Augustus Minerals Restricted (ASX: AUG) has executed a binding share buy settlement (“SPA”) with MCA Nominees Pty Ltd (“MCA”) to accumulate 100% of the issued capital in Music Properly Gold Mines Pty Ltd (“MWGM”), an entity which holds the exploration licences comprising the Music Properly Gold Challenge (“Challenge”). The Challenge is within the Japanese Goldfields area of Western Australia positioned 35km north of Leonora.
- Augustus Minerals Restricted( ASX: AUG) (“Augustus” or the “Firm”) is happy to announce that’s has executed a binding share buy settlement to accumulate 100% of the issued capital in Music Properly Gold Mines Pty Ltd, which holds the exploration licenses and functions comprising the Music Properly Gold Challenge positioned 35km north of Leonora within the Leonora / Laverton Greenstone Belt of Western Australia.
- The big contiguous tenement bundle covers an space of 1,345 sq km in a area that hosts gold endowment of >12Moz1 gold and >450kozpa gold manufacturing2 inside 50km of the venture.
Neighbouring working mines embrace:
Northern Star3 (ASX:NST)
- Thunderbox Mine3 (4.2M oz Au Assets) 20km to the west
- Surprise Underground (0.9Moz Au Assets3) <1km west
Genesis Minerals4 (ASX:GMD)
- Hub Challenge (0.7 Moz Au Assets) adjoining Music Properly Challenge
Vault Minerals5 (ASX:VAU)
- Darlot Gold Mine (1.9 Moz Au Assets) is positioned 12km north
- King of the Hills mine (4.1 Moz Au Assets) 20km to the south west
- In depth geophysics, gravity, soil sampling and rock chipping have already been accomplished with knowledge validation and goal prioritization underway
- Potential for gold discoveries from the devoted and centered Augustus exploration crew over the subsequent 2 years.
Andrew Ford, GM Exploration commented
“The acquisition of such a big potential gold exploration bundle in shut proximity to working mines owned by Northern Star, Genesis and Vault Minerals with +12M oz of sources and over 450kozpa gold manufacturing2 is a big coup for Augustus (Determine 1).
“With the gold worth now exceeding A$4,000/oz it supplies Augustus Shareholders with important publicity to future discovery in one of many biggest gold provinces on the earth”.
Background
Comprising ten granted exploration licences masking an space of roughly 1,052km2 and two exploration licences in utility masking an space of 293km2. The entire tenement bundle is 1,345 sq km making the Challenge one of many largest exploration packages within the area.
Augustus believes that including a gold focussed exploration venture of this dimension supplies optionality and enhances its copper/base-metals/uranium focus on the Ti Tree Shear venture within the Gascoyne.
Music Properly Challenge
The Challenge is positioned inside the Murrin Murrin area, Kurnalpi Terrane of the Yilgarn Craton within the Leonora / Laverton Greenstone Belt of Western Australia.
The Yilgarn is a globally important mineralised province for gold, nickel and aluminium, and likewise hosts main deposits of different minerals comparable to copper, zinc and iron together with different sources comparable to tantalum, lithium, vanadium, uranium and uncommon earth components (“REEs”).
Determine 1: Challenge location, regional gold Mineral Assets and dealing processing crops. See Desk 1 for supply knowledge for Mineral Assets of Gold Deposits within the Leonora-Laverton District).
MWGM initiated the consolidation of tenements and commenced subject work, on floor exploration and concentrating on research from November 2019. Within the ensuing 5-year interval from November 2019 to November 2024 the Firm has consolidated a tenement bundle of 1,345 sq kms and has recognized precedence targets for comply with up exploration work for Air Core, RC and Diamond Drilling.
These excessive precedence targets have been recognized through the use of MWGMs “Three – Schema Gold Prospectivity Mannequin” which contains and utilises classical structural mapping methods, geochemistry comparable to Extremely High quality + (UFF) soil sampling, rock chip sampling and superior geophysics. This multi-disciplinary strategy to exploration utilising high-resolution airborne magnetics, gravity and radiometric knowledge, together with (UFF) soil sampling over + 1,052sq kms additionally consists of the reinterpretation of the stable geology, construction and deformation historical past of the area to tell native interpretation of the geological framework and identification of the targets accomplished over a 5-year interval inside the Challenge space.
The geological research, accomplished with the help of a gaggle of technical specialists, together with Southern Geoscience, Fathom Geophysics, Tower Geoscience, Geobase Australia, Daishat Geodictic Gravity Surveyors, Walter Witt Expertise and GeoSpy Australia utilising high-resolution airborne magnetics, gravity and radiometric knowledge.
The principal goal sorts embrace gold in shear zones inside granitoids and greenstones (analogous to the close by Surprise Deeps Gold Mine (Northern Star) and intrusion-related gold programs doubtlessly analogous to King of the Hills and Darlot Centenary mines positioned southwest and north of the Music Properly Gold Challenge respectively. The Music Properly Gold Challenge is taken into account to be potential for gold, base metals and likewise for lithium, tantalum and REE, which will even be investigated.
The tenement space is characterised by a strongly deformed stratigraphy and intrusions and comprises quite a few predominantly west-northwest anastomosing subparallel shear zones offering hyperlinks doubtlessly to Surprise Deeps and Thunderbox gold mines (Northern Star) positioned to the west of the venture space; and the Hub (Redcliffe) gold deposit positioned to the east (Genesis).
As well as, a collection of north-northwest and north-northeast buildings pattern by way of the venture space and buildings of an identical orientation host lots of the gold deposits within the Leonora / Laverton space.
There are quite a few working gold mines within the district together with the Darlot Gold Mine (~12 km to the north), the King of the Hills Mine (~20 km to the west), the Leonora Gold Camp (~30km to the southwest), and the Thunderbox Gold Mine (~20 km to the west) (Determine 2).
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