Music Well sings as Augustus hits thick gold zones in WA
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Murray Region
Augustus Minerals has confirmed and developed a series of large gold intercepts from its 1242 square kilometer Music Well project near Leonora in Western Australia; One meter resampling analyzes yielded higher grade hits, including a standout one meter section grading 7.9 grams per tonne (g/t) gold.
The new results come from the one-metre resplit of the company’s first reverse circulation (RC) drilling program in the Clifton East area in March; This program initially produced a number of encouraging results from larger four-meter composite samples.
Recent and more detailed analysis successfully identified high-grade zones within larger mineralized envelopes. The best result was an 11-metre intercept grading 2.41 g/t gold from just 32 meters downhole, which included an impressive 7.9 g/t gold strike.
Other significant results included a 34m wide section measuring 0.83g/t gold from 38m and another 11m section measuring 0.92g/t gold from 69m.
‘Single meter analysis of 7.90g/t from 37-38m demonstrates the potential for hosts to higher grade shoots.’
Augustus Minerals managing director search Andrew Ford
The strong correlation between the initial composite samples and more detailed one-meter analyzes is encouraging because it indicates a uniform, nugget-free pattern of gold distribution, the company says. Management believes this feature makes grade estimation less of an issue for future potential resource calculations.
Augustus Minerals managing director search Andrew Ford said: “One-meter sample analyzes more clearly defined broad zones of mineralization, showing higher grade ranges within larger mineralized zones of similar grade. This reflects fairly uniform, non-nugget gold, making grade estimation less of an issue going forward.”
Augustus’ encouraging drill results have already attracted the attention of a power hitter. In a serious vote of confidence, a subsidiary of heavyweight gold producer Gold Fields recently emerged with a significant 5.33 per cent stake in Augustus after investing AU$550,000 in a placement.
The move is seen as a strategic, low-cost ‘touch water’ play for the major, giving him a solid foothold on Augustus’ vast ground in the heart of WA’s prolific Leonora-Laverton gold belt.
Combining a productive geological system with more than 28 million ounces of gold resources, this sector of the Eastern Gold Fields represents true elephant country. The company’s project area is tightly surrounded by a network of world-class deposits.
These include Vault Mineral’s operating Darlot mine 12km to the north and Northern Star’s 4.3 million ounce Thunderbox deposit 20km to the west. Other significant mines nearby include Genesis Minerals’ flagship 9.6 million-ounce Leonora camp.
While Augustus is firmly focused on the WA gold hunt, he also operates the Ti-Tree project in the Gascoyne region of WA, which is thought to be prospective for copper, gold, lithium, uranium and rare earths.
The company also has a “runner-up” application for the massive Mt Kare gold project in Papua New Guinea; This project has previously produced some eye-popping drilling, including 111 million 9.8 g/t gold.
Drill rods at Music Well have already begun to follow an 11-hole, 1650m RC program designed to build on early success at Clifton East. Analyzes from this campaign have been sent to the laboratory and results are expected within five weeks.
With a string of local news on the way, a massive New Guinea project and a gold major being eyed from the till, Augustus looks to be turning the corner in the Music Well, one of Western Australia’s most productive postcodes.
The market will likely focus on the next series of analyzes to see if the company’s early success could be the start of something bigger.
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Contact: mattbirney@bullsnbears.com.au
