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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that a 3,400m reverse circulation (RC) drill program has commenced at the Ti-Tree Project, ~200kms east of Carnarvon in Western Australia. The program is designed to complete the first pass drill coverage of the 3.5km long soil copper anomaly located 300m northeast of the defined molybdenum mineralisation / exploration target estimate (Figure 1).
- 3,400m RC drill program has commenced at the Minnie Springs Cu-Mo-Ag porphyry prospect, with deeper diamond drilling planned for June.
- The drilling will follow-up on the 2023 program where MSRC0121 intersected:
- 18m @ 0.52% CuEq (0.37% Cu and 9.7 g/t Ag) from 94m downhole, and;
- 16m @ 0.69% CuEq (0.38% Cu and 19.4g/t Ag) from 121m downhole
- The drilling will also target the northern 2km of the strong copper-in-soil anomaly that has now had Heritage Clearance.
- A deeper diamond drilling program is planned for June to test the undrilled area between the molybdenum mineralisation and the 3.5km long copper-in-soil trend.
Andrew Ford, GM Exploration
“The 2023 program intersected one of the strongest copper intervals in this region to date. Combined with the extensive surface anomalism and the large nearby Minnie Springs Molybdenum Porphyry, we affirm our belief of the potential of a substantial mineral system at this project. Drilling will be conducted north, south and at depth of MSRC012 to further define extensions of the Minnie Springs copper discovery intersected last year. This program will also give us a first look at the northern half of the 2km long high-level copper anomaly.”
The deeper diamond program scheduled for June will provide drill coverage between the molybdenum mineralised core intrusion and the large copper-in-soil anomaly.
Figure 1. Minnie Springs existing and planned RC Drilling over gridded copper in soil geochemistry (blue shades are l< 40ppm Cu, red colours are > 90ppm Cu in soils). Historic drilling has defined the molybdenum rich zone. Copper grades shown as bar graphs.
In parallel with the drilling, the extensive soil sampling program that commenced in late February (Figure 2) continues with initial results expected from Moogooree and Howells Gap in the next few weeks.
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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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