Advance Metals Unveils High-Grade Gold Assay Results at Augustus Project
ADVANCE METALS LIMITED (AVM) Share Update September 2024 Wednesday 18th
Advance Metals Reports High-Grade Gold Assays at Augustus Project
Advance Metals Limited (ASX: AVM) has announced promising high-grade gold assay results from its Augustus Project in Arizona. The initial results confirm the presence of significant gold mineralization, providing a positive outlook for the project's future development.
Instant Summary:
- Initial assay results confirm high-grade gold mineralization at Augustus.
- Channel samples include: 0.5m @ 116.7 g/t Au, 0.5m @ 38.3 g/t Au, 1m @ 20.0 g/t Au.
- Grab samples show gold grades up to 25.8 g/t Au.
- Sampling included both channel and grab samples across the vein.
Assay Results
Advance Metals Limited has received initial assay results from its Augustus Project in Arizona, confirming high-grade gold mineralization. The rock chip sampling program included both channel samples across and along the vein, as well as grab samples. The results show gold grades ranging from 0.02 g/t to 116.7 g/t Au.
The channel samples across the vein highlight significant mineralized veins and stockworks starting at the surface. Notable results include 0.5m @ 116.7 g/t Au, 0.5m @ 38.3 g/t Au, and 1m @ 20.0 g/t Au. Grab samples also showed high gold grades, with the highest being 25.8 g/t Au.
Geological Context
The Augustus Project features shallow dipping listric veins and stockworks. The company's sampling program covered a broad area, mapping roughly fifty veins with a strike length of 6,583 meters. The mineralization consists of gold-bearing copper-hematite-quartz listric veins and replacements associated with the Bullard Detachment Fault.
Historical data from Teck Cominco and other major companies have shown similar high-grade results, reinforcing the potential of the Augustus Project. The recent assay results confirm the presence of a rich mineralized system starting at the surface.
Next Steps
Advance Metals plans to continue its exploration efforts at the Augustus Project. Upcoming activities include further drilling, metallurgical studies, trenching, and additional sampling. The company aims to develop a 3D model of the project area and update its technical information and reports.
These efforts are part of Advance Metals' strategy to maximize shareholder value through the acquisition, discovery, and advancement of high-quality metals projects. The company's exploration team is focused on identifying underexplored and undervalued projects with significant geological potential.
The high-grade gold assay results are likely to positively impact Advance Metals' stock price as investors react to the promising outlook for the Augustus Project. The confirmation of significant gold mineralization enhances the project's potential, which could attract further investment and boost investor confidence.
Investor Reaction:
Analysts are expected to react positively to the high-grade gold assay results. The confirmation of significant gold mineralization at the Augustus Project aligns with the company's strategic goals and could lead to increased investor interest. However, the broader market implications and the company's ability to successfully develop the project will be closely monitored.
Conclusion:
Investors should keep an eye on Advance Metals' upcoming exploration activities and the development of the Augustus Project. The high-grade gold assay results provide a positive outlook, but the company's strategic response and continued exploration efforts will be crucial in maintaining investor confidence.