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Multi-mineral explorer Augustus Minerals Ltd (ASX:AUG) has seen its share price move skywards on news of copper grading 35 percent and gold at 10 grams per tonne discovered through rock chip sampling at multiple prospects at its Ti-Tree project in Western Australia.
At 11:49 AEDT, Augustus’ shares were trading at 11.5 cents, a massive increase of 202.63 percent since the market opened.
In addition to its high-grade precious and base metal results, the company identified new prospects through mapping and fieldwork which involved a combination of geology, geophysics and multi-spectral image analysis.
The assay containing 35 percent copper was picked up at the Tiberias prospect, which also contained silver grading 236 grams per tonne, while the Justinian prospect yielded 10.1 grams per tonne of gold.
Meanwhile, 32 percent copper, more than 3 grams per tonne of gold and 129 grams per tonne of silver were picked up at the South Snowy prospect, and assays from the Claudius prospect featured silver at more than 53 grams per tonne and 5,000 parts per million (ppm) molybdenum.
Finally, more molybdenum – grading 537 ppm – was found at Minnie SE, which also had silver at 47 grams per tonne, with this prospect being 1.4 kilometres from the Minnie Springs Mo-Cu porphyry drilling area.
General manager of exploration Andrew Ford said the fieldwork had continued Augustus’ story of consistent finds in this territory.
“These rock chips continue to highlight the untapped potential of the Ti-Tree Project to host
significant precious and base metal mineralisation,” he said.
“Mapping and sampling continue over both existing prospects and in virgin areas with exciting results.
“Meanwhile, preparations are underway for the diamond drilling to test the deeper potential
at Minnie Springs Mo-Cu porphyry. Dilling is planned for the third quarter of 2024 with assistance from the co-funded EIS drilling grant as announced 2nd of May 2024.”
