AusQuest (ASX:AQD) - Managing Director, Graeme Drew
Managing Director, Graeme Drew
Source: The Market Herald
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  • AusQuest (AQD) upgrades the potential of the Hamilton Copper Project in northwest Queensland
  • Recent diamond drilling intersected visible estimated of trace chalcopyrite as well as readings of pyrite and magnetite
  • Holes were then drilled to the south and north to test discrete magnetic and gravity targets as well as a previously untested magnetic complex
  • All drill core has been sent to Intertek Genalysis for analysis with results expected in four to six weeks
  • AusQuest has ended the day 4.76 per cent in the green with shares trading at 2.2 cents

AusQuest (AQD) has upgraded the potential of the Hamilton Copper Project in northwest Queensland.

Recent diamond drilling at the project has identified the potential for copper mineralisation similar in style to that at the Osborne copper-gold mine 70 kilometres to the north.

This drilling also intersected chalcopyrite-pyrite mineralisation within a banded ironstone sequence in a few holes.

This provides a vector for follow-up exploration to target potential massive mineralisation.

Two of the holes contained visual estimates of trace chalcopyrite grading between one to two per cent as well as higher amounts of pyrite and magnetite.

The company considers this highly encouraging, and follow-up downhole electromagnetic surveys are being planned to test for massive copper mineralisation.

Pending availability of the geophysical crews, the surveys are expected to begin in late July.

Three holes were then drilled in the southern portion to test discrete magnetic/gravity targets associated with potassic alteration.

A further hole was drilled 15 kilometres north to provide an initial test of a magnetic complex that had not been previously tested.

All drill core has been sent to Intertek Genalysis for analysis with results expected in four to six weeks.

“We are particularly encouraged by results from drill-hole HMDD015, which is the first drill-hole to be completed into the northern magnetic target,” Managing Director Graeme Drew commented.

“This hole intersected more extensive ironstone with associated low levels of chalcopyrite-pyrite-magnetite mineralisation than we saw in the southern drill-holes.”

AusQuest has ended the day 4.76 per cent in the green with shares trading at 2.2 cents in a $17.28 million market cap.

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