Could be very interesting in the next 4 to 8 weeks as drilling continues. A very positive result when combined with the previous announcements.
See proactive investors article below:
AusQuest has bonanza gold hit at Phaco Hill prospect in West Africa Friday, January 07, 2011 The latest drilling results from AusQuest's (ASX: AQD) Phaco Hill prospect include intercepts of 2 metres at 41.8 grams per tonne gold, confirming extensions to the gold mineralisation identified last year.
Phaco Hill is part of the company's Comoe Joint Venture in Burkina Faso, West Africa.
The new gold assay results are about 50 metres up-dip of the previously reported intersection of 8 metres at 7.7g/t gold in hole RC030. The company still awaits silver and base metal assays from the recent drilling.
In addition, intersections of 4 metres at 2.64g/t gold and 1 metre at 3.18 g/t Au plus 2 metres at 2.14g/t gold have been returned 50 metres north and south along strike from hole RC030.
These results indicate that gold mineralisation extends over at least 100 metres of strike.
Modelling of VTEM data suggests a large depth extent to the sulphide mineralisation.
Following the arrival of a diamond drilling rig from Ghana, deeper drilling below drill-hole RC030 is scheduled for late January 2011.
Diamond drilling is also planned to test the northern section of the Phaco Hill prospect.
A further five VTEM targets in the general Phaco Hill area will be tested by reverse circulation and possible diamond drilling over the coming weeks and months.
Assay results should be available for the current drilling program within four to eight weeks. Under the JV agreement with Etruscan Resources Bermuda Ltd, AusQuest acquired an initial 51% interest.
The JV controls a combined 670km2 strategic tenement holding in this relatively unexplored greenstone belt and Ausquest has the right to increase its interest to 80% by funding exploration activities.
AQD Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
