Join our daily newsletter At The Bell to receive exclusive market insights
Augustus Minerals Ltd (ASX: AUG) is following the maiden drilling it completed in January at the Ti-Tree copper-molybdenum-silver project in WA, with a new phase of work which seeks to further define a significant copper anomaly close to the molybdenum mineralisation which makes up the project’s exploration target of 12 to 84 million tonnes.
This second phase will entail 3,400 metres of reverse circulation drilling at the Minnie Springs prospect and will be followed up by diamond drilling work in June.
The prospectivity of this zone is indicated by intercepts picked up from the previous drilling program, which included 18 metres at 0.52 percent copper equivalent (0.37 percent copper and 9.7 grams per tonne silver) from 94m downhole, and 16 metres at 0.69 percent copper equivalent (0.38 percent copper and 19.4 grams per tonne silver) from 121 metres downhole.
The company is concurrently running an extensive soil sampling program which in late February, and is expecting to report results from the Moogooree and Howells Gap prospects in the next few weeks.
Augustus holds around 3,600 kilometres of tenements comprising Ti-Tree – which is located approximately 200 kilometres east of Carnarvon in the state’s Gasgoyne – and these are prospective for lithium, rare earths and copper, with an array of drill targets identified.
General manager of exploration Andrew Ford said the results of maiden drilling at Ti-Tree had left the company excited about further definition of the territory’s mineralisation.
“The 2023 program intersected one of the strongest copper intervals in this region to date,” he said.
“Combined with the extensive surface anomalism and the large nearby Minnie Springs
Molybdenum Porphyry, we affirm our belief of the potential of a substantial mineral system at this project.
“Drilling will be conducted north, south and at depth of (the zone) MSRC012 to further define extensions of the Minnie Springs copper discovery intersected last year. This program will also give us a first look at the northern half of the 2km long high-level copper anomaly.”
Augustus Minerals is trading at 4c.
