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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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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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