AusQuest Limited (ASX:AQD) should trade firmer after its...

AusQuest Limited (ASX:AQD) should trade firmer after its prospective Gibson Soak Exploration Licence in Western Australia's Fraser Range was granted on the 3rd September 2014, clearing the way for access negotiations and then exploration to commence.

The Gibson Soak title covers the southern 20 strike kilometres of a regional gravity anomaly that is caused by similar mafic rocks to those found within the Fraser Range terrain which hosts the Nova-Bollinger nickel-copper deposit.

Field reconnaissance along public roads identified the presence of mafic meta-gabbro outcrop within the regional gravity high, suggesting similarities to the Fraser Complex which hosts Nova-Bollinger.

The regional gravity anomaly measures 20 kilometres by 7 kilometres in size; much of the area is covered by farm-land with very little outcrop.

The road network throughout the area is excellent, providing easy access to areas of potential interest.

An initial reconnaissance sampling program over the gravity anomaly is planned along public roads to define areas for more detailed sampling and subsequent ground and/or helicopter electromagnetic surveys to identify targets for drilling.

The company has commenced negotiations with selected land owners to gain access to priority areas of farm-land which will enable ground-based surveys to be completed.

In July the company received further drilling approvals for its Puite copper-gold prospect in Peru.

Approval to drill the Cardonal prospect was announced last month and approval for drilling at the Lana prospect is expected shortly.

The Puite prospect is a large buried porphyry copper gold target under shallow cover, which has been outlined by a combination of surface mapping, sampling, and ground magnetic and induced polarisation surveys.