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Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that a review of all available data for copper mineralisation around the intersection of the Ti-Tree Shear (east-west trending shear) and the Money Intrusion (a major north-south mafic dyke) in the western portion of the tenement package highlights the scale potential of this 8km long x 3km wide predominantly Cu/Au mineralised zone.
Highlights
- Widespread copper/gold anomalism across 4 prospects, including flagship Copper Ridge prospect, covering an area 8km long x 3km wide
- All prospects are hosted inside Leake Spring Metamorphics, the key rock unit attached to the Ti-Tree shear hosting the majority of mineral occurrences regionally
- Better grades from rock chips include;
- 34.90% Cu • 245g/t Au
- 26.00 % Cu • 115g/t Au
- 21.80% Cu • 31.20 g/t Au
- 34 samples with copper grades >1% and 21 samples with grades >1g/t gold
- Historic regional drilling did not target high grade Cu/Au prospects (Crawford Bore and Crawford South) with Copper Ridge and Nicks Bore having no drilling
- Surface mapping and sampling over Copper Ridge has confirmed a 600m long zone of outcropping copper mineralisation
- Nick’s Bore copper in rock chips extends over 3km, with similar geology and appearance to Copper Ridge
- Approved programme of work (PoW’s) from Department in Mines, Industry Regulation and Safety for drill testing
Geology
The Crawford Bore to Copper Ridge (Figures 1,2 and 3) region has excellent exposure of basement geology wrapped over low undulating rises and prominent ridges of saprolite.
Documented polymetallic surface mineralisation with widespread elevation to ore grade concentrations of precious, base and specialty metals (Au, Ag, Cu, Pb, Zn, Mo and Bi) suggests potential for:
- Porphyry Au-Cu-Mo;
- Broken Hill Style mineralisation; or
- Intrusion related copper-gold
Figure 1. Location of Crawford copper-gold prospects at the Ti Tree Project.
History
Early exploration in the 1980’s discovered evidence of copper/gold at surface. By the 1990’s exploration was targeting large tonnage (Broken Hill type) metal mineralisation with the advent of airborne magnetics and radiometrics. Numerous high-grade anomalous rock chips (Table 1) were reported.
Further assessment during the mid-2000’s involved minor drilling and costeaning and despite encouraging results, the project was abandoned. From 2012-2015 Auroch Minerals Ltd conducted further exploration, however the project was terminated due to a decline in market conditions.
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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.