AusQuest Identifies Promising Conductive Targets at Mt Davis Project
AUSQUEST LIMITED (AQD) Share Update September 2024 Monday 16th
AusQuest Identifies Four Large Conductive Targets at Mt Davis Project
AusQuest Limited (ASX: AQD) has announced the identification of four large conductive targets at its Mt Davis Base Metal Project in Western Australia, following a recent VTEM survey.
Instant Summary:
- Four large conductive targets identified below the Frere Iron Formation.
- Potential for SEDEX base metal deposits within the Earaheedy Basin.
- Survey completed over 1,060 line kilometers with 200m line spacings.
- Survey partially funded by the WA Government’s Co-Funded Geophysics Program.
- Targets suggest higher sulphide and/or carbonaceous content.
Survey and Findings
The VTEM survey, which covered 1,060 line kilometers along north-south flight lines at 200m spacings, identified four large conductive targets below the Frere Iron Formation. This formation is known to be a key marker for base metals within the Earaheedy Basin sequence.
The targets are located approximately 180km NNE of Wiluna, Western Australia. The electromagnetic (EM) responses suggest the presence of large, shallow dipping bodies with low to moderate conductivities, indicative of higher sulphide and/or carbonaceous content.
Geological Context
The conductive targets are situated in a similar stratigraphic position to the lead-zinc-copper mineralisation discovered by Rumble Resources at the Chinook Prospect on the southern side of the Basin. This supports the potential for SEDEX Cu-Pb-Zn deposits within the Earaheedy Basin.
Detailed aeromagnetic data previously acquired by AusQuest shows structural complexities within the area and the interpreted location of gently folded Frere Iron Formation. This formation lies above the base metal mineralisation, enhancing the prospectivity of the Mt Davis Project.
Next Steps
AusQuest plans to conduct ground follow-up of the key target areas, including surface and rock-chip sampling where possible, ahead of potential ground EM surveys and drilling. The Mt Davis Project was initially acquired following the discovery of extensive zinc, lead, and copper mineralisation by Rumble Resources at its Chinook Prospect.
AusQuest’s Managing Director, Graeme Drew, expressed optimism about the survey results, stating that they provide significant support for the presence of SEDEX Cu-Pb-Zn deposits within the Earaheedy Basin.
The identification of these conductive targets significantly upgrades the prospectivity of the Mt Davis Project. This could positively impact AusQuest's stock as investors anticipate further exploration success. The potential for SEDEX base metal deposits is particularly encouraging.
Investor Reaction:
Analysts are likely to view this announcement positively, given the potential for significant base metal deposits. The partial funding by the WA Government’s Co-Funded Geophysics Program also adds credibility to the project's prospects.
Conclusion:
Investors should keep an eye on AusQuest's upcoming exploration activities at the Mt Davis Project. The identification of these conductive targets marks a promising development, and further field work could provide more insights into the project's potential.