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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that a review of soil sampling data completed by the company has returned high tenure lithium and rubidium results in and around the Peak Bore prospect area.
- Review of soil sample results have defined numerous highly promising lithium anomalies over a single coherent area at the Peak Bore location
- Numerous lithium results Li2O > 100ppm and the key lithium pegmatite pathfinder element Rubidium > 400ppm
- First pass reconnaissance mapping of the anomaly has identified outcrop of mafic greenstone and Leake Spring Metamorphics rock units which host spodumene pegmatites in the region
- Location to be a key focus during the early portion of the 2024 exploration campaign
The program has confirmed multiple lithium and pathfinder element anomalies within a zone approximately 7km x 6km which sits on and around a geologically complex flexure of the Ti-Tree shear.
Figure 1. Map on left showing distribution of lithium (ppm) results in ultrafine soil samples. Map on right showing distribution of rubidium (ppm) results in ultrafine soil samples.
Samples were collected on north-south oriented lines at a spacing of 100m x 400m.
The vast majority of the 7km by 6km soil anomaly is covered by thin soil cover. Basement rocks contain a mixture of Durlacher and Moorarie granites, as well as doleritic and felsic dykes and sills.
Encouragingly several occurrences of both Leake Spring Metamorphic and mafic greenstone have been found outcropping within parts of the anomaly coincident with higher grade portions of the anomaly.
More importantly, the Thirty-Three Supersuite granites which are presumed to be the source of all spodumene pegmatites in the Gascoyne region are in close proximity, just a few kms to the east, with the Delta Lithium Yinnetharra Lithium deposit 40kms away along strike.
Figure 2. Location of the Peak Bore lithium anomaly in relation regional soil sampling program and the Ti-Tree Shear zone.
Andrew Reid, Managing Director
“This large lithium anomaly continues our strategy for searching for new critical mineral targets in the Gascoyne.
“Results from the soils confirm the presence of lithium and more importantly key pegmatite pathfinder elements, overlaps the Ti-Tree Shear for which Augustus holds 85kms of strike length, and contain the same rocks which host the Yinnetharra Lithium Deposit.
“Our technical team is already working up exploration programs for 2024 and will use this data to redefine our priorities in this area.”
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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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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.
Key Asset
Ti Tree Project
Situated in the Shire of Upper Gascoyne and the Shire of Carnarvon, the Ti Tree project displays significant exploration potential for a number of different mineralised styles as well as possibly, multi-commodity discoveries. Spanning a contiguous 3,600 square kilometers, it also has the distinction of being one of the largest properties in the region. Augustus Minerals maintains 100 percent ownership over Ti-Tree, which intersects along the shear of the same name.
The company has identified several high-priority drilling targets along the Ti-Tree and Mingabar structures ready for reverse circulation, diamond or air core drilling.
Highlights:
- Emerging Geological Province: The Gascoyne region displays highly prospective geology and has been the site of multiple rare earth and lithium discoveries in recent years, but has experienced limited historic exploration — making it a prime opportunity for Augustus Minerals.
- Multiple Commodities: Augustus has identified more than 50 significant lithium, rare earth and copper targets. Many of these high-quality targets are ready for drilling.
- Size and Speed: The Ti Tree Project consists of a single coherent block of tenements covering 3,600 square kilometers with 85 kilometers of strike along the Ti-Tree Shear. As an early mover in the region, Augustus was able to gain a considerable advantage in securing this project, into which it has thus far invested $5 million.
- Fertile Geology: Augustus's investment displays the same geology as multiple highly successful neighboring discoveries.
- Mineralization: Current mineral resource targets include:
- 27 rare earth targets across 65 kilometers of strike. All targets display strong thorium radiometric signatures.
- Multiple mafic intrusions with copper-nickel-PGE (platinum group elements) mineralization. The copper resource is both shear-hosted and porphyry-related.
- Elevated lithium stream samples over 10 kilometers of strike length. The target area displays the same geological host rock as the Yinnetharra lithium discovery.
- A narrow, shear vein-hosted gold occurrence with anomalous mineralization displayed in several surrounding areas. The area, known as the Bassit Bore, outcrops at the surface, where visible gold is readily identifiable in hand specimens. Samples collected over 600 meters returned very high gold values.
Management Team
Andrew Ford – General Manager, Exploration
Andrew’s career spans 35 years of exploration and mine development experience in multiple commodities for both majors, including Homestake and Barrick Gold, and junior ASX-listed companies. He has led technical teams throughout Australia, Africa, USA, Europe and Asia, including leading the geology team at the Bawdwin base metals project in Myanmar through the DFS process.
In his most recent role Andrew has led the geology team at Hastings Technology Metals with a focus on resource growth and exploration at the Yangibana Rare Earths Project, where Mineral Resources have now grown to 29.93Mt of TREO.
