Tree project contains 85 kilometers of the Ti Tree and Mingabar shear zones, with extensive, untested, multi-element mineralization and surface anomalies.
The Gascoyne region is a large emerging critical mineral province with several deposits having been discovered in the last few years. These include multiple Ironstone REE discoveries by Dreadnought Resources (ASX:DRE), Hastings Technology's (ASX:HAS) Yangibana Ironstone REE project and Lanthanein Resources' (ASX:LNR) Lyons Ironstone REE project, as well as a large lithium discovery at Delta Lithium's (ASX:DLT) Yinnetharra location.
Directed by a highly experienced management team with extensive knowledge about mining and exploration in the Gascoyne, Augustus's exploration program will focus on more than 50 priority targets already identified by the company. These include potential lithium bearing pegmatites, REE-rich ironstones and shear/porphyry-hosted copper systems. Thus far, the company has completed multiple geophysical surveys and collected more than 15,000 soil samples.
Company Highlights
- Augustus Minerals is an Australian exploration company focused on the highly-prospective Gascoyne region of Western Australia.
- The company has 100 percent ownership of a land package covering 3,600 square kilometers.
- Augustus has identified multiple high-priority lithium, rare earth and copper targets throughout its project, with strong mineralization intersected at multiple locations across multiple commodities.
- Augustus's leadership team has the benefit of significant local knowledge regarding exploration of the Gascoyne province.
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