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AUSQUEST LIMITED

ASX: AQD

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

AusQuest Limited is an exploration company targeting new deposits and mineral provinces with major ore potential and the ability to significantly enhance shareholder wealth.

The company comprises a team of highly experienced geologists and geophysicists with a great breadth of technical and managerial expertise across most mineral commodities. Since listing on the Australian Stock Exchange in November 2003 the company has raised in excess of $AUS 40 million and has successfully attracted several major companies as both joint venture partners and equity holders. That we have achieved “partner of choice” status is a reflection of our innovative yet technically rigorous project-generative skills and our commitment to maximising in-ground expenditure for potential high-value discoveries.

The company is exploring within Australia and Burkina Faso (West Africa) and currently hold more than 39,000 km2 of exploration title spread over 11 project areas. We are exploring for several commodities and mineralisation styles including channel- and bedrock-iron ore, stratabound manganese, magmatic nickel-copper-platinum group element sulphides, lode-style gold, iron oxide-copper-gold. Most of the tenements comprise “greenfields” style projects.

With $19M cash in hand at end of 2010 financial year, AusQuest is well placed not only to maintain effective exploration expenditure across our existing projects, but also to expand the company’s portfolio by way of new joint ventures, placements and/or acquisitions. To achieve this end, we are actively pursuing a global search for advanced projects with the potential to realise significant scale and resources within a relatively short time frame. Our main overseas targets are gold, copper, nickel, platinum and manganese. However, outstanding opportunities for other commodities will also be assessed.

West African Gold - Burkina Faso

AusQuest has secured a significant new gold exploration opportunity in a highly prospective greenstone belt east of the town of Banfora in south-western Burkina Faso, West Africa, through an incorporated joint venture with a wholly-owned subsidiary of Canadian-based Etruscan Resources Inc. Under the agreement, AusQuest acquired an initial 51% interest in E&A Resources Pty Ltd which is the sole parent of Comoé Exploration SARL which controls a combined 670km2 strategic tenement holding in the relatively unexplored Banfora Greenstone Belt.

The Banfora Greenstone Belt is a relatively under-explored area within Burkina Faso. Extensive soil sampling undertaken by Etruscan within the Belt, outlined large areas of anomalous gold (>50ppbAu) which have yet to be drill tested, some associated with artisanal workings.

AusQuest understands that Burkina Faso is a stable country with established Mining Legislation and a good place to do business. It notes that a number of foreign mining companies are successfully exploring and operating mines in the country including Etruscan, which is operator of the Youga gold mine. Numerous Australian based companies are also operating succesfuly in the country.

Table Hill / Savory Manganese & Ni-Cu-PGE Project (100% AQD)

The Table Hill-Savory Project is located 200km east of Newman in Western Australia and includes tenements totalling over 10,000 km˛ in area.

Exploration drilling reported in November 2007 highlighted the manganese potential of the area when drill-hole THD01 (MN1) intersected 3.9 metres @ 47.5%Mn at 286 metres depth. The project area is covered by extensive dune sand development making drilling a necessary first step in understanding the stratigraphy of the area, and enabling effective definition of target areas to be undertaken. Airborne and ground EM have been used extensively to identify prospects for testing, based on increased conductivity reflecting potential clay alteration with associated manganese or possible base metal sulphide mineralisation. Reconnaissance drilling in 2009 provided the necessary stratigraphic information to identify key areas within the project where the right stratigraphy and structures converge to provide targets for manganese and possible base metal concentrations. Large areas of prospective stratigraphy have been outlined and will be tested using shallow bedrock sampling techniques (auger and/or RAB drilling) to test below the extensive sand cover. In 2010 over 70kms of prospective strike will be tested by bedrock sampling to identify targets for drilling.

The project is situated in the Western Officer Basin where regionally extensive mafic sills, intruding an evaporitic sedimentary succession, are considered to be potential targets for Noril'sk-style Ni-Cu-PGE massive sulphide deposits. Lithogeochemical analysis of the mafic rocks suggests Noril'sk affinities and indicates that significant Ni-Cu-PGE could be present within feeder zones. Magnetics have been used extensively to outline potential feeder zones and both airborne and ground EM used to identify potential accumulations of sulphide mineralisation within the mafic intrusions. A deep EM target has been outlined coincident with an intrusive roll-over position within the Savory feeder zone where conceptually, concentrations of sulphides are most likely to occur. Drill of this target is planned for 2010.

Stanley Project (100% AQD)

The Stanley Project is located 170km east of Wiluna within the Earaheedy Basin and comprises twelve granted Exploration Licences and eight Exploration Licence Applications covering a total area of approximately 6,600km˛. Title was secured to cover large areas of anomalous manganese (1 to 7% Mn) within the central and southern portions of the Earaheedy Basin which had been reported by the WA Department of Mines and Petroleum as a result of a regional surface sampling (4km x 4km) programme completed in 2000. Historic wide spaced (5 to 10km) drilling along the southern margin of the title reported thick, low grade manganese intersections in the upper portion of the Frere Iron Formation, (possibly within the Windidda Carbonate Member) dipping shallowly into the company’s tenement. A best result of 20 metres grading 3.8% Mn was reported from 10 metre composite sampling. Initial field reconnaissance late in 2009 located outcrops of high grade manganese (23 to 48%Mn) and confirmed anomalous manganese in soils (5 to 7%Mn) over initial areas identified as having manganese potential. The company has flown wide spaced (20km) GEOTEM survey lines over the title and has identified a conductive target within the Windida Carbonate Member that will be followed up in 2010. Drilling to test for grade and thickness in the vicinity of the manganese outcrops located by surface prospecting and sampling, will form a major part of the company’s 2010 program.

