Discovery of Copper at Augustus project in Arizona, page-4

Advance Metals Limited
ABN 83 127 131 604P: +61 (0) 2 9238 1175
Suite 706, Level 7, 89 York Street, Sydney NSW 2000W: www.advancemetals.com.au
GPO Box 1546, Sydney NSW 2001
ASXAnnouncement
3August2023
Exploration Confirms High Grade Copper Potential
Augustus Polymetallic Project, Arizona
AVM is on the ground at the Augustus project in Arizona. The team is employing a range of data
collection technologies to de-risk the development processes and identify the highest quality zones for
exploration. The data developed and collected is vital to our analysis and ultimate determination of
exploration targets.
HIGHLIGHTS
High-grade copper potential established at Augustus, with XRF sample results demonstrating
copper grades as high as 20.47% Cu.
A large area for potential copper ore identified through drone-supported ground surveys,
geological field reconnaissance, satellite analysis, and geochemical surveys.
AVM geologists completed a reconnaissance surface geochemical sampling campaign across
the property, encountering numerous copper zones, brecciated zones, and hydrothermal
alteration.
-30 rock chip samples are undergoing geochemical analysis at Paragon Labs in Nevada.
AVM observed copper mineralisation outcrops at surface on AVM claims. In one instance, an
outcropping was mapped for over 274 m (900 ft).
Copper oxide and sulfide mineralisation were observed within claim boundaries.
-Mineralisation included chrysocolla and malachite, copper oxide minerals, and copper
sulphide minerals such as bornite and chalcopyrite.
Drone-supported ground gravity and aeromagnetic surveys are currently ongoing at site.
Commenting on the exploration program, Advance Chief Executive Officer Frank Bennett said:
“Augustus is shaping to be a unique project. Our claims cover over +1,700 acres of highly prospective
copper mineralization along a detachment fault. Our team is integrating technology, newly collected
data and historic data to best identify and pursue promising zones within the claims area. Preliminary
analysis of this information indicates strong exploration potential across the project. We are excited
about the results. This is an important step for the company and its shareholders.”
For personal use only

2 | P a g e
Figure 1: Project Location and Areas of Interest
Targeted Areas of Interest
For personal use only

3 | P a g e
Advance Metals Limited (ASX: AVM)is pleased to confirm that the company completed the first phase
of exploration at the Augustus polymetallic project in Arizona. A team of AVM geologists collected rock
chip samples, mapped geological features, and planned future drill hole locations. AVM employed a full
suite of exploration and analytical tools to help de-risk the project and target areas with potential for
copper mineralization.
The geologists identified and mapped several copper mineralised zones exposed at surface observing
copper oxide and sulfide mineralisation within AVM claim boundaries. One copper zone was mapped
contiguously for over 274 m (900 ft), and XRF sample results demonstrated copper grades as high as
20.47%. The copper zone was found close to historical adits and other evidence of historical mining.
AVM geologists collected 30 rock chip samples and submitted them for geochemical analysis at Paragon
Labs in Nevada.
Background
The 100% owned Augustus polymetallic project
covers 1,749 contiguous acres. The project resides
in the central western part of Arizona,
approximately 140 km (87 mi) northwest of
Phoenix, AZ. AVM staked 85 federal lode mining
claims to acquire the project.
AVM personnel undertook an in-depth technical
review of historical documentation to digitize
relevant information and develop GIS exploration
models utilising historical drilling records. The
process involved utilizing GIS modelling software,
AI programs, satellite remote sensing, and
geological and geophysical analysis of the project
area.
Analysis of the historic results found strong
exploration potential at the Augustus project. The
company then completed drone-supported ground
surveys, geological field reconnaissance, satellite
analysis, and geochemical surveys as of initial
geological assessment of the project.
Figure2:ProjectLocation
For personal use only

4 | P a g e
Augustus Spectral Analysis
The Spectral Analysis Survey has proven to be a valuable tool for identifying potential exploration zones.
Specifically, the survey has highlighted areas for potential copper mineralisation. Using a copper-bearing
spectral prospectivity map, the survey identified key targets aligning with lithological contact boundaries
and fault-related ore controls. This information supports and strengthens the prospectivity of current
exploration zones.
Figure 3: Spectral Analysis
Geological and Surface Sampling Reconnaissance
An aeromagnetic drone survey was conducted over three areas of interest at Augustus covering
approximately 50 km2 of UAV coverage at 100m line spacing. The aeromagnetic survey targeted
potential faults, mineralized outcrops, and infrastructure. Surface mapping was completed to
understand and confirm the surface conditions of the project area.
AVM geologists observed altered and brecciated rocks as strong indicators of hydrothermal activity
within the project. Copper sulphides of bornite and chalcopyrite were observed in outcrops on the AVM
property. AVM collected 30 rock chip samples for geochemical analysis based on visible alteration,
copper mineralisation, and other minerology. The geochemical results from this sampling program are
expected in the coming weeks.
In addition to sampling, AVM geologists collected 90 mapping data points containing crucial information
such as faults, contacts, veins, historical adits, and drill holes. The team identified historical mine
workings and drill hole locations which might be eligible for use as JORC data points in the future.
For personal use only

5 | P a g e
Figure 4: Exploration Results and Surface Copper Zones
Copper Sulphide and Oxide Mineralization
Copper mineralisation on AVM claims in the Augustus project contain copper oxides such as malachite
and chrysocolla. Additionally, copper sulphide minerals of bornite and chalcopyrite were also observed
on the surface. The copper sulphide mineralisation on the surface indicates the possibility of copper ore
at deeper levels.
Bornite
Malachite
Chalcopyrite
Quartz
Chrysocolla
Figure 5: AUG-23-005 featuring Bornite and Chalcopyrite
For personal use only

6 | P a g e
XRF Sample Results
AVM tested several select rock chip samples with a portable X-Ray Fluorescence (pXRF) unit during the
mapping program. The samples exhibited high-grade copper and highlighted the potential of the
Augustus project.
Field results of the portable pXRF analysis demonstrated copper concentrations as high as 20.47% Cu.
In-situ samples analysed using the pXRF during field exploration exhibited an average copper grade of
4.68% Cu across twenty-five samples.
Results from the XRF unit can be seen in the table below, highlighting a potential high-grade copper
deposit within the AVM claim boundaries. While the pXRF samples show high levels of copper, the
results of geochemical assays will provide better indications of copper mineralization at Augustus.
Table 1 XRF Spot Samples
XRF data is taken as point values and will not represent the true grade of the samples assayed. The
elemental data is highly dependent on the location at which the beam intersects the rock. The device
used to take the data points is an Olympus Vanta M Series Handheld X-ray fluorescence (XRF) analyser,
producing a beam spot diameter of up to 3mm. It is designed to achieve laboratory-quality results in the
field and provides rapid and accurate elemental analysis and testing.
SampleCu %
AUG_XRF_1320.47
AUG_XRF_1217.25
AUG_XRF_415.82
AUG_XRF_1712.90
AUG_XRF_312.73
AUG_XRF_78.90
AUG_XRF_27.52
AUG_XRF_96.36
AUG_XRF_183.43
AUG_XRF_213.13
AUG_XRF_202.91
AUG_XRF_222.80Photo1:RockSample
For personal use only