- AusQuest (AQD) begins drilling to test a down hole electromagnetic (DHEM) target at the Hamilton project in North-West Queensland
- The target was generated from surveying of previous drill holes that returned highly anomalous copper values within a mineralised banded iron formation (BIF)
- It is believed to be associated with the BIF sequence and bears similarities to the nearby Osborne copper gold deposit
- This round of drilling is expected to take between one to two weeks to complete and the company believes it may unlock the potential of the prospect
- AusQuest shares are trading grey at 1.9 cents at 3:10 pm AEDT
AusQuest (AQD) has begun drilling to test a down hole electromagnetic (DHEM) target at the Hamilton project in North-West Queensland.
The copper-gold project is part of AusQuest’s Strategic Alliance Agreement with a wholly-owned subsidiary of South32 (S32).
Previous drilling at the Hamilton North prospect returned highly anomalous copper values within a mineralised banded iron formation (BIF) sequence.
Down hole electromagnetic surveys were completed and after modelling the survey data, AQD noted a close association with strongly magnetic rocks, highlighting the possibility of a sulphide source within a BIF sequence.
Additionally, AusQuest said the BIF bears similarities to the nearby Osborne copper-gold deposit 70 kilometres north.
Drilling of the strong off-hole conductor is anticipated to take between one to two weeks to complete with further DHEM surveying to be considered upon receipt of the drill results.
AusQuest’s Managing Director Graeme Drew believes this work could provide the key to unlocking the potential of the Hamilton North prospect.
“This is the first time that our programs at Hamilton have identified an EM conductor within the mineralised BIF sequence,” he said.
“We look forward to reporting results from this drillhole when they become available.”
AusQuest shares were trading grey at 1.9 cents at 3:10 pm AEDT.