Augur Resources (ASX: AUK) has a focus on gold and copper within Indonesia and nickel projects within Eastern Australia. Augur’s key projects are the Wonogiri gold-copper project in central Java, Indonesia and the Jampang gold-copper project in western Java, Indonesia.
Augur Resources (ASX: AUK) director Justin Werner has acquired a further 200,000 shares on market for a consideration of A$15,000, or around $0.07 per share.
This increases his direct shareholding to nearly 1.3 million fully paid shares.
Indirectly, Werner also holds 3.7 million fully paid shares and 5 million unlisted options exercisable at $0.28 on 30 April 2013.
This month Augur received a speculative buy rating and a price target of more than four times its current share price from a broker due to its Indonesian gold opportunities.
The company’s Randu Kuning porphyry prospect, part of the Wonogiri gold-copper project in Indonesia, continues to reveal the extent of mineralisation, delivering wide intersections of up to 118 metres at 0.98 grams per tonne (g/t) gold equivalent from 245 metres.
Drilling at Randu Kuning is indicating a significant gold and copper porphyry system with potential additional mineralisation at depth and to both the north and south.
Intersections from one hole indicate gold mineralisation from surface to more than 300 metres deep on the eastern side of the Randu Kuning deposit.
Additional anomalous gold zones were detected at over 450 metres below surface.
The Wonogiri project, which has become Augur’s flagship project, lies within the Sunda‐Banda arc, an area considered prospective for epithermal gold and porphyry copper‐gold mineralisation.
A number of sizeable porphyry deposits sit along this zone including Newmont Mining Corporation’s (ASX: NCM) 914 million tonne at 0.53% copper and 0.4g/t gold Batu Hijau mine and Intrepid Mines’ (ASX: IAU) 1.7 billion tonne at 0.41% copper and 0.46g/t gold Tujuh Bukit deposit in eastern Java.
The large scale potential of Wonogiri is evident given the drill results to date and the structural zone similarities to other porphyry deposits.