AusQuest starts drilling highly prospective Paterson province target
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
AusQuest Limited (ASX:AQD) has commenced testing several compelling gold-copper targets at the Gunanya Project in the Paterson region of Western Australia under its Strategic Alliance Agreement with South32.
The Gunanya Gold-Copper Project is located about 250 kilometres north-east of Newman within the Paterson Province of Western Australia.
The Reverse Circulation (RC) drilling program will consist of 6 to 9 drill-holes for a total of approximately 1,800 metres, providing an initial test of three magnetic targets to determine their potential to host large-scale gold and copper mineralisation, similar to that found at Winu (Rio Tinto) and Havieron (Newcrest).
The drilling program should take approximately two to three weeks to complete.
Drill-holes will be spaced 200 metres apart and drilled to depths of about 200 metres, with at least two holes planned to test each of the three targets.
Further drilling is possible subject to drill results and ongoing discussions with South32 (ASX: S32).
Results from drill samples should be available approximately four weeks after completion of the drilling program.
Commenting on the significance of this drilling program, AusQuest managing director Graeme Drew said, “These are compelling targets based on analogies that we have been able to draw with new discoveries in the Paterson Region from both a gold and a copper perspective.’’
The following map shows the location of Gunanya relative to Winu, Havieron, Telfer and Nifty.
Investors flock to Ausquest ahead of much anticipated drilling campaign
Ausquest is a prime example of investors piling into a stock in the expectation that drilling results could be market moving.
Just this morning, shares in the group traded as high as 3.1 cents, representing an increase of more than 10% relative to last Friday’s closing price
The company informed the market in July that drilling had been approved for its Gunanya project, outlining the highly prospective nature of the region where Rio Tinto and Newcrest have both had success.
Since July the company’s shares have more than doubled, and it looks like there is more to come, particularly with the gold price hovering in the vicinity of $2700 in Australian dollar terms.
The copper price is also looking strong, having consolidated above US$3.00 per pound in recent months.
It is worth noting that blue-chip mining group South32 (ASX: S32) is funding exploration work at Gunanya
Exploration is targeting large scale gold-copper mineralisation similar to the recent discoveries at Winu (Rio Tinto) and Havieron (Newcrest joint venture).
These recent exploration breakthroughs have significantly enhanced the gold and copper profile of the Paterson Province, which already hosts the large gold and copper deposits at Telfer (Newcrest) and Nifty (ASX:MLX), and is widely regarded as one of Australia’s current exploration “hot spots” with activity levels continuing to ramp up.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.