Brian Rodan - Executive Chairman
Brian Rodan is a fellow of the Australian Institute of Mining and Metallurgy with 45 years’ experience. Previously, he was the managing director and owner of Australian Contract Mining (ACM), a mid-tier mining contracting company that successfully completed $1.5 billion worth of work over a 20-year period.
For 15 years, Rodan held various roles with Eltin Limited (including general manager between 1993 and 1996 and executive director between 1996 and 1999), Australia’s largest full service ASX-listed contract mining company with an annual turnover of $850 million. He was a founding director of Dacian Gold (2013) and Desert Metals (2020) and became the largest shareholder upon listing both companies on the ASX.
Rodan is currently executive chairman of Siren Gold and Iceni Gold Limited, and is currently the largest shareholder in both companies as well as Augustus Minerals.
Graeme Smith - Non-Executive Director
Graeme Smith is an experienced resources sector chief financial officer, company secretary and corporate executive who has worked with mining and exploration companies with operations in Australia (Croesus Mining NL, Genesis Minerals Limited, Jabiru Metals Limited, Breaker Resources NL, Pluton Resources Limited) and overseas (Tanga Resources Limited, Ikwezi Mining Limited) for the past 30 years.
He is the principal of Wembley Corporate Services, which provides company secretarial, CFO and corporate governance services to public companies.
Smith is a fellow of the Australian Society of Certified Practising Accountants, the Institute of Chartered Secretaries and Administrators, and the Governance Institute of Australia. He is currently the company secretary for Alto Metals, Avenira, Renegade Exploration and Enterprise Metals, and was a director of ASX-listed Anglo Australian Resources.
Darren Holden - Non-Executive Director
Dr. Darren Holden is a geologist with 28 years of industry experience in mineral exploration and exploration technologies. He has worked in North America, the Pacific and Australia, where he has been involved in discovery-stage copper, gold, silver, molybdenum and platinum group elements deposits. He specializes in regional to local scale targeting using the integration of geology, geophysics and geochemistry.
Holden is a past vice-president of Geoinformatics/Fractal Geoscience and a former CEO of a publicly listed gold explorer. He currently runs exploration advisory business GeoSpy, and is a co-founder of successful private project generation businesses Marlee Minerals and Odette Geoscience. He is also currently a director Aurumin (ASX:AUN) and chair of OD6 Metals (ASX:OD6), as well as several private companies.
Holden holds a BSc (hons) first class (geology) from The University of Western Australia and a PhD (history) from The University of Notre Dame Australia. He is a fellow of the Australasian Institute of Mining and Metallurgy and a member of the Geological Society of Australia.
Maiden Mukinbudin Quartz Processing Testwork Achieves Premium HPQ Product
Highlights
- Exceptional Processing Testwork results received from North Carolina State University’s Mineral Research Laboratory (NCSU-MRL), an industry leading independent High Purity Ǫuartz lab.
- Ǫuartz sample T1-C, a maiden sample from the Mukinbudin Project, achieved >99.991% SiO2 from a simple processing flow sheet that included attrition, flotation and magnetic separation treatment, opening opportunities for early stage offtake.
- All samples sent to NCSU-MRL, from both Pippingarra and Mukinbudin demonstrated outstanding purity levels, confirming the exciting potential of IND’s quartz deposits and their suitability for high-end applications.
- In parallel with the numerous ongoing offtake discussions and ongoing end customer testing, IND now plans to undertake further comprehensive independent testwork at leading industrial minerals consultancy ANZAPLAN in Germany to further assist in finalising product offtake.
IND is exploring for High Purity Ǫuartz (“HPǪ”) at several of its projects in Western Australia, and the testwork was completed on samples from IND’s Pippingarra Ǫuarry Project and Mukinbudin Ǫuartz/Feldspar Project.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“We are extremely encouraged by achieving +99.99% SiO2 purity through to the acid leaching stage of our process testwork. These results are incredibly promising for our HPǪ production. With calcination and hot chlorination stages yet to be tested, we anticipate even greater purity levels can be achieved. This progress underscores our confidence in achieving premium quality in our final product.
“The Mukinbudin quartz was purified to 99.991% SiO2 through magnetic separation and flotation process work alone. This simple flowsheet will allow IND to pursue early-stage offtake opportunities into a broader range of HPǪ applications.
“Given the large price differential at the premium end of the HPǪ market as illustrated in Figure 1, IND’s ultimate goal is to now test the maximum purity level achievable across the Company’s quartz projects with the aim to be a recognised long term supplier of quality HPǪ products.”
Figure 1: High Purity Ǫuartz raw ore pricing CIF China based on industry feedback2
Processing Testwork Results
North Carolina State University’s Minerals Research Laboratory is a world leader in research, development and implementation of mineral processing techniques. The main focus of NCSU- MRL’s research is the beneficiation of industrial minerals.
