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 increased his stake in the company, buying up 170,000 shares over two days.
Over April 30 and May 1, Werner spent a total of $9860 at an average price of A$0.058 to purchase the shares in two on market trades.
Werner now owns 1.45 million directly held shares and 3.7 million indirectly held shares, along with 5 million unlisted options, exercisable at A$0.28 and expiring on April 30, 2013.
A recent broker report placed a share price target of A$0.34 on Augur, based on the company’s operations in Indonesia.
In April, Augur announced the continuation of a high grade zone at the Wonogiri gold-copper project, with two diamond drill holes intersecting up to 104.1 metres at 1.08 grams per tonne gold.
Wonogiri covers an area of 3,928 hectares and has large scale potential given the drill results to date and structural zone similarities to major porphyry deposits.
A number of significant porphyry deposits sit along this zone including Newmont Mining Corporation’s 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.
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