Deep Diamond Drilling Commences on Large Copper-Mo Porphyry System

Augustus Minerals (ASX: AUG; Augustus or the Company) is pleased to advise that the EIS supported diamond drilling (DD) drill program has commenced at the Ti-Tree Project, ~200kms east of Carnarvon in Western Australia (Figure 1).

• Diamond Drilling has commenced to target a large copper-molybdenum porphyry system at Minnie Springs.
• The deeper diamond drilling is designed to target beneath a 3km long by 1km wide copper molybdenum soil anomaly.
• Previous drilling at Minnie Springs intersected mineralisation, geology and an alteration halo consistent with the zoning of a large porphyry copper / molybdenum system.
• The drilling is supported by a co-funded drilling grant of up to $110,000 for 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.

Andrew Ford, GM Exploration

“The commencement of the diamond drilling marks an exciting time for Augustus, with the first hole testing below the existing molybdenum mineralised zone and targeting a high- grade copper core of a porphyry system”

The diamond program scheduled for completion mid-November.

Minnie Springs

Minnie Springs hosts porphyry related Copper - Mo mineralisation that was previously drilled by Equatorial Mining and Catalyst Metals. A molybdenum Exploration Target has previously been defined by SRK Consulting for the historic drilling area as outlined below (Table 1)¹.

Alteration mapping suggests a potential tilting of the Minnie Springs system to the northeast, with untested potential for higher grade Copper - Mo mineralisation below existing drilling within the potassic altered zone (Figure 1).

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

Clarifying Statement: The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Figure 1. Schematic cross section looking northwest showing porphyry copper-molybdenum deposit model (Pour and Hashim 2012 – inset at right) rotated 90 degrees and superimposed on existing and planned drilling2.

The program is supported by the WA Government’s Exploration Incentive Scheme (EIS) drilling grant of up to $110,000 for two 700m deep diamond drill holes at the Minnie Springs prospect.

The drilling is designed to provide a 550m deep, geological/geochemical/structural cross- section through the large 3km long by 1km wide copper molybdenum porphyry system.

Previous drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a porphyry copper / moly system.

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