AusQuest (ASX:AQD) - Managing Director, Graeme Drew
Managing Director, Graeme Drew
Source: The Market Herald
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  • AusQuest (AQD) upgrades key drill targets at the Hamilton Copper Project in North West Queensland, following recent gravity surveys
  • The surveys have shown anomalous responses over the mineralised banded iron formation (BIF) sequences, which are being targeted for further drilling in 2022
  • Notably, the mineralised BIF at Hamilton appears to be similar to those in the Osborne copper-gold deposit
  • Currently, drilling at the project has been delayed to April/ May due to heavy rain in November which impacted access to the drill sites
  • On the market today, AusQuest is in the grey and trading at 1.8 cents per share

AusQuest (AQD) has upgraded key drill targets at the Hamilton Copper Project in North West Queensland, following recent gravity surveys.

The Hamilton Project is subject to a strategic alliance agreement with a subsidiary of South32 (S32).

The surveys have shown anomalous responses over the mineralised banded iron formation (BIF) sequences, which are being targeted for further drilling in 2022.

A total of 1375 gravity stations were surveyed on 200 by 100-metre grids with in-fill to 10 by 100 metres over the targeted areas.

Notably, the mineralised BIF at Hamilton appears to be similar to those in the Osborne copper-gold deposit.

Currently, drilling at the project has been delayed to April/May due to heavy rain in November which impacted access to the drill sites.

AusQuest’s Managing Director, Graeme Drew, said the gravity results have significantly upgraded the potential for a large-scale copper-gold discovery at Hamilton.

“We are now looking forward to the restart of drilling at Hamilton once the wet season is over and access to the drill sites can be guaranteed,” he said.

“The acquisition of gravity data prior to undertaking further drilling has been a real bonus as it has added another dimension to both prospects and provided greater focus for our upcoming drill program. April will be upon us in no time and we are now better equipped to test these high-priority targets.”

On the market today, AusQuest was in the grey and trading at 1.8 cents per share at 2:28 pm AEDT.

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