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- Augustus Minerals (AUG) has found a 3km x 8km area with early-stage evidence that copper and gold present
- The company will move to its first drill run in Q3 of this year on-site
- The company has also identified a 600m long copper outcrop target
- An additional target shows copper in rock chips over a distance of 3km
- Augustus Minerals shares were down -1.75 per cent trading at 28 cents in early trades
Copper and gold explorer Augustus Minerals (AUG) has today confirmed a review of existing geology data surrounding its Copper Ridge prospect has identified a large area with evidence both copper and gold may be present.
Copper Ridge is a target area within the larger Ti-Tree Project in WA’s Gascoyne region, and Augustus was listed on the ASX earlier this year.
The company, all in all, has 34 samples with copper grades of more than one per cent and 21 samples with grades for gold higher than one gram per tonne (g/t).
Additionally, a 600-metre-long section of outcropping positive for copper mineralisation has also been discovered, and drilling will kick off in Q3 of 2023.
The overall eight-kilometre by three-kilometre-wide anomalism spreads across four prospects, all hosted inside the same host rock geology responsible for Augustus Mineral’s existing discoveries so far.
Historic drilling at the Crawford Bore and Crawford South prospects did not target copper or gold, and the Copper Ridge and Nick’s Bore prospects have never been a rig on-site.
Nick’s Bore is of notable interest to Augustus Geotechs given that it boasts copper rock chip samples over an area extending three kilometres.
Laden with fresh data and a rejuvenated confidence in where to start drilling, Augustus is gearing up to bring the rigs in under an approved programme of work from the state regulator.
The company specifically looked at data in an area where an underground shear zone meets a geological rock intrusion – both types of geological formations which tend to coincide with higher concentrations of mineralisation for a range of metals.
AUG shares were up 3.57 per cent trading at 29 cents at 11:23 am AEST.
