Quarterly Activities Report for the Period Ending 31 March 2024

Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to provide the following summary of activities undertaken during the quarter ended 31 March 2024 (March Quarter).

Highlights

• Assay results received from last quarter's drilling at the Ti-Tree project identified mineralisation at several prospects.
• Strong results, consistent with the zones of a porphyry copper system were received from the first 22 holes drilled into the Minnie Springs Cu-Mo-Ag porphyry prospect, including intercepts of:
  • MSRC012: 18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and;
  • 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole
  • MSRC022: 7m @ 0.19% Cu from 87m downhole
  • MSRC011: 7m @ 0.12% Cu from 21m downhole
• MSRC012 mineralisation contained significant base metal and silver including:
  • 5m @ 27.6 g/t Ag, 0.25% Pb and 0.15% Zn with 148 ppm Mo from 107m, and
  • 14m @ 21.5 g/t Ag, 0.18% Pb and 0.1% Zn with 274ppm Mo from 122m
• Copper Ridge CRRC008 returned:
  • 4m @ 0.91% Cu from 13m
  • Including 2m @ 1.67% Cu
• A 3,400m RC drill program has commenced at Minnie Springs, with deeper diamond drilling planned for June.
• Extensive soil sampling program commenced, representing the first systematic exploration over large parts of the mineralised Ti-Tree and adjacent Minga Bar Shears
• Soil program to target both base metal-gold and lithium prospective Leake Spring Metamorphics as well as extensions to the Minnie Springs porphyry style copper- molybdenum trend.
• Cash position of $4.55m as of 31 March

Augustus has continued to advance its mineral exploration ground efforts within the Ti-Tree Project with a regional soil sampling program commencing in March and a second RC drilling program commencing in early April at the Minnie Springs Cu-Mo-Ag porphyry prospect.

Drilling Activities

The Ti-Tree project covers some 3,600km2 and overlies 85kms of strike of the Ti-Tree Shear which is known to host a significant number of mineral occurrences in the region. The project area also contains >20kms of strike of the Money Intrusion, where Dreadnought Resources (ASX:DRE) has recently discovered significant Ni-Cu-PGE mineralisation1 .

Assay results from late last quarter’s drilling which comprised 78 holes totalling 9,086m of Reverse Circulation (RC) drilling were received in the March quarter2.

The primary focus of this drill program was to target significant mineralised zones defined by surface exploration completed across the 6 prospect areas of Minnie Springs, Coo Creek, Nick’s Bore, Copper Ridge, Crawford Bore and Crawford South (Figure 1).

Figure 1. Map of Crawford area and Minnie Springs, key drilling targets

Significant assays with >1m width at >0.1%Cu are shown in Table 1 below. Intervals marked * contain composite samples (nominal 4m).

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.