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Augustus extend Copper Ridge Strike

8 August 2023 14:58

Augustus Mineral’s (ASX: AUG) Ti-Tree Project continues to demonstrate it’s potential early, with initial rock chip results from the Project’s first field trip confirming the Project’s prospectivity for copper, gold and rare earth elements (REEs), as well as extending the Copper Ridge Prospect’s strike length to 1,300 metres.

Striking at Copper Ridge

The initial field program saw the mapping and sampling of outcropping mineralisation across several of the Project’s key prospects, with a total of 140 rock chip samples being taken with a focus on unveiling the Project’s potential to host copper, gold, rare earth elements and lithium mineralisation.

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Figure 1: Map of prospects sampled.

Particular interest was placed on the Project’s Crawford area, an 8km by 3km zone which is highly anomalous for copper-gold and has hosted four distinct zones which have been mapped and sampled to date, of which the aforementioned Copper Ridge is the top priority, having previously had approximately 600m of outcrop mapped and sampled.

Results up to 2.2% copper were returned from along Copper Ridge’s 1,300-metre geological trace delivering the 117 per cent increase to the Project’s overall strike length, alongside compelling gold hits up to 1.2g/t Au being returned from the great Crawford area.

The Company noted that Copper Ridge will be the first prospect within the Project area to be drilled following a currently underway heritage survey.

Rearing on Rare Earth

A sampling at the Crawford South Prospect meanwhile demonstrated the Project’s potential to host rare earth elements, with rock chips taken from iron-rich quartz showing elevated REE grades up to 2,077ppm Total Rare Earth Oxides (TREO) and grades up to 1,786ppm molybdenum in a single sample.

REEs were also reported in samples taken from ironstone outcrops within the Bentley Prospect returning a peak grade of 1,283ppm TREO, with the Company earmarking this discovery for follow-up ahead of potential drilling.

Fieldwork also identified the potential for the Macs Well Prospect to host scandium with a sample returning an elevated grade of 105ppm from an area of ironstone and quartz veining. The Company has now commenced additional work at Macs Well to determine the origins and scale of the sample and evaluate if the Prospect may host an economic deposit.

Maintaining Momentum

Receiving such promising results from an early program is early validation of both Augustus Minerals and its portfolio as the Company comes off hitting the ASX with a $10m public offer in May when it first brought its approximately 3,600 square kilometre portfolio to eager investors.

The Company said that information gained from this program has given it key insight to assist in the planning and development of the Project’s first drilling campaign which will target a number of the outlined anomalies across the Project and will commence immediately following the completion of the heritage survey.

“Augustus has moved quickly to develop it’s on-the-ground exploration plan. These first results add further weight to our initial thoughts on a range of the best targets and prospects that Augustus plans to drill over the coming months,” Managing Director Andrew Reid said.

“Our base metals targets are shaping up quite nicely now and are likely to be the first to be drilled once the Heritage surveys are completed. The rare earth assays show real promise and will be subjected to more evaluation in the field this week.”

AUGs Australian Stock Exchange-listed share price is currently trading at 20c (2.46 pm UTC+ 8 hours).

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