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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to provide an update on geological modelling of mineralisation and alteration mapping following recent RC drilling and reprocessing of historic IP survey data for the Minnie Springs Copper (Cu)-Molybdenum (Mo) project in the Gascoyne Region.
- Augustus Minerals has conducted re-processing of historic Induced Polarisation (IP) geophysics at the Minnie Springs Cu-Mo porphyry project which highlights the potential for near surface extensions to existing Mo mineralisation.
- Potential identified for higher grade Cu and Mo zones at depth below “tilted” porphyry model.
- Cu mineralised quartz veins drilled by Augustus in the 2024 RC program over the eastern part of the prospect may be “smoke” remobilized from higher grade zones at depth by shearing related to the regional Minga Bar fault system.
- Previous drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / molybdenum system.
- Two holes with EIS funding planned to test for the higher-grade zones at depth.
Andrew Ford, GM Exploration
“Modelling of the Minnie Springs system in an integrated manner by incorporating recent drilling, alteration mapping and geophysics has highlighted both potential extensions to existing near surface Mo rich zones, as well as the potential for higher grade Cu-Mo zones at depth”.
Minnie Springs
Minnie Springs hosts porphyry related Cu-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 comprised of between 12 - 84Mt as outlined below (Table 1 and Figure 2)1. 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.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm Mo cut-off at 100% recovery.
The recently completed 3,070m RC drilling program that infilled around hole MSRC012 drilled last year (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly continued to extend the footprint of Cu anomalism. Assays from this program >0.1% Cu are Listed in Table 2 below; collar details are listed in Table 3.
The RC drilling has confirmed strong Cu anomalism within quartz veins over a strike length of greater than 3km beneath the strong Cu-in-soils anomaly (Figure 2). The association of the copper with the quartz veins with moderate to low levels of pyrite (no chargeability IP response) suggest structural remobilisation from a deeper copper source. Shearing within the Cu zone increases significantly as it approaches the major northwest trending Minga Bar Fault system; this is supported by a marked increase in water intersected within the RC drilling within the easternmost holes.
As discussed above, the Mo rich core of the system is located southwest of the Cu anomaly which implies that the system is tilted to the east, exposing the Mo rich zone which is usually seen deeper within the porphyry than the Cu zone.
Geophysics
Southern Geoscience Consultants (SGC) reprocessed the two IP Surveys conducted by Equatorial Minerals in 1997. A gradient array survey was conducted over both the Mo and Cu zones, highlighting elevated chargeability over the Mo rich zone, with no significant chargeability over the Cu-in-soil anomaly to the east. The chargeability anomaly over the Mo mineralisation appears to be reflecting a combination of disseminated pyrite and molybdenite observed in the historic drilling (Figure 3).
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This article includes content from Augustus Minerals, 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.
AUG:AU
Octava to Commence Drilling at Yallalong High-Grade Antimony Project
Highlights
- Drill rig relocating to site with drilling to commence this weekend.
- The 3000m reverse circulation (RC) drill program is targeting further high-grade antimony at the Discovery prospect.
- Historic drilling at Discovery recorded high-grade antimony intercepts over a strike length of ~300m and remains open. Results include:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- After drilling at Discovery, the drill rig will relocate to the Central antimony target, 2km north along strike. There has been no previous drilling at Central.
- A detailed geophysical survey over the antimony corridor at Yallalong is now complete, with the data being processed. This is expected to generate further targets within the antimony corridor.
Octava’s Managing Director Bevan Wakelam stated, "It’s great to have the rig heading to site and earlier than we had planned. The drilling will start on Discovery, then move to the Central target and should take about 2 weeks to complete. High-grade antimony has already been intersected at Discovery over a significant strike length and this drilling will further test the size. We will also twin some of the previously drilled holes."
Figure 1. Planned drill hole locations at the Discovery antimony target - Yallalong Antimony Project.
The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural belt between the regional scale Darling and Woodrarung faults. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1.
Figure 2. Antimony targets at Yallalong antimony project with underlying geology.
Drilling at Discovery target recorded some of the highest-grade antimony drill intersections in Australia, at shallow depth, over a strike of ~300m including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- YRC27: 6m @ 1.35% Sb from 13m
After drilling at the Discovery target is complete, the rig will then move to the Central target, which is located 2 kilometres north along strike. There has been no previous drilling at the Central target.
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This article includes content from Octava 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.
Targeted Exploration Focus Delivers an Additional 471koz or 99% Increase in Ounces, and a Higher Grade for Ricciardo
HIGHLIGHTS:
- Updated Mineral Resource Estimate (MRE) for the Ricciardo Deposit (part of the broader Golden Range Project) of 16.44 Mt @ 1.8 g/t Au for 947.5 koz gold.
- Represents a 99% increase in Ricciardo MRE contained gold ounces.
