Augustus Acquires 1,345km2 Gold Exploration Project Near Leonora

Augustus Minerals Limited (ASX: AUG) has executed a binding share purchase agreement (“SPA”) with MCA Nominees Pty Ltd (“MCA”) to acquire 100% of the issued capital in Music Well Gold Mines Pty Ltd (“MWGM”), an entity which holds the exploration licences comprising the Music Well Gold Project (“Project”). The Project is in the Eastern Goldfields region of Western Australia located 35km north of Leonora.

• Augustus Minerals Limited( ASX: AUG) (“Augustus” or the “Company”) is pleased to announce that is has executed a binding share purchase agreement to acquire 100% of the issued capital in Music Well Gold Mines Pty Ltd, which holds the exploration licenses and applications comprising the Music Well Gold Project located 35km north of Leonora in the Leonora / Laverton Greenstone Belt of Western Australia.
• The large contiguous tenement package covers an area of 1,345 sq km in a region that hosts gold endowment of 12Moz¹ gold and 450kozpa gold production² within 50km of the project.

Neighbouring operating mines include:

Northern Star³ (ASX:NST)

• Thunderbox Mine³ (4.2M oz Au Resources) 20km to the west
• Wonder Underground (0.9Moz Au Resources³) <1km west

Genesis Minerals⁴ (ASX:GMD)

• Hub Project (0.7 Moz Au Resources) adjoining Music Well Project

Vault Minerals⁵ (ASX:VAU)

• Darlot Gold Mine (1.9 Moz Au Resources) is located 12km north
• King of the Hills mine (4.1 Moz Au Resources) 20km to the south west

• Extensive geophysics, gravity, soil sampling and rock chipping have already been completed with data validation and target prioritization underway
• Potential for gold discoveries from the dedicated and focused Augustus exploration team over the next 2 years.

Andrew Ford, GM Exploration commented

“The acquisition of such a large prospective gold exploration package in close proximity to operating mines owned by Northern Star, Genesis and Vault Minerals with +12M oz of resources and over 450kozpa gold production² is a significant coup for Augustus (Figure 1).

“With the gold price now exceeding A$4,000/oz it provides Augustus Shareholders with significant exposure to future discovery in one of the greatest gold provinces in the world”.

Background

Comprising ten granted exploration licences covering an area of approximately 1,052km² and two exploration licences in application covering an area of 293km². The total tenement package is 1,345 sq km making the Project one of the largest exploration packages in the region.

Augustus believes that adding a gold focussed exploration project of this size provides optionality and complements its copper/base-metals/uranium focus at the Ti Tree Shear project in the Gascoyne.

Music Well Project

The Project is located within the Murrin Murrin domain, Kurnalpi Terrane of the Yilgarn Craton in the Leonora / Laverton Greenstone Belt of Western Australia.

The Yilgarn is a globally significant mineralised province for gold, nickel and aluminium, and also hosts major deposits of other minerals such as copper, zinc and iron along…