Gold Assays Up to 122.8g/t Extend Music Well Prospects; Mt Kare Licence Acquired

Exploration Momentum at Music Well

Augustus Minerals (ASX – AUG) has delivered a strong quarterly update, highlighting major progress in defining high-grade gold prospects across its expansive Music Well Project in Western Australia. The company’s recent rock chip sampling campaigns have extended the known mineralised strike at Clifton East to nearly one kilometre, with assays including standout grades of 7.99g/t, 5.32g/t, and 3.37g/t gold. These results reinforce the prospectivity of the region’s structural corridors, which link significant gold belts in the Leonora-Laverton district.

At the nearby Dodd’s prospect, the discovery of visible gold in sub-cropping quartz veins has yielded exceptional assay results, including a remarkable 122.8g/t gold sample. This finding not only underscores the potential for high-grade shoots within the project but also adds a compelling target for imminent drilling programs.

Expanding the Prospect Portfolio

Further sampling at the newly identified Black Cat East prospect, situated just a few kilometres from historic workings and Northern Star’s Wonder gold mine, has delineated gold mineralisation over a 400-metre strike length. Assays up to 13.1g/t gold confirm the area’s potential to host economically significant mineralisation. Additional prospects such as Jindardie NE and Redcliffe West have also emerged from ongoing mapping and sampling efforts, broadening the company’s exploration pipeline.

Crucially, Augustus has formalised a Heritage Protection Agreement with the Watarra Darlot Group, the Traditional Owners of the Music Well area. This agreement paves the way for heritage surveys at key targets Clifton East and St Patrick’s Well, a necessary step before drilling can commence. The company anticipates these surveys to begin imminently, setting the stage for a first pass drilling campaign.

Strategic Acquisition of Mt Kare Licence Application

On the corporate front, Augustus completed the acquisition of ACMPNG, the holder of a licence application covering 600 square kilometres over the Mt Kare Gold Project in Papua New Guinea, for $250,000. Mt Kare is a highly prospective asset, hosting a historic mineral resource of 2.1 million ounces of gold and 18 million ounces of silver. The company is now the second-in-line applicant for the licence, with the first-in-line application having been removed from the register, potentially positioning Augustus favourably for grant of the licence.

The Mt Kare project lies near Barrick’s Porgera gold mine, one of the region’s largest producers, adding strategic value to Augustus’s portfolio. The company intends to actively pursue the licence grant process, including lodging objections or negotiating with other applicants if necessary.

Financial Position and Outlook

Augustus ended the quarter with a cash balance of $1.40 million after spending $262,000 on exploration activities in Western Australia. No production or development expenditures were recorded during the period, reflecting the company’s focus on advancing exploration targets. With nearly three quarters of funding available based on current expenditure rates, Augustus is well-positioned to continue its aggressive exploration programs.

Looking ahead, the company plans to intensify mapping and sampling at Music Well, complete heritage surveys, and initiate drilling at priority targets. Meanwhile, progress on the Mt Kare licence application will be closely monitored as it represents a potential gateway to a significant gold asset in Papua New Guinea.