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- Augustus Minerals (ASX:AUG) wraps up drilling at its Ti-Tree project in Western Australia
- While Ti-Tree is prospective for lithium, today’s news relates to copper-gold
- The company spotted minerals often coincident with copper and gold in quartz but did not mention visually identifying target minerals
- Assays are due back in the coming weeks ahead of fresh Q1 CY24 drilling
- Shares last traded at 11.5 cents
Augustus Minerals (ASX:AUG) has completed a maiden drilling campaign, chasing after soil anomalies and rock chips in 78 different holes.
This was the scale of the company’s maiden drill run at its Ti-Tree project in Western Australia.
While Ti Tree was found prospective for lithium only last week, the company’s maiden drill run actually related to its copper-molybdenum-gold project.
How much drilling?
A total of 9100 metres was sunk by an RC rig as part of a discovery drilling campaign in part designed to verify historical drill results.
Assays are due back in the coming weeks ahead of a renewed Q1 CY2024 campaign plan.
That campaign will be focused on copper, with half of the area showing possible copper soil anomalies yet to be tested.
Tantalising shareholders will be the company’s references today to visually identify mineralisation in returned samples.
Pyrite, malachite and chalcopyrite – together, indicator minerals for gold and copper – were spotted in quartz veins, the company wrote today.
Busy year after IPO
Management pointed towards the company’s relative infancy on the ASX.
“Our maiden drilling campaign following the IPO in May 2023 is now completed and has been a great success,” Augustus chief Andrew Reid said.
“The campaign was designed to test for mineralisation both at near surface and at depth and resulted in visually identifying mineralisation/veining in the majority of drill holes at our Minnie Springs copper-molybdenum-gold project.”
Shares last traded at 11.5 cents.
