Zones Of Outcropping Ironstone Discovered

Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise that the first stage of on the ground exploration of the Ti-Tree project has confirmed the presence of ironstone at several localities which could host rare earths (Figures 1 & 2).

Highlights

• Surface mapping has confirmed several ironstone zones at the Ti-tree project.
• Bentley zone has been mapped over a strike length of approximately 400m. Rock chip sample results are pending.
• Exploration activities in the field have commenced, concentrating on high priority lithium and rare earth targets, mapping and rock chip sampling.
• Drilling to commence immediately once the Aboriginal Heritage survey is completed.

At the Bentley prospect, ironstones have been discovered and mapped over a zone of approximately 400m. At Mac’s Well ironstone has been confirmed inside a large radiometric anomaly1. Results from rock chip samples are expected over the next few weeks, although physically the rocks look similar to other known ironstones in the region which host rare earths deposits.

Figure 1. Outcropping ironstone at Bentley. MGA94 (395186E, 7333447N)

Since listing on 25th May, Augustus has commenced field activities which include;

• Systematic reconnaissance and assessment of priority targets on the ground across the entire tenement package;
  
• Field mapping and rock chip sampling of potential lithium, rare earth and copper-gold prospects with a team of experienced geologists and support staff.

Near term next steps to include;

• Exploration field work will continue to be an immediate focus, working up targets ready for drilling;
  
• Commencement of Aboriginal heritage surveys over priority targets to allow drilling during Q3.

The company remains optimistic about the potential to discover more ironstones with exploration ground assessment activities having only just commenced.

Figure 2. Bentley ironstone outcrop, approximately 200m east from figure 1 above. MGA94 (395398E, 7333418N)

Figure 3. Location of ironstone outcrops at Bentley and Macs’ Well.

Andrew Reid, Managing Director

“The day after a successful ASX listing the Augustus team was in the field assessing, sampling and working through the main high priority targets, primarily on the lithium, rare earths and copper prospects.

Augustus has successfully confirmed ironstone at Mac’s Well1 as well as discovered a new ironstone occurrence not previously identified (Bentley). We eagerly await results from sampling of these two prospects.

Concurrently we have mobilised a team of geologists to conduct more in-depth field mapping to better refine and target prospects to get them drill ready.

Augustus will continue to focus on the rapid advancement of our unique portfolio of prospects across multiple commodities prior to the commencement of drilling activities in the near term.”

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