- AusQuest (AQD) begins a three-hole diamond drilling program at its Hamilton copper project in northwest Queensland
- The program is testing gravity targets associated with mineralised banded iron formation (BIF) and iron-calcium alteration intersected in previous drilling
- Drilling is expected to take three to four weeks, with assays expected in late May
- AQD shares are down 3.85 per cent and trading at 2.5 cents per share
AusQuest (AQD) has commenced drilling at its Hamilton copper project in northwest Queensland.
The drilling effort is funded under the Strategic Alliance Agreement with one of South32’s (S32) wholly-owned subsidiaries.
AusQuest will drill three diamond holes, for 1850 metres, to test distinct gravity targets that are associated with mineralised banded iron formation (BIF) and iron-calcium alteration intersected in previous drilling.
Specific gravity and magnetic susceptibility measurements on drill core from previous programs suggested there’s a strong relationship between anomalous copper values and rocks with higher density and higher magnetic rocks.
This reportedly highlighted the potential for stronger copper mineralisation to be associated with the new gravity anomalies.
Managing Director Graeme Drew said drilling is designed to follow up on “highly encouraging” gravity results and evaluate the potential for a significant copper-gold discovery.
“We are excited about the potential of this project and the prospectivity of the broader region, and we are looking forward to reporting the results of the drilling when they are available,” Mr Drew said.
Drilling is expected to take up to four weeks and assays are expected in late May.
AQD shares were down 3.85 per cent at 2.5 cents each at 3:27 pm AEST.