- Proven high-returning exploration with the increased Ricciardo MRE ounces delivered at an attractive all-in discovery cost of only approx. A$16/oz.
- High-quality resource additions given drilling focus on high-grade growth ounces with strong commercial potential.
- The updated Ricciardo MRE comprises:
- 467.5 koz @ 1.6 g/t Au open-pit gold Resource (75% M&I) (optimised pit shell constrained at A$3,300/oz)
- 480.0 koz @ 2.0 g/t Au underground gold Resource
- Critically, the Ricciardo system remains wide open at depth and along strike.
- Total Golden Range Project Mineral Resources now stand at over 1.28 Moz gold, a 58% increase from the previous level.
- This initial outcome validates the excellent potential for further growth within the broader 25km ‘Golden Corridor’ via the ongoing, simple strategy of targeting fresh rock extensions under shallow existing pits.
- RC drilling at the southern end of the ‘Golden Corridor’ targeting high-grade Resource growth is progressing well; 9 holes completed for 1,472 metres to date, assays pending.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“This is the result we have been working towards all year. With less than 15,000m of targeted, efficient drilling we have added over 470 koz to the Ricciardo deposit, doubling the Resource.
We are excited by both the outcome itself, and the outlook that it delivers us for the wider corridor of gold deposits. The simple strategy of drilling below shallow open pits to find mineable ounces worked exceptionally well for our producing neighbours. The validity of this strategy is now beyond doubt, for us.
Not only is the Ricciardo system still wide open down-plunge, but the entire 25km long ‘Golden Corridor’ offers similar potential upside from such a relatively simple drilling focus.
In the middle of the infrastructure-rich southern Murchison, and located on existing Mining Leases, the opportunity in front of us is utterly irresistible.”
The Ricciardo Deposit
The Ricciardo Gold Deposit is located on existing mining leases 100% owned by WA8, in the Murchison Region, approximately 300 km east of Geraldton, and 420 km by road north-northeast of Perth. Sitting approximately 8km South of the Golden Range Mill on M59/421, and M59/458, within the Golden Range group of historic open pit mines and deposits.
Discovered in the 1990’s, open pit mining of the oxide resources commenced in 2001, and the plant entered Care & Maintenance twice (between July 2004 and 2009, and May 2010 to mid- 2013). Production was over 300 Koz before finally going into ongoing Care and Maintenance in August 2019.
The Ricciardo deposit is located 90km north of Capricorn Metals’ Mt Gibson Gold Project, 8kms south of the Company’s plant, 26km from the neighbouring Golden Grove processing facility and 40 km northeast of Vault Minerals’ high grade Rothsay gold mine (Figure 1).
Figure 1: The location of the Ricciardo gold deposit within the Golden Range Project; within the broader Southern Murchison region.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth prior to Warriedar drilling. Historical mining operations at Ricciardo were primarily focused on oxide material, with the transition and primary sulphides mineralisation not systematically explored.
Warriedar’s drilling of Ricciardo during CY2024 achieved excellent results, demonstrating high- grade extensions to the resource. The results demonstrated that the previously quantified resource is part of a much larger system.
Warriedar engaged independent mining consultants, Measured Group to update the Ricciardo MRE, previously reported 476Koz gold.1
The Ricciardo Gold Deposit consists of six semi-continuous historical open pit mines along the 2.3 km arcuate stretch of the Mougooderra Shear Zone, running north to south. These mines are named (from north to south) Silverstone North, Ardmore, Copse, Silverstone, Silverstone South, and Eastern Creek (Figure 2).
Figure 2: Drilling carried out by the Company during 2023 & 2024, which was used to update the MRE.
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This article includes content from Warriedar Resources 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.
Drilling Preparations at Abercromby Gold Project
BMG Resources Limited (ASX: BMG) (BMG or the Company) is pleased to announce that preparations to resume drilling at its 100%-owned Abercromby Gold Project are well advanced with the start of drilling scheduled for this month.
- Diamond drill programme focused on resource growth is scheduled to commence this month at the Abercromby Gold Project
- Extensional drilling of high-grade zones is planned with potential to add significantly to BMG's maiden resource of 518,000 oz Au at 1.45 g/t Au
- Infill drilling planned to convert inferred resources to the indicated category to support development studies
- Programme of Work approval in place
- Programme of Work approval in place
John Prineas, BMG's Non-Executive Chairman, said:
"Following the support shown by investors in the recent capital raising, the team at BMG have moved quickly to finalise arrangements to resume drilling at the Abercromby Gold Project.
"The drill programme will focus on expanding high-grade gold zones beyond the existing resource shell, as well as increasing resource confidence by upgrading inferred resources to indicated status.
"The results of the drilling have potential to contribute significantly to resource growth at Abercromby, and to ..iaterially boost the potential project economics."
