Augustus Minerals Ltd (ASX: AUG) has provided an update on its application for the Mt Kare Gold Project in Papua New Guinea (PNG). Augustus Minerals is a mineral explorer focused on gold and critical minerals in Western Australia, with a secondary interest in PNG. The company, through its subsidiary ACM Contract Mining PNG Ltd (ACMPNG), holds a ‘second-in-time’ licence application for the project. The company is actively engaged in discussions with landowners, key stakeholders, and governmental departments to advance the application and ensure compliance with regulatory requirements.
The Mt Kare project is located 15km from the Porgera gold deposit and shares geological similarities, including roscoelite mineralisation and bonanza gold zones. According to Augustus Minerals, the Mt Kare Licence Application is expected to progress through the Papua New Guinea permitting process in 2025. The company’s planning includes rapid development of an underground adit for drilling, understanding, and developing bonanza grade zones. An aggressive drilling program and advanced studies on structural geology and alteration geochemistry are planned to effectively target high-grade zones.
Executive Chair Brian Rodan highlighted his previous experience with ACMPNG at the Mt Kare project, when it was awarded a contract to carry out stage 1 underground exploration drilling and mine development. Augustus Minerals believes its access to capital markets as an ASX-listed company will provide the necessary funding to support the proposed work programs at the Mt Kare Project, contingent upon the successful application. The company is actively monitoring the progress of the first-in-time application by Tribune Mt Kare Gold Limited and will proceed with its application if the former is rejected.
