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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.
AUG:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