Drilling for growth in gold resources:
BMG delivered the large maiden Mineral Resource at Abercromby after completion of only three drill campaigns and at a discovery cost of just $8.35 per ounce. This achievement highlights the extensive gold endowment at Abercromby, as well as the efficient exploration planning by our technical team.
This excellent track record of results at Abercromby provides confidence in the potential for continued drilling success at Abercromby that could increase the size of the gold resource.
The Abercromby Gold Project is owned 100% by BMG and comprised within two granted Mining Leases. The Project is located in an established mining region with access to infrastructure (roads, power) and proximal to a number pf producing gold mines.
The favourable metallurgical properties of the Abercromby ore were confirmed by metallurgical testwork completed by Extreme Metallurgy and reviewed by GR Engineering Services. That testwork concluded that the Abercromby gold mineralisation was free milling in nature and amenable to traditional carbon-in-leach processing. High gold recoveries were achieved in the range 93% to 95%.
Maiden Resource is just the beginning:
The maiden MRE for Abercromby is comprised in the Capital Deposit and is defined as 11.12Mt @ 1.45 g/t Au for 518,000 oz Au. This resource is a subset of a global resource estimate containing about 670,000 oz Au at a Og/t Au lower cut-off.
The Capital Deposit remains open at depth and along strike — both to the north and south. A diamond drilling program is planned to commence this month to test for extensions of the mineralisation as well as to convert inferred resources to the indicated category.
The prospective stratigraphy at Abercromby extends for more than 6km with only a strike of 1.2km systematically drilled to date. This provides potential for substantial discovery opportunities with further exploration drilling.
Drilling is also planned for early next year to test regional targets to the south of the Capital Deposit.
Reconnaissance aircore drilling at the Capital South, Archer and Barrack Prospects — located along a 1km corridor of prospective stratigraphy to the south of the Capital Deposit — has confirmed the presence of a large high-grade gold system and supports the potential for a repetition of significant mineralisation like the Capital Deposit.
Table 1: JORC-compliant Mineral Resource for Abercromby.
A further announcement will be issued by BMG once drilling commences at Abercromby.
For further information on the Abercromby resource, see our ASX announcement dated 6 February 2023 'High Gold Recoveries — Abercromby Met Testwork' and 17 April 2023 '518,000oz Au Maiden Mineral Resource for Abercromby Gold Project'.
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This article includes content from BMG Resources Limited (ASX: BMG), 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.
Octava Secures Drilling Contractor for the High-Grade Antimony Project at Yallalong
Highlights
- Octava has now completed the selection process for a drilling contractor to conduct exploration at its 100% owned high-grade Yallalong antimony project in the Midwest of Western Australia.
- A 3000m drilling program is expected to commence by the end of this month and will focus on the Discovery target, where previous high-grade intercepts have been recorded including:
- YRC16: 7m @ 3.27% Sb from 12m including 1m @ 11.5% from 18m
- YRC06: 3m @ 6.83% Sb from 21m including 1m @ 13.6% Sb from 22m
- Maiden drill holes will also be completed on the Central antimony target, where no previous drilling has been done.
- Detailed geophysical survey over the identified antimony corridor at Yallalong is progressing well, now 40% complete.
- The geophysical survey will assist in defining additional antimony targets within the corridor, that may be transported cover.
Octava’s Managing Director Bevan Wakelam stated, "We are really pleased to have secured our drillers to undertake the exploration drill program to outline further high-grade antimony at Yallalong. We will target lateral extensions of existing, known high grade antimony mineralisation and also the underlying bedrock contacts. We also look forward to completing the geophysical survey that will provide us with better geological understanding of what’s below the surface along the antimony corridor.”
Figure 1. Cross-section through the Discovery antimony target showing mineralisation occurring parallel to the sedimentary and mafic rock contact and in the fault zone. (refer ASX announcement 17 September 2024)The antimony (Sb) mineralisation identified at Yallalong appears to occur within a 10km north-south striking mineralised corridor that is interpreted to be related to a structural corridor between the Darling and Woodrarung faults. The fault zones act as conduits for mineralising fluids into the sedimentary rocks that are peripheral to mafic intrusive dykes, a well-known geological setting for antimony deposits worldwide.
Octava is planning to drill two of the priority antimony targets at the Yallalong antimony Project, Discovery and Central. Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface at all target locations. Only the Discovery Prospect has any drilling and remains open. Antimony ingot prices at that time were ~$8000/tonne compared to over $30,000/tonne now1. Drilling is expected to commence at the end of this month.
The detailed geophysical surveys are progressing well, now at 40% and on track to be completed in the next 7-10 days. The survey will provide clearer understanding on these key structures, such as shears & faults and provide better definition of controlling lithological boundaries.
Figure 2. Progress map of Detailed Geophysical Survey at Yallalong antimony Project.
Figure 3. Geophysical Survey in progress at the Yallalong antimony project.
This announcement has been authorised for release by the Managing Director/CEO.
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This article includes content from Octava 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.