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    AQD   AU000000AQD3

AUSQUEST LIMITED

(AQD)
Delayed Australian Stock Exchange  -  09:23 2022-09-27 pm EDT
0.0190 AUD   -.--%
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AusQuest Limited - DRILLING UPDATE, HAMILTON COPPER PROJECT, QLD

07/27/2022 | 10:41am EDT

AusQuest Limited (ASX: AQD) is pleased to advise that results received to date from the recently completed diamond drilling program at the Hamilton Copper Project in North-West Queensland have upgraded the Hamilton North prospect, where a moderate-to-strong offhole EM response has been identified close to drill-hole HMDDH018 - highlighting the potential for a sulphide body within the mineralised BIF sequence.

The Hamilton Project is under the Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32. A total of three diamond drill holes for 2,045m (two at Hamilton North and one at Hamilton South) were completed to test two distinct gravity targets that were closely associated with mineralised banded iron formation (BIF) sequences and iron-calcium alteration (skarns) intersected by earlier drilling. Assay results for two of the three drill-holes (HMDDH016 & 017) have been received with assays from the third hole expected in early August

Proterozoic basement in HMDDH016 contains metasediments and amphibolites, which become more carbonate altered down hole. Mafic rocks containing magnetite and BIF units are more common below 422m and are associated with the anomalous copper values. HMDDH018, which is located ~200m to the north of hole HMDDH016, appears to have extended the mineralisation footprint but assay results for this hole are still pending. Variable carbonate alteration occurs throughout much of the drill-hole, extending from just below the Cambrian cover (at 190m) to the bottom-of-hole at 646m. Several intervals of BIF and/or disseminated magnetite rock are evident within the broader carbonate halo. Preliminary computer modelling of DHEM results from hole HMDDH018 indicate the presence of a conductor(s) ~100m x 50m in size with a conductance of ~2,000 to 4,000 Siemens, reflecting a potential sulphide source within the mineralized BIF sequence. The modelled body(s) appears to be steeply dipping at an angle to the layering that was intersected by the drill-hole, suggesting possible structural complexities in the area southwest of HMDDH018. Additional drilling will be considered under the SAA to test this target, once all assay results have been received and DHEM modelling is finalised. At Hamilton South, drill-hole HMDDH017, which tested a coincident magnetic-gravity response, failed to intersect the cause of the gravity anomaly. Most of the rocks within the drill-hole were either sodically altered or unaltered metasediments and/or mafics, suggesting that the hole has probably missed the target. Carbonate and potassic alteration which is evident near the bottom of the hole suggests that mineralisation may occur either lateral to, or beneath the current drill-hole.

However, the DHEM survey did not identify a near-miss situation. The mineralised BIF sequence at Hamilton appears to be similar in nature to that hosting the Osborne copper-gold deposit (global resource ~36Mt @ 2% Cu and 1g/t Au), located approximately 70km to the north. The Hamilton Project covers a belt of magnetic rocks extending over a strike length of approximately 30km under Eromanga Basin cover, which is approximately 200m thick.

Numerous magnetic targets within this belt have never been tested by drilling. AusQuest's Managing Director, Graeme Drew, said the off-hole EM response in hole HMDDH018 had increased the Company's interest at Hamilton North, where thick mineralised BIF sequences have been intersected in conjunction with an untested EM response. 'Testing targets beneath 200m of cover can be tricky at times but the use of down-hole technologies which help to expand our exploration coverage around drill-holes, is certainly improving our chances,' he said. 'We remain cautiously optimistic about further drilling at Hamilton North, once all assay data have been received and a full review completed under the SAA.'

COMPETENT PERSON'S STATEMENT

The details contained in this report that pertain to exploration results are based upon information compiled by Mr Graeme Drew, a full-time employee of AusQuest Limited. Mr Drew is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Drew consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

FORWARD LOOKING STATEMENT

This report contains forward looking statements concerning the projects owned by AusQuest Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management's beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Contact:

8 Kearns Crescent

Ardross WA 6153

Phone: 08 9364 3866

Fax: 08 9364 4892

Email: InvestorRelations@ausquest.com.au

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 0,65 M 0,42 M 0,42 M
Net income 2022 -1,46 M -0,94 M -0,94 M
Net cash 2022 3,79 M 2,44 M 2,44 M
P/E ratio 2022 -11,9x
Yield 2022 -
Capitalization 15,7 M 10,1 M 10,1 M
EV / Sales 2021 12,5x
EV / Sales 2022 20,9x
Nbr of Employees -
Free-Float 57,4%
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Managers and Directors
Graeme Drew MD & Non-Independent Executive Director
Gregory George Hancock Non-Executive Chairman
Christopher J. R. Ellis Non-Independent Non-Executive Director
Henko Vos Secretary
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