Augustus Minerals (ASX: $AUG) EIS Grant Announcement

Augustus Minerals Limited (ASX: $AUG) has been granted a co-funded drilling grant of up to $110,000 for 2 X 700m deep diamond drill holes under the WA Government's Exploration Incentive Scheme (EIS) for the Minnie Springs prospect. The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.

Executive Commentary on EIS Grant

The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model.

Summary of EIS Grant for Minnie Springs Copper Porphyry Drilling

Augustus Minerals Limited (ASX: $AUG) has been granted a co-funded drilling grant of up to $110,000 for 2 X 700m deep diamond drill holes under the WA Government's Exploration Incentive Scheme (EIS) for the Minnie Springs prospect. The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast. The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 and tested the northern half of the 2km long copper-in soil anomaly. The limited exploration in the region demonstrates the prospectivity of this underexplored mineral province. The Company's ambitions and goals include mapping of lithology and alteration to a depth of 550m and potentially intersecting higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model.