Diamantina Iron Oxide-Copper-Gold Project (100% AQD)

Coincident gravity and magnetic anomalies identified from Government data, are consistent with large-scale IOCG systems known elsewhere in Australia which contain copper, gold and uranium mineralisation (eg, Olympic Dam and Ernest Henry). The Diamantina Project is located approximately 450km south of Mt Isa along the southern margin of the Mt Isa Block which hosts numerous base and precious metal deposits. The Company controls approximately 2,000 km˛ of tenements in the area and is targeting large-scale Iron-Oxide-Copper-Gold (IOCG) systems below the Eromanga Basin sediments. Drilling of two large and distinct gravity/magnetic targets (Machattie and Mulligans) in 2008 intersected high average iron grades (15-20% FeO) for the entire length of core (820m and 600m respectively) implying potential for Iron Oxide Copper Gold (IOCG) style mineralisation beneath the Eromanga Basin sediments (~950m thick). Deep penetrating geophysical surveys (Magneto-Telluric (MT) / Induced Polarisation (IP)) were completed along a single traverse over the Machattie prospect with both methods identifying mappable variations within the basement rocks, and the IP data showing a large chargeable source (possibly related to sulphide mineralisation) close to the eastern contact of the intrusion. Further geophysical work is planned for 2010 to confirm and outline additional targets ahead of possible drilling.

Rocklea Iron Project (75% AQD)

The Rocklea channel iron prospect is located 40km west of the iron ore mining centre of Tom Price in the Pilbara region of WA. In 2009 the Company reported a 68% increase in the resource estimate for the Rocklea Channel Iron Project. The revised Inferred Resource estimate, which was prepared by Golder Associates Pty Ltd (“Golder”), comprises 63.1 million tonnes grading 53.38% Fe (60.4% calcined Fe) compared with the maiden Inferred Resource of 37.6 million tonnes grading 53.2% Fe (59.9% calcined Fe). The updated Resource includes a higher-grade component of 28.2 million tonnes grading 55.58% Fe (62.7% calcined Fe). Additional resource potential occurs to the east of the current Inferred Resource, where Exploration Targets of up to ~10.9Mt and ~3.9Mt were reported by Golder for the lower and higher grade cases respectively, and in the north-east corner of the property where channel iron outcrop has not been tested by drilling.

Nameless Iron Project (100% AQD)

The Nameless Project is located 5km north-west of Tom Price in the Pilbara region of Western Australia and contains outcrops of channel iron mineralization over a 15km strike length. Drilling in 2006 confirmed the presence of channel iron with Fe grades averaging 52.7%Fe and silica and alumina contents 6.4% and 6.2% respectively.

Dundas Gold Project (100% AQD)

The Dundas Project is located 100km ESE of Norseman in Western Australia and is targetting Tropicana-style gold mineralisation. The tenements which cover an area of 1100 km˛ straddle the boundary between the Palaeozoic Albany-Fraser Province and the Kurnalpi Terrane of the Archaean Yilgarn Craton. Aeromagnetic data have outlined a structural corridor extending over the full length of the Title (~70km). Broad spaced calcrete sampling (1km centres) completed in 2009 has outlined 8 gold anomalies for infill sampling and bedrock drilling which will commence in the first half of 2010.

Plenty River Base Metal Project (100% AQD)

The Plenty River Project is located 250km east of Alice Springs in the Northern Territory and is targeting base metal mineralization within the Eastern Arunta province. The project consists of 4 granted Exploration Licences (ELs) and 6 EL applications and covers an area of ~4,500 km˛. The area was originally explored for diamonds but exploration is now focused on the base metal potential of the area following the recent discovery of copper and nickel sulphide gossans north-west of the Company’s tenements. The area contains few basement outcrops due to extensive sand dune cover. Base metal targets are being outlined by a combination of magnetic, gravity and electromagnetic surveys which to date have identified at least two prospects of interest (Caroline and White Gums). Drilling in 2009 intersected thick sequences (>300m) of sulphidic sediments and narrow cross cutting sulphidic veins / breccias. The highest metal values where reported in the veins implying the presence of hydrothermal activity in the area. Geochemical data indicates potential for both hydrothermal and sedimentary type deposits in the region. The company plans to step up its regional exploration effort at Plenty River in 2010 to identify further targets for drilling with priority given to those closely associated with major structures.

Mine For

iron ore, manganese, nickel, copper, platinum group elements, gold

Location of operation(s)

Western Australia, Burkina Faso

Address

MGI Perth, Level 7, the Quadrant, 1 William St
PERTH, WA, AUSTRALIA

Phone

(61 8) 9463 2463

Email

Website


Last Updated

5/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.