Quarterly Activities Report September 2023

Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to provide the following summary of activities undertaken during the quarter ended 30 September 2023 (September Quarter).

Highlights

• Copper Ridge extended 117% to 1,300m in length with rock chip results
• Aboriginal Heritage Survey Completed over multiple drill targets
• Maiden drill campaign commences on advanced copper prospects
• First assay results to be received from late November
• Cash position of $7.4m as of September 30

Augustus commenced its maiden drill program at the Crawford area targeting the Copper Ridge, Nick’s Bore and Crawford South copper-gold prospects which are considered highly promising exploration targets given the extensive mineralisation present at surface.

Approximately 10,000 m of reverse circulation drilling will focus on investigating structurally controlled copper-gold targets and extensive copper in soil anomalies at the Crawford- Copper Ridge-Nick's Bore area in addition to targeting outcrops with elevated results of molybdenum and rare earths from the Crawford South location. Drilling is also planning to test the extensive copper in soil anomaly at Minnie Springs.

Exploration during the quarter at Copper Ridge extended the known strike length to 1,300m from copper assays within quartz veins in rock chip samples.

Drilling activities commenced in the last week of September and are scheduled to continue well into second quarter of FY24, with first results expected by late November 2023.

Drilling Activities

The Ti-Tree project overlies 85kms of the Ti-Tree Shear that 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 (Figure 1.).

The ~10,000m program, forms part of a substantial initial project assessment across a number of key targets and marks the first-ever drilling to be undertaken at depth on many of these prospects and will include;

• Testing the surface expressions and extensions of known mineralisation at the Crawford, Crawford South, Copper Ridge and Nic’s Bore prospects within the 8km x 3km area of copper – gold – rare earths mineralisation (Figure 2.)²;
• Testing the 3km x 1km long copper-gold surface anomaly at Minnie Springs (Figure 4.);
• Targeting extensions to known molybdenum mineralisation previously drilled and defined by Catalyst Metals at Minnie Springs where results have defined an exploration target of 12 - 84Mt (Table 1 and Figure 4.)³.

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

Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.

Results included;

• 60 m grading at 640 ppm Mo (0.107% MoS2) from 10 m (MRC 10) with 0.30 g/t Re;
• and 0.02% Cu, which included 26 m grading at 1,022 ppm Mo (0.170% MoS2) from 20 m with 0.51 g/t Re and 0.03% Cu;
• 18 m grading at 910 ppm Mo (0.152% MoS2) from 32 m (MRC 8) with 0.42 g/t Re and 0.04% Cu;
• 14 m grading at 1,082 ppm Mo (0.180% MoS2) from 20 m (MRC 7) with 0.31g/t Re and 0.07% Cu

Exploration Activities

The Crawford area is an 8km x 3km zone highly anomalous in copper and gold. Within this area there are four distinct zones which have been mapped and sampled to date.

Click here for the full ASX Release

This article includes content from Augustus Minerals Limited, 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.