AusQuest Limited (ASX:AQD) plans to ramp up exploration at its Gibson Soak tenement south of the Nova-Bollinger nickel sulphide discovery in Western Australia’s Fraser Range Province.
Planning is now underway for a phase of aircore drilling and/or ground EM surveys.
This follows positive drill results reported by Mount Ridley Mines (ASX:MRD) whose tenement is immediately to the north.
A comparison of magnetic and gravity data over the Gibson Soak and Mt Ridley titles clearly shows the continuity of regional structures and broad-scale mafic lithologies that extend across the two companies’ tenement boundary.
Gibson Soak is located 30 kilometres north of the port of Esperance and was originally acquired to cover the southern extension of a regional gravity high with similarities to the Fraser Range Belt.
The aeromagnetic data show numerous possible mafic intrusions within the Gibson Soak tenement, similar to those being tested by Mt Ridley’s drilling program immediately to the north
These intrusions, which are characterised by negative and/or low magnetic responses that appear to distort magnetic trends, are regarded by the company’s consultants as prime targets for nickel-copper exploration.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
