Augustus Minerals Unveils 18% Copper at Ti-Tree; 2024 Exploration Fully Funded

Augustus Minerals Ltd (ASX: AUG) has discovered high-grade copper and silver rock chips from the Ti-Tree Project in Western Australia.

At the Tiberius zone, assays returned up to 17.8% copper and 282g/t silver.

Moving to Claudius, 11 kilometres south of Tiberius, grades delivered up to 6.6% copper and 86g/t silver.

The discovery of these prospects, 30 kilometres northwest from Copper Ridge which contain historic workings not marked on GSWA maps, highlights the prospectivity of the Gascoyne region.

Ti-Tree covers 3,600 square kilometres, with less than 5% having any previous exploration.

Fully funded

Augustus held $5.75 million in cash at the end of 2023.

Based on the last traded price of $0.03, and with 136 million shares on issue, the company has an intriguing market capitalisation of around just $4 million.

The register is also tight, with board and management holding 41%, with the top 20 shareholders totalling 51%.

Augustus is fully funded for all 2024 exploration activities.

Drilling underway

Earlier in the month the company commenced a 3,400 metre reverse circulation drilling program at the Minnie Springs Cu-Mo-Ag porphyry prospect, which is also within the Ti-Tree Project.

Drilling in 2023 delivered:

  • 18 metres at 0.52% copper equivalent, 0.37% copper and 9.7 g/t silver, from 94 metres; and
  • 16 metres at 0.69% copper equivalent, 0.38% copper and 19.4g/t silver, from 121 metres.

Deeper diamond drilling is planned for June to test the undrilled area between the molybdenum mineralisation and the 3.5 kilometre long copper-in-soil trend.

 

 

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