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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that its planning for exploration activities into 2024 is well progressed including RC and diamond drilling, geophysical assessment and soil sampling over areas of the Ti-Tree and Minga Bar fault structures.
The primary objectives of the 2024 exploration program are to:
- Test with follow up RC and diamond drilling the multiple copper sulphide intercepts from prospects drilled during 2023
- Conduct RC Drilling at known prospects not yet drill tested
- Conduct a geophysical program over the Money Intrusion searching for nickel-copper sulphide targets
- Soil sampling program south-east of Minnie Springs along the Minga Bar fault for additional copper-molybdenum- gold mineralisation
- Soil sampling program west of Copper Ridge along the T-Tree Shear for further zones of copper-gold mineralisation
- Follow-up on lithium soil anomalies along the Ti Tree Shear at the Peak Bore prospect
Andrew Reid, Managing Director
“We are now busy planning more expansive activities at our highly prospective Ti-Tree Shear project.
“Over the last 7 months since ASX listing, we have completed regional reconnaissance over substantial portions of the tenement package, finalised three aboriginal heritage surveys and conducted a 9,000m RC drilling program over the first 6 of our high priority targets.
“In 2024 we intend to expand upon what we have learned in 2023 delivering great exploration results as we begin to follow up recent results including the copper complex at Minnie Springs while working at the same time to explore for new prospects in unexplored territory”.
Figure 1. Map of Ti-Tree Shear Project and key prospect locations.
Exploration Activities 2024 Objectives
Augustus is already planning and focusing on its 2024 field program which will commence during Q1. The fully funded program intends to comprise RC and diamond drilling building on the activities of the recent 9,000m of drilling completed at Minnie Springs which resulted in widespread visible copper sulphide mineralisation.
The exploration program will consist of:
- RC drilling across a number of prospects, some of which were drilled in 2023, and others with no prior drilling activities (Figures 1 & 2);
- diamond drilling into deeper portions of the Minnie Springs prospect below the semi- massive and disseminated sulphides discovered in 2023. Timing to occur after the IP program over Minnie Springs is completed;
- geophysical survey along the Money Intrusion targeting Dreadnought Resources style nickel-copper sulphides within doleritic units; and
- soil sampling along the Ti-Tree Shear and Minga Bar fault structures over areas prospective for copper-nickel-gold-lead-lithium.
RC Drilling
At the Crawfords area, 2023 exploratory drilling covered the Nick’s Bore, Copper Ridge, Crawford and Crawford South prospects and is expected, based on assessment of the geology, to generate more follow up targets requiring RC drilling.
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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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
