- Augustus Minerals (AUG) identifies potential ironstone exploration targets at its Ti-Tree project in WA’s Gascoyne region
- Through an ongoing assessment of its airborne radiometric geophysics program, AUG identified at least 25 possible rare earth ironstone targets
- AUG reported it identified more than 10 kilometres worth of ironstone potential, that could host REE
- The company is encouraged by nearby projects, namely Dreadnought Resources (DRE) and Hasting Technology Metals’ (HAS)
- Shares in AUG are up 2.44 per cent and trading at 21 cents at 11:10 am AEST
Augustus Minerals (AUG) has identified potential ironstone exploration targets at its Ti-Tree project in Western Australia’s Gascoyne region.
It comes following an early ongoing assessment of the company’s airborne radiometric geophysics program, where Augustus defined at least 25 possible rare earth ironstone targets.
AUG reported it identified more than 10 kilometres worth of ironstone potential, that could host REE.
“This initial assessment of the rare earth potential on the Augustus tenure highlights the discovery potential for the ground,” AUG Managing Director Andrew Reid said.
“Ironstones are particularly abundant in the Gascoyne region and the ones that host rare earths are super elevated in concentrations of the two most important rare earth elements neodymium and praseodymium used in permanent magnets for EVs and wind turbines.”
Ironstones in the Gascoyne region have been known to host significant deposits of rare earth elements (REE).
The company also reported elevated radiometric thorium signatures over the mapped ironstones showed a strong link to Dreadnought Resources (DRE) and Hasting Technology Metals’ (HAS) project in the area.
Dreadnought announced a rare earth mineral resource in ironstones of 4.8 million tonnes (Mt) at 1.67 total rare earth oxides (TREO).
Hastings also announced a mineral resource of 29.93Mt at 0.93 per cent TREO.
Shares in AUG were up 2.44 per cent and trading at 21 cents at 11:10 am AEST.