Ausquest Ltd

AQD
End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 07/19
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AusQuest Limited : - Drilling Commences at the Telegraph Prospect at Balladonia

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07/12/2019 | 04:19 pm

AusQuest Limited (ASX: AQD) is pleased to advise that aircore drilling (40 holes/1600m) has commenced at the Telegraph Prospect, part of the Balladonia Project in the Fraser Range area of Western Australia.

This project is subject to the Strategic Alliance Agreement (SAA) with South32.

This follow-up drill program is designed to outline the extent of base metal anomalism intersected by earlier drilling (reported to ASX in December 2018 Quarterly Report) which reported highly anomalous copper (300 to 5,500ppm Cu), silver (1 to 15gpt Ag), lead (100 to 1,800ppm Pb) and zinc (300 to 2,900ppm Zn) values within weathered bedrock over an interval of 28 metres before the drill-hole terminated in bedrock.

Drilling is expected to take one to two weeks to complete with assay results available approximately three to four weeks after drilling is completed.

AusQuest Managing Director Graeme Drew said the Telegraph Prospect represented a compelling drill target.

'Based on the strength of the results returned from our previous round of drilling, we are looking forward to gaining a clearer picture of the size and scale of the anomalous zone at Telegraph.

'Positive results from this drilling could lead to deeper target drilling at the Telegraph Prospect later in the year.

'This marks the start of an active drilling period for AusQuest, with diamond drilling also scheduled to commence at our Hamilton IOCG prospect in north-west Queensland around the end of the month,' he continued.

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:

Tel: 08 9364 3866

Fax: 08 9364 4892

Email: graeme@ausquest.com.au

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