Augustus Minerals Restricted (ASX: AUG; Augustus or the Firm) is happy to announce that it has raised $500,000 from skilled and complicated traders (Placement).
- Augustus Minerals has raised over $500,000 by way of a Placement.
- Proceeds from the capital elevating will fund:
- On-ground exploration on the giant Munaballya Nicely uranium goal following up the current VTEM Heli airborne geophysics program.
- An expanded soils/rock chip program to progress newly recognized rock chip prospects to drill prepared standing and proceed the exploration over as but untested areas.
- Exploration works are persevering with over varied targets alongside the extremely potential Ti- Tree Shear with diamond drilling in progress on the Minne Springs Copper- Molybdenum porphyry prospect.
Underneath the position, AUG will challenge 10,000,000 absolutely paid peculiar shares (Shares) at a problem value of $0.05 per Share.
Funds raised by the Placement shall be used primarily for the next:
- On-ground exploration on the giant Munaballya Nicely uranium goal following up the current VTEM Heli airborne geophysics program (remaining interpretation imminent).
- An expanded soils/rock chip program to progress newly recognized rock chip prospects to drill prepared standing and proceed the exploration over as but untested areas.
- Heritage survey over newly outlined areas as soon as progressed to drilling standing,
- Working capital and prices of the Placement.
The Munaballya Nicely (GSWA listed uranium incidence) primary basin U anomaly covers 4km x 0.7km space, with uranium concentrated in weathered dolomitic marls of Carnarvon Basin sediments. Determine 1 reveals the world of the principle uranium channel anomaly from an open file floor radiometric survey carried out by Thundelarra Uranium, as carnotite is concentrated in prime 5-10m of weathered dolomitic layers.
VTEM survey is testing for close to floor weathering of surficial zones in addition to investigating the potential for deeper Unconformity Fashion mineralisation alongside the contact between the basement granites and metamorphics and the Carnarvon Basin sediments.
Determine 1 Aster, floor radiometrics and Airborne Radiometric pictures from WAMEX Open File Report a87139 Thundelarra Exploration 2010.
The Placement Shares shall be issued utilising the Firm’s current Itemizing Rule 7.1 capability.
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