SYDNEY, AUSTRALIA: AusQuest Limited (ASX: AQD) has embarked on an intensive period of exploration activity under its Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited, with multiple large-scale exploration targets to be drill tested over the next 6-9 months.
With a 1,400m diamond drilling program set to commence at the Balladonia Copper-Nickel
Project in the Fraser Range of WA in the coming days, the Company anticipates back-to-back drilling programs over the months to follow in both Australia and Peru, with the planned timetable provided below.
In Australia, this will include further target drilling (~1,850m) at the Hamilton Copper Project in NW Queensland starting in early April 2022, and initial drilling of nickel-copper targets at the Company’s Morrisey Project within the Narryer Terrane of WA, which is
planned to commence in the May-June period.
In southern Peru, programs of follow-up Reverse Circulation (RC) drilling at the Parcoy
Copper-Gold Project (~3,500m) and target RC drilling at the Cerro de Fierro (Pirata)
Copper-Gold Project (~6,000m) are expected to start around the middle of the year, subject to receipt of the required permits.
A total of six porphyry copper and/or manto copper targets will be tested by this program.
AusQuest Managing Director Graeme Drew said the imminent start of drilling at Balladonia marks the beginning of an intensive phase of exploration activity across a number of our projects, setting the scene for a period of intensive news-flow over the coming months.
“We have compelling base metal targets at our three Australian Projects that are under the Alliance with South32, and high-priority targets in Peru, where we have been systematically working towards a large-scale copper discovery for some time now,” he said.
“Any one of these projects has the potential to deliver a game-changing result for the Company and our shareholders.”
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