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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that RC drilling at the Minnie Springs Cu-Au-Mo prospect has intersected zones of copper sulphide mineralisation.
- Copper sulphide zones intercepted in multiple RC holes
- MSRC012 – intersected multiple blebby to disseminated copper sulphide zones from 82m – 139m downhole
- RC Drilling continues at Minnie Springs with activities to be completed over the next several weeks
- Assay results due by late December
Copper sulphide mineralisation has been intersected in several drill holes and shows a strong correlation to quartz veining within a strongly propylitic altered and sheared monzogranite.
The primary target for drilling is the 3km x 1km long copper anomaly (Figure 4.)
Figure 1. Hole MSRC012 – showing visual pyrite - chalcopyrite – chalcocite – covellite mineralisation in zones from 127 – 139m downhole.
Figure 2. Hole MSRC012 – showing black RC piles containing copper sulphides.
Andrew Reid, Managing Director
“Minnie Springs is part of the very active drill program we commenced back in September. We were always excited by what we saw on the ground at Minnie Springs which is now vindicated by the multiple zones of visible copper mineralisation in the drill chips.
Mineralisation is spatially associated with intense silicification, quartz veins and potassic alteration, interpreted to be the part of a porphyry-related hydrothermal system.
These first drill holes into a previously untested 3km x 1km Cu-Au anomaly represent the start of the discovery of a potentially new geological system which has received little modern-day exploration.
Information gathered from this program of drilling will give us vital insight and assist in the planning of the next stages of exploration at Minnie Springs.”
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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.
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Augustus Minerals
Diversification can be key to a profitable mining and exploration strategy. While there's no shortage of companies that have experienced great success by focusing on a single commodity, there's always an element of risk to that approach. There is always the risk that certain commodities will fall in price whilst others rise. Augustus Minerals, a newly listed exploration company on the ASX (AUG) is cognizant of this fact. An exploration company based in Western Australia, Augustus has acquired a 100-percent interest in a land package covering some 3,600 square kilometers in Western Australia's Upper Gascoyne region. Although traditionally known as a source of base metals, gold and uranium, the Gascoyne is rapidly emerging as a prime target for rare earths and lithium discoveries.
As an early mover to the region, Augustus’s vast landholding is highly prospective for lithium, rare earths, copper and gold. Its Ti-Tree project contains 85 kilometers of the Ti Tree and Mingabar shear zones, with extensive, untested, multi-element mineralization and surface anomalies.
The Gascoyne region is a large emerging critical mineral province with several deposits having been discovered in the last few years. These include multiple Ironstone REE discoveries by Dreadnought Resources (ASX:DRE), Hastings Technology's (ASX:HAS) Yangibana Ironstone REE project and Lanthanein Resources' (ASX:LNR) Lyons Ironstone REE project, as well as a large lithium discovery at Delta Lithium's (ASX:DLT) Yinnetharra location.
Directed by a highly experienced management team with extensive knowledge about mining and exploration in the Gascoyne, Augustus's exploration program will focus on more than 50 priority targets already identified by the company. These include potential lithium bearing pegmatites, REE-rich ironstones and shear/porphyry-hosted copper systems. Thus far, the company has completed multiple geophysical surveys and collected more than 15,000 soil samples.
Company Highlights
- Augustus Minerals is an Australian exploration company focused on the highly-prospective Gascoyne region of Western Australia.
- The company has 100 percent ownership of a land package covering 3,600 square kilometers.
- Augustus has identified multiple high-priority lithium, rare earth and copper targets throughout its project, with strong mineralization intersected at multiple locations across multiple commodities.
- Augustus's leadership team has the benefit of significant local knowledge regarding exploration of the Gascoyne province.
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