Augustus Minerals Completes Music Well Drilling, Advances PNG Projects

Music Well Drilling Campaign Concludes Awaiting Assay Results

Augustus Minerals (ASX:AUG) has wrapped up reverse circulation (RC) drilling at the Clifton East prospect within its expansive Music Well Gold Project in Western Australia. The 11-hole, 1,100-metre program targeted a 600-metre strike of a broader gold-in-soil anomaly, with assays expected by late April. This drilling tested multiple lines along a 1.2-kilometre soil anomaly, including a focused hole near high-grade rock chip samples, aiming to confirm the presence of economically viable gold mineralisation.

Looking ahead, the company plans to expand soil sampling over the Black Cat East and Teutonic East prospects, both situated along major structural trends that host gold mineralisation in adjacent Northern Star Resources tenure. Further RC drilling is scheduled for the St Patrick’s Well and Black Cat East prospects in the coming quarter, signalling a sustained exploration push at Music Well. This momentum builds on earlier updates detailing the project’s potential, including the stage set for drilling at Music Well where soil anomalies and heritage approvals paved the way for this phase.

Mt Kare Project Advances as Sole ASX Player in PNG

In Papua New Guinea, Augustus Minerals continues to navigate the permitting process for the Mt Kare Gold Project exploration licence application. As the only ASX-listed entity involved, Augustus is positioning itself as a preferred development partner for one of Australasia’s largest undeveloped alkali epithermal gold assets. Mt Kare lies just 15 kilometres southwest of Barrick Niugini’s Porgera mine, with geological similarities that include potential for large vertical continuations of mineralisation.

The Mt Kare licence remains in application status, with ongoing engagement in the PNG regulatory system. This project’s classification as an alkalic epithermal deposit places it among a rare class of gold deposits globally, including some of the world’s largest producers. The company’s strategic focus on advancing Mt Kare aligns with its broader PNG ambitions, including the neighbouring Vanapa River licence application.

Vanapa River Licence Application Progresses in Frontier District

The Vanapa River Exploration Licence Application covers approximately 1,900 square kilometres in PNG’s Central Province, situated within the highly prospective New Guinea Mobile Belt. Located around 40 kilometres along strike from the 1.5 million ounce Tolukuma Gold Mine and the historic Kodu porphyry deposit, Vanapa offers entry into a largely under-explored frontier district.

Augustus is actively advancing landowner engagement and permitting processes here, aiming to commence systematic exploration once the licence is granted. This approach reflects the company’s strategic intent to build a diversified portfolio of gold assets across Western Australia and PNG, leveraging regional geological potential.

Ti-Tree Project Remains on Hold, Corporate Updates

No field work was conducted at the Ti-Tree Project during the quarter, which holds prospects for copper, gold, lithium, uranium, and rare earths in Western Australia’s Gascoyne region. The company lodged compulsory partial surrenders on several Ti-Tree tenements, indicating a portfolio refinement.

Corporate activity included the resignation of Dr Darren Holden as director effective 28 February 2026. Financially, Augustus spent $0.399 million on exploration-related activities during the quarter and ended March with $0.345 million in cash. Payments to related parties totalled $123,000, covering director fees and consulting services.

Augustus’s upcoming quarter is set to intensify exploration efforts, with soil sampling and drilling at Music Well, alongside advancing PNG projects. The company’s focus remains sharply on gold, seeking to unlock value from its extensive tenement holdings and position itself for future growth.