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Quantum Graphite (ASX:QGL) has revealed its acquisition of a new exploration licence in South Australia ahead of maiden drilling.
The South Australian mines department awarded EL7019, bringing total project acreage to nearly 120sq.km. The company expects that asset to cost an additional $20k/y in CapEx.
EL7019 is of interest to Quantum’s geotechs as it seeks to expand the “multi decade resource” at the Uley project, with the company reporting on Monday it’s been looking at the permit since late Q1 of CY2024.
Airborne electromag data was collected and reported in July of 2024. At the time, the company noted a significant anomaly “that potentially expands the large Salt Lake mineralisation.”
“This mineralisation is part of the group of mineralised envelopes within EL6224 identified from historic exploration programs that similarly utilised geophysical tools,” the company wrote on Monday.
Even further electromag data has recently been collected with results due in the coming weeks and months. So far, that’s a lot of reliance on geophys. But – the company is on the cusp of launching its maiden drill run.
“[We expect] to conclude its interpretation of the recent geophysical surveys by the end of this month,” the company wrote on Monday.
“Completion of this work marks the final step in the preparation of the Uley Near Term Exploration Plan, including the first phase drill program.
“[This] provides the essential data necessary for the commencement of work on the District Exploration Plan.”
QGL last traded at 54.5cps.
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