Augustus Minerals Limited is an Australian Securities Exchange (ASX) listed company with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation.
The Company has been focused on identifying resources based projects for acquisition, with the view of generating value for Shareholders.
Presently, the Company has a direct interest in two projects:
Silverwood Prospect; and
Mt Palmer Project
Silverwood Prospect
The Silverwood Prospect is a relatively low risk, high impact oil and gas exploration project located onshore South Louisiana. The prospect lies beneath an existing field which has to date produced over 7 BCF of gas and approximately 1 MMBBLS of oil on a fault closure. The prospect has two prospective targets, being the Vicksburg and Cockfield sands. The prospect is located close to existing infrastructure, hence the lead time and cost to commercialising any potential discovery will be relatively low. (Refer to Investor Presentation dated 28 April 2010 for more detail).
Mt Palmer Project
The Mt Palmer Project is located in the Yellowdine Greenstone belt which forms part of the Parker Range terrain. This area hosts major gold and base metal deposits at Southern Cross, Marvel lock and Forrestania among many others.
In the short to medium term, the Company intends to undertake the following:
|
Ø undertake the drilling of the Silverwood Prospect (scheduled for June 2010)
|
|
Ø review exploration data obtained from previous field work on the Mt Palmer Project; and
|
|
Ø consider and evaluate potential new projects.
|
