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Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to provide the following summary of activities undertaken during the quarter ended 30 June 2024 (June Quarter).
Highlights
- Co-funded drilling grant up to $110,000 for 2 x 700m deep diamond drill holes under the Exploration Incentive Scheme (EIS) awarded for Minnie Springs Cu-Mo prospect. Drilling is planned for August.
- Potential for higher grade Cu and Mo zones identified at depth below “tilted” porphyry model.
- Two new prospects, Tiberius and Claudius, have returned high-grade copper and significant silver assays in rock chips from recent field work.
- High grade assays up to 17.8% Cu and 282g/t Ag have been discovered at Tiberius, currently 3m wide and extending for over 200m along strike.
- Claudius, 11km south of Tiberius, comprised of several parallel zones over a 100m by 300m area, returned grades up to 6.6% Cu and 86g/t Ag.
- UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Broken Hill style and Uranium targets along the money Intrusion and within proximity of the prospective 85km long Ti-Tree Shear.
- The Money Intrusion is prospective for Cu-Ni-PGE mineralisation.
- The Munaballya Well area which shows potential for Uranium mineralisation.
- Coo Creek shows similar lithologies and alteration to Broken Hill Style massive sulphide mineralisation.
- In July ongoing field work returned high grade rock chip assays
- 35% copper and 236 g/t silver from Tiberius prospect.
- 32% copper, 3.26 g/t gold and 129 g/t silver from the South Snowy prospect.
- 10.1g/t gold from rock chips from the Justinian prospect.
- Mapping and field work is continuing around these prospects as well as new targets identified from a combination of geology, geophysics and multi-spectral image analysis.
- Cash position of $3.02M as of 30 June
- 16 July 2024 the Company raised an additional $1.66M through a placement.
Figure 1 Location of the prospects and planned VTEM Survey Areas.
EIS Grant for Minnie Springs Copper Porphyry Drilling
A co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) was awarded for Minnie Springs (Figure 1). Drilling is planned for August.
In preparation for the deeper drilling, modelling of the Minnie Springs system in an integrated manner by incorporating recent drilling, alteration mapping and geophysics has highlighted both potential extensions to existing near surface Mo rich zones, as well as the potential for high grade Cu-Mo zones at depth.
Southern Geoscience Consultants (SGC) reprocessed historic gradient array induced polarisation survey (GAIP) and a dipole-dipole induced polarisation survey (DDIP) conducted by Equatorial Minerals in 1997. A gradient array survey was conducted over both the Mo and Cu zones, highlighting elevated chargeability over the Mo rich zone.
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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