Join our daily newsletter At The Bell to receive exclusive market insights
Augustus Minerals Ltd (ASX:AUG) – which is looking for critical minerals and base metals in Western Australia – has identified potential for higher grade copper and molybdenum zones at its Minnie Springs project in the state’s Gasgoyne region.
The discovery was made through the re-processing of historic geophysical work – specifically induced polarisation (IP) at the project, showing that higher grade copper and molybdenum could found underneath the current ’tilted’ porphyry model for the deposit.
Geophysics also identified potential for existing molybdenum mineralisation to be extended close to the surface.
Drilling has also formed a significant part of Augustus’ exploration activity, with previous work at Minnie Springs picking up mineralisation, geology and an alteration halo which reflected potential for a large porphyry copper-molybdenum system.
Additionally, the company believes that copper veins identified through reverse circulation (RC) drilling earlier this year are ‘smoke’ remobilized from higher grade zones at depth by shearing related to the regional Minga Bar fault system.
The next focal point for Augustus will be drilling the higher grade zones at depth, with two holes funded by the state government’s Exploration Incentive Scheme (EIS).
General manager of exploration Andrew Ford said the combined work has provided insight into the type of mineralisation at Minnie Springs.
“Modelling of the Minnie Springs system in an integrated manner by incorporating recent
drilling, alteration mapping and geophysics has highlighted both potential extensions to
existing near surface molybdenum-rich zones, as well as the potential for higher grade Cu-Mo zones at depth,” he said.
Augustus Minerals has been trading at 4.0 cents.
