- Australian Silica Quartz (ASQ) makes a $50,000 payment as part of its purchase of the Koolyanobbing metals project (KMP) after completing its due diligence process
- ASQ will now manage the project, with initial exploration already underway
- The company has generated preliminary targets in the area, identifying a number of gold, lithium, nickel, and copper targets for follow up
- Over the next two weeks, ASQ plans to undertake a soil sampling program as well as rock chip sampling of pegmatite outcrops
- Shares in Australian Silica Quartz are trading grey at 7 cents per share at 11:24 am AEST
Australian Silica Quartz (ASQ) has made a $50,000 payment as part of its purchase of the Koolyanobbing metals project (KMP) after completing its due diligence process.
The company will now manage the project, with initial exploration already underway.
It has generated preliminary targets, identifying a number of gold, lithium, nickel, and copper targets for follow up.
This includes a large swarm of outcropping pegmatites identified over a strike of six kilometres, with the potential to extend this to over 17 kilometres.
ASQ has planned to undertake a soil sampling program as well as rock chip sampling of pegmatite outcrops over the next two weeks.
The company struck a deal to acquire the project earlier this month for $50,000 in cash, five million in ASQ shares, and performance shares to a value of $500,000 upon the achievement of certain milestones.
The project is relatively under-explored, with small-scale gold mining undertaken in the 1930s.
Shares in Australian Silica Quartz were trading grey at 7 cents per share at 11:24 am AEST.