Augustus Minerals (ASX:AUG) has received rock chip sample assays, which returned up to 35% copper and 236 grams per tonne (g/t) silver from the Tiberius prospect, as part of the Ti Tree Project in Western Australia.
The news sent shares up as much as nearly 203% on Thursday morning to an intra-day peak of $0.115. By around 12pm AEST, over 25 million shares had changed hands. Shares are trading at around $0.10 as of 12:10pm AEST.
The company collected 231 samples over the Ti Tree Project, with assays from the South Snowy prospect returning up to 32% copper, 3.2g/t gold, and 129g/t silver.
Assays from the Justinian prospect returned up to 10.1g/t gold, while up to 53.1g/t silver and 5,000 parts per million molybdenum was returned from the Claudius prospect.
General manager of exploration Andrew Ford says the rock chip assays highlight Ti Tree’s potential to host precious and base metal mineralisation.
“Mapping and sampling continue over both existing prospects and in virgin areas with exciting results,” he says.
“Meanwhile, preparations are underway for the diamond drilling to test the deeper potential at Minnie Springs molybdenum-copper porphyry.”
Augustus says drilling is planned for the third quarter of this year, with support from a co-funded exploration incentive scheme drilling grant.
Two holes are planned, which will test the potential “high-grade” zone beneath the existing molybdenum mineralisation and target deeper within the phyllic alteration zone.
Augustus is also planning a versatile time domain electromagnetic survey over several targets prospective for critical, base, precious, and platinum group metals. The survey is planned to be conducted in August 2024.
Write to Aaliyah Rogan at Mining.com.au
Images: Augustus Minerals
