Auris Minerals Well Positioned With Strong Project Portfolio

  • May 31, 2019 AEST
  • Team Kalkine
Auris Minerals Well Positioned With Strong Project Portfolio

A Western Australian metals explorer, Auris Minerals Limited (ASX: AUR) is exploring for base metals and gold in Western Australia’s highly prospective Bryah Basin. The company has consolidated a tenement portfolio of 1,320km², which is divided into five well-defined project areas: Forrest, Doolgunna, Morck Well, Cashman and Horseshoe Well.

Auris's copper-gold exploration tenement portfolio, with Sandfire, Northern Star (NSR), Fe Ltd and OmniGeoX JV areas indicated (Source: Company Reports)

Forrest and Wodger RC Drilling

According to the recent quarterly report, the company has received results for seven RC drill holes (FPRC023-031) for 1,742 metres and 10 RC drill holes (WDRC011-020) for 2,182 metres drilled at the Forrest and Wodger Prospects, respectively.

The drill hole FPRC029 at the Forrest Prospect has returned a highly significant result of:

  • 33m at 1.25% Cu and 0.14g/t Au from 276m
  • Including 14m at 1.17% Cu and 0.26 g/t Au from 276m
  • and 16m at 1.54% Cu from 293m

The company also received highly significant results from two holes (WDRC015 and WDRC018) at the Wodger Prospect. The Hole WDRC015 has identified a significant mineralised zone:

  • 15m at 3.36% Cu and 1.86g/t Au from 107m;
  • Including 2 metres at 6.24% Cu and 1.03g/t Au from 108m
  • 1m at 4.50% Cu and 21.5g/t Au from 110m

The WDRC018 hole has also identified significant mineralization, which includes:

  • 6m at 2.8% Cu and 1.51g/t Au from 305m
  • Including 1m at 8.28% Cu and 5.74 g/t Au from 309m;
  • and 7m at 1.05% Cu and 0.66 g/t Au from 314m

Forrest Prospect Diamond Drilling

Recently, two diamond drill holes (FPDD001 and FPDD002) were completed at the Forrest Prospect, which reported a significant intercept, supporting the interpretation of a northern down-plunge extension to known copper mineralisation.

The diamond drill hole FPDD001 has reported a significant intercept of 3.72m @ 0.97% Cu and 0.11g/t Au from 123.0m, including 0.25m @ 3.23% Cu and 0.43g/t Au from 124m and 0.25m @ 2.70% Cu and 0.27g/t Au from 125.2m, confirming the up-dip component of a northerly plunge extension to the above oxide mineralisation within the previous drilling.

The other drill hole FPDD002 also returned significant results of 33m @ 1.25% Cu from 276m, including 14m @ 1.17% Cu from 276m and 16m @ 1.54% Cu from 293m.

Wodger Prospect Diamond Drilling

At the Wodger Prospect, the company has completed a total of 623.1 metres of diamond drilling comprising one diamond hole and one diamond tail, (WRDD005 and WDRCD020, respectively).

The diamond hole WRDD005 intersected the target horizon approximately 25 metres up-dip from the planned location. Additionally, two zones of copper sulphide mineralisation were intersected (335.0-337.3m and 346.6-353.8m), predominantly comprising disseminated chalcopyrite and/or bornite mineralisation (trace to 2%) within foliated, carbonate altered ultramafic lithologies.

Further, a discrete, semi-massive zone of 25% chalcopyrite was also intersected, which returned a significant result of 1.8m @ 1.73% Cu from 335m, including 0.2m @ 9.62% Cu and 0.10g/t Au from 336.6m.

WDRCD020 (217.6m diamond tail to 399m depth) commenced at 181.4m as the RC drill hole had collapsed resulting in the widening of the drill hole and the inability to case the RC drill hole to the final depth of 284 metres.

The company now requires an additional diamond drilling at both the Forrest and Wodger Prospects to further evaluate their respective interpreted northerly and north-westerly plunges to copper mineralisation at depth.

Morck Well JV

In Morck Well JV (Farm-in Agreement between Auris and Sandfire Resources NL in relation to the Morck Well East and Doolgunna Projects), Sandfire has the right to earn a 70% interest in the projects upon completion of a Feasibility Study, while Auris manages exploration on all other tenements, including those that are subject to arrangements with third parties. With a spend of $9.4 million till date, the company has completed 1 DD hole, 8 RC drill holes and 134 aircore drill holes.

Cashman and Horseshoe Project

The company is undergoing Geological and geophysical interpretations for the Cashman as well as Horseshoe Project.

The cash position of the company at the end of March quarter stands at $1.98 million.

AUR’s stock last traded at $0.020, with a market capitalisation of circa $8.17 million as on 30th May 2019.


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