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Auris Minerals Limited (ASX: AUR) is ASX listed metals and mining company. It has gold and copper land-holding in the heart of the Bryah Basin in Western Australia. The company aspire to use its extensive exploration package to achieve maximum value for the portfolio, and at the same time, it wants to assess other opportunities and capitalise on any exploration success.
On 16th April 2019, the company released the updates of exploration activities carried out in the quarter ending March 2019 at the Morck Well Joint Venture in the Bryah Basin, Western Australia.
Diamond Drilling
Diamond drilling was designed to test further deep intersections of the interpreted host sediment horizon and was completed at the Morck Well Project during the reporting period. One diamond drill hole (MWDD0004) was completed to an end of hole depth of 775.6m (560.6m drilled during the March quarter) and intersected multiple packages of prospective sediments and basalts, including peperites, chlorite and haematite altered exhalites and minor jasper.
Reverse Circulation (RC) Drilling
Deep RC drilling was focussed in the north of the Morck Well project during the reporting period. A total number of ten water exploration drill holes and eight exploration RC drill holes were completed for a combined advance of 4,707m. Six RC drill holes (MWRC0017 â MWRC0022) were drilled to the north of the Morck Well Project which intersected the interpreted host sediment horizon, including mixed haematitic and magnetite-rich exhalite sediments, basalt, jasper and strongly chlorite altered sediments. The remaining two holes (MWRC0023 and MWRC0024) were drilled to the south of the Morck Well project. Both holes didnât reach the target depth due to intersecting groundwater.
Ten water exploration drill holes which were designed to target structures suitable for providing clean water to supply the camp were drilled in the north-west of the Auris-Sandfire tenement package.
Aircore drilling
Aircore drilling also continued at the Morck Well project with a total of 134 drill holes completed during the reporting period. The initial 400x100m pattern designed and completed over the Karalundi Formation within the Cuba prospect. Karalundi Formation lithologies consisted of dolerite, basalt, quartz etc. Other lithologies intersected included quartzite, quartz arenite and carbonaceous siltstone of the Mount Leake Formation etc.
Ongoing and Forecast Work
A significant RC drill programme will continue to the north of E51/1033 targeting numerous geophysical and multi-element geochemical anomalies. The progress has been slowed down due to groundwater influx for drilling holes (MWRC0023 and MWRC0024) and forced drilling to be aborted above target depth.
A moving loop electromagnetic surveying programme is currently going on and is expected to continue throughout the next reporting period.
On 5th February 2019, the company announced results from RC drilling at Forrest And Wodger Prospects.
Technical outlook
The market capitalisation of the company is A$11.44 million. On the technical front, the stock traded flat at A$0.028 after making an intraday low of A$0.026 as of 16th April 2019. In the last six months, the stock has delivered a return of negative 37.7% while the YTD return stands at negative 24.3%.
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