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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise of the completion of its maiden drilling campaign at its 100% owned Ti-Tree project in the Gascoyne region of Western Australia.
- 9,086m drilled in 78 holes across six project areas
- Campaign designed to test extensive surface mineralisation identified through soil sampling and rock chip analysis
- Visual observations of copper sulphide mineralisation in quartz veining in multiple holes at depth
- Assays are due back progressively over the coming weeks.
- Exploration and drilling activities to re-commence in Q1 2024
The drilling campaign included 78 holes totalling 9,086m of Reverse Circulation (RC) drilling. The program consisted of discovery drilling only and was designed to confirm historical results and to test near surface mineralisation at depth and along strike, with drilling having been limited to approximately 70m vertical depth.
Holes in the Crawfords, Nic’s Bore and Copper Ridge areas also intersected some visible disseminated mineralisation within quartz veins in the form of pyrite, malachite and chalcopyrite and assay are awaited.
Andrew Reid, Managing Director
“Our maiden drilling campaign following the IPO in May 2023 is now completed and has been a great success. The campaign was designed to test for mineralisation both at near surface and at depth and resulted in visually identifying mineralisation/veining in the majority of drill holes at our Minnie Springs copper-molybdenum-gold project.
Minnie Springs could represent a sizeable porphyry hosted copper deposit with the next step to be the completion of drilling in the remaining 50% of the copper-in-soil anomaly yet to be tested during the next drilling campaign in Q1 2024.”
Figure 1. Location map showing prospects drilled to date, Minnie Springs, Copper Ridge,Nick’s Bore, Crawford and Crawford South and COO Creek.
Table 1. List of RC holes completed by prospect location.
Figure 2. Minnie Springs soil sampling, rock chip and drilling location map showing location of the x-section A – A’.
Figure 3. Hole MSRC012 – showing visual pyrite - chalcopyrite – chalcocite – covellite mineralisation in zones from 127 – 139m downhole at the Minnie Springs prospect1.
The second northern-most line at Minnie Springs (Figure 2. MSRC 010 – 012) intersected multiple zones of copper sulphide mineralisation1 co-incident with chlorite-epidote alteration in hole MSRC012, which is characteristic of propylitic alteration commonly seen in in porphyry copper-molybdenum-gold deposits.
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AUG:AU
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest 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.
