Augustus drill bit set to chase 30g/t WA gold target

Notably, multi-billion-dollar producer Gold Fields subsidiary G Ex Australia recently placed a bet on Augustus, emerging as a 5.33 per cent shareholder after the company’s May placement. This potentially gives the global miner a strategic foothold in Augustus’ district-scale play in the heart of the prolific Leonora-Laverton gold belt.

The Music Well project covers a commanding 1242-square-kilometre footprint in the prolific Leonora-Laverton Greenstone Belt just 30km north of Leonora, a region with a gold endowment of more than 28 million ounces. It sits in good company, surrounded by major operating mines including Northern Star’s Darlot and Thunderbox operations, 12km to the north and 20km to the west, respectively and Genesis Minerals’ King of the Hills and Leonora gold camps 20km to the southwest.

While Music Well is the current focus, Augustus also holds the 840-square-kilometre Ti-Tree project in WA’s Gascoyne region, which is considered prospective for a suite of metals including copper, gold, lithium and rare earths. The company is also eyeing Papua New Guinea, with applications over the Mt Kare and Vanapa River projects in the highly prospective New Guinea Mobile Belt.

With a pipeline of assays on the way from both RC and diamond drilling, and a rig about to be unleashed on a target that is already showing ounce-to-the-tonne potential at surface, Augustus will be hoping the next flood it sees is a deluge of positive news.

Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au