AusQuest (ASX: AQD) has reported positive exploration results across multiple projects in Australia and Peru. AusQuest is an exploration company focused on discovering copper, gold, and other base metal deposits. The company utilises its innovative exploration techniques to identify and develop promising mineral prospects.
The company reported intersecting significant zones of coarse-grained magnetite at its Morrisey project in Western Australia. Drilling results have been encouraging in at least four of six new areas tested, adding to the magnetite potential previously identified at the Waterfall prospect. Davis Tube Recovery (DTR) test results from Waterfall previously confirmed the potential to produce a quality iron product from the magnetite occurrences, and all magnetite intervals from the latest drilling program have been sent for DTR test work. Results are expected within six weeks.
AusQuest also received promising gold assays from the first four Stage 2 reverse circulation drill holes at its Cangallo gold project in southern Peru. This stage of drilling has expanded the size of the porphyry system, and the company plans to undertake deep diamond drilling in the second half of August to test the depth extent of copper and gold mineralisation. In South Australia, AusQuest is working with South32 (ASX: S32) under a joint venture at the Coober Pedy project to confirm its iron-oxide-copper-gold (IOCG) potential. Recent surveys have outlined two targets with weak to moderate chargeabilities and associated low apparent resistivities.
