AusQuest Limited (ASX: AQD) is pleased to advise that its maiden drilling program at the Balladonia Base Metal Project in the Fraser Range region of Western Australia is progressing well, with just over half of the planned drill-holes completed to date.
The Balladonia Project is subject to the Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited. The program, which was designed to test a series of Broken Hill Type (BHT) targets, is expected to be completed in July subject to weather conditions, with final assay data expected to be available within approximately six weeks of the completion of drilling. Processing of drill core - including structural orientations, specific gravity and magnetic susceptibility measurements - is taking longer than anticipated, resulting in some delays in the delivery of core to the laboratory for analysis.
Drilling to date has been completed at the Tea Tree, Tea Tree North and Half Way prospects. These targets were defined by a combination of detailed gravity and magnetic surveys which outlined strong anomalies indicative of prospective host stratigraphy and possible base metal mineralisation similar to that found in the Cloncurry Region of NW Queensland (host to the Cannington deposit) and the Broken Hill area of NSW.
At the Tea Tree prospects, drilling along strike from the initial drilled section (see ASX release, 30 June 2022) intersected further banded iron formations (BIF's) and garnetiferous quartzites, extending the prospective package of rocks from Tea Tree to Tea Tree North - a distance of at least 5km - and inferring extensions to the south, where magnetic data suggests that prospective stratigraphy could extend for up to 20km. Assay results are awaited. Drilling at the Half Way prospects also intersected significant amounts of BIF stratigraphy but without the garnetiferous quartzites that are present at Tea Tree. The BIFs occur with mafic amphibolites and garnet gneisses with evidence of silica alteration within the sequence, suggesting strong prospectivity for base metals outside of the Tea Tree trend. Assay results are awaited.
AusQuest's Managing Director, Graeme Drew, said: 'Initial indications from the drilling completed to date support the presence of prospective host rocks at Balladonia and provide further encouragement for our ongoing exploration campaign targeting base metal mineralisation in the area. 'We look forward to receiving assay data from the holes completed to date and those still to be drilled, which provide us with further insights into the geological comparisons being made with productive base metal regions in NW Queensland and Broken Hill,' he added.
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.
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