Augustus Minerals (ASX: AUG; Augustus or the Company) is pleased to announce the results of rock chips collected during a field trip to the St Patrick’s Well prospect within the recently acquired Music Well project.
Assays have been received from rock chips collected in December 2024 at the St Patrick’s Well Prospect.
“The exciting results from the Augustus geology team’s first visit to the St Patrick’s Well prospect have not only confirmed the validity of previous data collected by MWGM but also defined several new promising vein trends.
“Defining structures related to gold mineralisation on adjacent tenure within similar granitic rocks that also relate to mineralisation within Augustus tenure significantly improves the prospectivity of this underexplored project.
St Patrick’s Well is just one of several priority targets defined at Music Well that will be followed-up with on-ground exploration and drilling”.
Background
Augustus Minerals Limited( ASX: AUG) holds one of the largest exploration packages in the region covering an area of 1,345km2 comprising the Music Well Gold Project (“Project”) located 35km north of Leonora in the Leonora / Laverton Greenstone Belt of Western Australia (Figures 1 and 2).
Figure 1: Regional Tenement Packages and Gold Projects
The outstanding gold endowment of the Leonora-Laverton District is illustrated by the numerous operating gold mines including the Darlot Gold Mine (~12km to the north), the King of the Hills Mine (~20km to the west), the Leonora Gold Camp (~30km to the southwest), and the Thunderbox Gold Mine (~20km to the west).
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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.
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