Ǫuartz Ore Samples
IND sent three 20kg quartz ore samples to NCSU-MRL for the purpose of assessing the potential to use as feedstock for the production of High Purity Ǫuartz. Test samples T1_A and T1-B were sourced from IND’s Pippingarra Ǫuarry Project (Figure 2) and test sample T1_C was sourced from the Mukinbudin Project (Figure 3).
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This article includes content from Industrial 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.
Jeffreys Find Gold Mine Toll Milling of 150,000 Tonnes Commenced, Second 2024 Campaign
HIGHLIGHTS
- Processing of 150,000 tonnes commenced at Greenfields Mill.
- 75,600 tonnes on ROM Pad at Greenfields as of 23 July 2024.
- Second campaign expected to finish early September 2024.
- On target to process 300,000 tonnes at Greenfields Mill in 2024/2025.
- BML expects to mine well in excess of 300,000 tonnes in 2024/2025.
- First cash distributions to Auric this quarter.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We have the good fortune of pouring gold just as the price firms. It happened last year when the price went to $3,000 an ounce, this year it’s around $3,600 an ounce.
“The ever increasing gold price will result in Auric and our joint venture partner generating cash surpluses well in excess of what we had budgeted and anticipated.
“150,000 tonnes is a sizeable parcel of ore for this campaign. While it will take six weeks or so to mill, we expect it to generate well in excess of $25 million through gold sales for the joint venture.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel will be the largest for Stage 2 of mining of Jeffreys Find. That leaves an additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“Jeffreys Find will be a substantial cash producer for Auric in 2024. We are on target to receive our first distribution within about a month.” said Mr English.
The Jeffreys Find Pit as of 16 July 2024
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This article includes content from Auric Mining, 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.
Viani - Low Sulphidation Epithermal Gold Project License Renewed
Highlights
- MRD notified Alice Queen on Friday 19 July 2024 via email that its Viani license (SPL1513) has been renewed for a further three years with effect from Wednesday 3 July 2024.
- Viani, located on the Pacific Rim of Fire on Vanua Levu in Fiji, covers an area greater than 200km2 and is largely under explored (see Figures 1 and 2).
- The Dakuniba prospect within Viani has been previously sampled where epithermal gold mineralisation has been recorded in outcrop samples over a >3km strike length.
- Multiple epithermal veins within the Dakuniba prospect area, 5km by 1.5km surface gold-in- soil geochemical anomaly - the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.
- Previous drilling by Japanese International Cooperation Agency (JICA) in 1997 focused on a small, shallow part of the overall system and intersected high grade epithermal gold mineralisation.
- (Hole MJFV-5 (see Figure 3) over 6 vein zones at 50 to 100m below surface with best results, 0.6m @ 27.6 g/t Au & 900 g/t Ag and 0.4m @ 11.7 g/t Au1 and remains open in all directions.
- The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
- Based on discovery knowledge from epithermal systems worldwide, it is apparent the historical drilling was an inadequate test of the Viani gold system.
Alice Queen’s Managing Director, Andrew Buxton said,
We are delighted the SPL1513 license has been renewed for a further three years and look forward to continuing to work alongside the Fiji Mineral Resources Department as we commence our next phase of exploration activities. The Viani Gold Project is a tremendous prospect which has demonstrated it has the potential to become a significant epithermal system. With the license now renewed and the Company fully funded for its Fiji exploration plans, Alice Queen will continue the systematic exploration of the Viani Gold Project with the Company having commenced planning for its upcoming exploration programs.
Viani
Figure 1. Fiji Project locations.
Figure 2. Location of the Dakuniba Prospect in relation with SPL1513.
The Viani project (SPL1513) covers an area greater than 200km2 on the Caukadrove Peninsula on the Pacific Rim of Fire, Vanua Levu, Fiji. It is well serviced from Savu Savu on Vanua Levu and is highly prospective for a high-grade LSE gold system (see ASX releases 2 December 2022, “VIANI UPDATE” and 6 March 2023, “ALICE QUEEN UPGRADES VIANI EPITHERMAL PROJECT”.
Following a renewal process for Viani (SPL1513) which the Company commenced earlier this year (including as announced in the Quarterly Activities Report released to ASX on 23 April 2024), MRD notified Alice Queen on Friday 19 July 2024 that the license had been renewed with effect from Wednesday 3 July 2024 for a further three years. The renewed license includes typical terms for a license of this nature, including minimum work program and expenditure requirements.
Whilst the greater project area remains under explored, extensive sampling, trenching and (historic) limited drilling of the Dakuniba prospect area has been previously completed.
Previous drilling by JICA in 1997 returned multiple epithermal gold intersections in shallow drilling. Hole MJFV-5 (see Figure 2) intersected 6 vein zones at 50 to 100m below surface (best results include 0.6m @ 27.6ppm Au & 900ppm Ag, 0.4m @ 11.7ppm Au & 4.3ppm Ag)1. The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As.
Further details in relation to upcoming exploration plans at Viani will be announced in due course.
Click here for the full ASX Release
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.
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