Augustus Minerals Commences RC Drilling at Ti-Tree Project

Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that a maiden reverse circulation (RC) drilling program has commenced at its Ti-Tree Project in the Gascoyne region of Western Australia, targeting copper-gold, molybdenum and rare earths.

• Substantial exploration program, that includes reverse circulation (RC) drilling, has commenced at the Ti-Tree Project in the Gascoyne Region of WA
• Exploration program at Ti-Tree is designed to test high-priority targets identified by Augustus
• Program is designed to test prospects with no or minimal historical drilling
• Key target areas include Minnie Springs, Copper Ridge, Nick’s Bore, Crawford, Crawford South and Coo Creek which have had recent target refinement
• Drilling will continue for several months

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. Location of Crawford copper-gold prospects intersecting the Ti Tree Shear and Money Intrusion

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 3.);
• Targeting extensions to known molybdenum mineralisation previously drilled and defined by Catalysts Metals at Minnie Springs where results have defined an exploration target of 12 - 84Mt (Table 1 and Figure 3.)³.

Table 1. Exploration target size estimate for Minnie Springs Molybdenum deposit

Note: 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.
• Targets with potential for new discoveries based on historical geochemical anomalies, rock chips and geological mapping activities. Positive results returned from the drilling will be systematically followed up.

“Commencement of our first drill program is a significant milestone for Augustus and has the potential to transform the asset for us. The region is target-rich and offers many opportunities to discover near surface mineralisation.

We look forward to sharing the first results during the December Quarter.”

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