- AusQuest (AQD) says a recent drilling program has further enhanced the base metal potential of the Balladonia project in WA
- AQD completed four holes at the Tea Tree prospect which has shown similar geological characteristics to the world-class Cloncurry belt in QLD
- One hole completed at the Harms Lake prospect intersected narrow graphitic zones within a wider zone of potassic alteration
- The company expects to receive assays next month and may conduct further drilling at Balladonia
- AQD shares are down 10 per cent and are trading at 1.8 cents each at 3:57 pm AEST
AusQuest (AQD) has advised that drilling has further enhanced the base metal prospectivity of the Balladonia copper-nickel project in WA’s Fraser Range province.
The company began a diamond drilling program in late March which included five completed holes for 1100 metres.
Four holes were completed at the Tea Tree prospect with initial observations showing similar characteristics to ‘lode packages’ found in Queensland’s world-class Cloncurry belt which hosts Broken Hill Type (BHT) and iron oxide copper-gold (IOCG) deposits.
According to AusQuest, the potential ‘lode packages’ haven’t been recorded in the Fraser Province. If confirmed, they’re set to upgrade the region’s prospectivity with anomalies at Balladonia becoming high-priority targets for BHT and/or IOCG mineralisation.
The company also completed one hole at the Harms Lake prospect which tested an electromagnetic conductor east of the interpreted intrusive. The hole intersected narrow graphitic zones within a 20-metre zone of potassic alteration.
An additional hole was planned at Harms Lake but the program had to be suspended due to access issues caused by heavy rain.
Managing Director Graeme Drew said the company is looking forward to receiving the drill results which are expected in June.
“While we still need to wait for assays to confirm what we believe the core is telling us, the possibility of multiple targets for large-scale BHT lead-zinc-silver and/or IOCG mineralisation appears to have been enhanced by this drilling program,” Mr Drew said.
The company plans to conduct further drilling in the area once it analyses the results.
AQD shares fell 10 per cent and were trading at 1.8 cents each at 3:57 pm AEST.