Augustus Minerals Secures Music Well Gold Project with High-Grade Assays Unveiled
Augustus Minerals has completed the acquisition of Music Well Gold Mines, gaining control of a significant gold project near Leonora, Western Australia, and reported promising high-grade gold and molybdenum exploration results in its latest quarterly update.
- Acquisition of 100% of Music Well Gold Mines Pty Ltd, securing 1,345 sq km gold project
- High-grade gold rock chip assays up to 50.3g/t at Music Well prospects
- Promising molybdenum and copper intersections at Ti-Tree Project’s Minnie Springs drilling
- VTEM geophysical survey identifies multiple conductive targets for copper-nickel and uranium
- Strong cash position of $2.68 million following $0.5 million placement in October 2024
Strategic Acquisition Expands Augustus Minerals’ Gold Footprint
Augustus Minerals (ASX: AUG) has taken a significant step forward in its exploration ambitions with the acquisition of 100% of Music Well Gold Mines Pty Ltd, the holder of the expansive Music Well Gold Project near Leonora in Western Australia. This acquisition, formalised through a binding share purchase agreement in November 2024, adds a contiguous 1,345 square kilometre tenement package to Augustus’ portfolio, situated in a prolific gold region boasting over 12 million ounces of gold endowment within 50 kilometres.
The Music Well project is strategically located near several established gold mines, including Northern Star’s Thunderbox Mine and Vault Minerals’ Darlot Gold Mine, underscoring the prospective nature of the tenure. Augustus has already commenced detailed fieldwork, including rock chip sampling and mapping, to validate and prioritise targets inherited from previous owners.
High-Grade Gold Assays Signal Exploration Upside
Recent rock chip sampling at the Music Well project has delivered encouraging results, with assays revealing high-grade gold mineralisation. At St Patrick’s Well, assays from vein quartz samples ranged from 0.9g/t to an impressive 30.4g/t gold, while Clifton East yielded assays as high as 50.3g/t. These findings highlight the potential for significant gold mineralisation within structurally controlled quartz veins, warranting further exploration and drilling.
These assay results, combined with the project’s proximity to known gold resources, position Music Well as a compelling target for Augustus Minerals’ next phase of exploration, including planned heritage surveys and initial drilling campaigns.
Ti-Tree Project Advances with Promising Drill and Geophysical Results
Meanwhile, at the Ti-Tree Project, Augustus has completed a deep diamond drill hole (MSD010) at Minnie Springs, intersecting notable molybdenum and copper mineralisation. The hole returned intervals including 5 metres at 322ppm molybdenum and 6 metres at 1,001ppm copper, consistent with a classic porphyry copper-molybdenum system. This supports the presence of a higher-grade zone that previous explorers had only partially tested.
Complementing drilling, a helicopter-borne VTEM Max geophysical survey identified multiple conductive targets within the Money Intrusion area, prospective for copper-nickel-PGE mineralisation, and a strong conductive response over a 10-kilometre strike at the Munaballya Well uranium target. These geophysical anomalies provide a robust framework for follow-up surface EM surveys and targeted drilling.
Financial Position and Outlook
Augustus Minerals reported a cash balance of $2.68 million at the end of December 2024, bolstered by a $0.5 million placement in October 2024. The company invested nearly $1 million in exploration activities during the quarter, reflecting its commitment to advancing its projects. With a strong cash position and a pipeline of high-potential targets, Augustus is well-positioned to accelerate its exploration programs in 2025.
Looking ahead, the company plans to continue detailed mapping and sampling at Music Well, progress heritage clearances, and initiate drilling. At Ti-Tree, follow-up geophysical surveys and aircore drilling are anticipated to refine the understanding of uranium and base metal targets.
Bottom Line?
Augustus Minerals’ acquisition and exploration progress at Music Well and Ti-Tree set the stage for a potentially transformative year ahead.
Questions in the middle?
- Will Augustus Minerals initiate drilling at Music Well soon to test the high-grade gold targets?
- How will the company prioritise targets from the VTEM survey for follow-up at Ti-Tree?
- What are the timelines and funding plans for advancing the uranium targets at Munaballya Well?
