AusQuest Launches 5,000m Drilling Push at Morrisey to Unlock Magnetite Potential
AusQuest has kicked off a significant drilling campaign at its Morrisey Magnetite Project in Western Australia, aiming to expand on promising iron ore discoveries and assess commercial viability.
- Commencement of ~5,000m Reverse Circulation drilling program
- Targeting five new magnetic and gravity anomalies similar to Waterfall Prospect
- Davis Tube Recovery testing planned to evaluate premium iron product potential
- Program funded under Strategic Alliance Agreement with South32 subsidiary
- Results expected within 6-8 weeks post-drilling completion
AusQuest Advances Morrisey Magnetite Exploration
AusQuest Limited (ASX, AQD) has initiated a major Reverse Circulation (RC) drilling program at its Morrisey Magnetite Project, situated in Western Australia's prolific Midwest mining district. The campaign, spanning approximately 5,000 metres across at least 22 drill holes, aims to test newly identified magnetic and gravity anomalies that mirror those which led to the discovery of the Waterfall Prospect's magnetite resource.
Building on Waterfall’s Promising Results
The Waterfall Prospect has already demonstrated encouraging results, with previous drilling confirming the potential to produce a premium iron product exceeding 70% iron content. These findings, supported by Davis Tube Recovery (DTR) test work, revealed excellent magnetite recoveries at coarse grind sizes, underscoring the commercial promise of the region. AusQuest’s current drilling targets five additional prospects exhibiting similar geophysical signatures, aiming to expand the project's resource base and unlock further value.
Strategic Alliance and Next Steps
This drilling initiative is funded under a Strategic Alliance Agreement with a wholly owned subsidiary of South32 Limited, a major player in the mining sector. The program is expected to take around four weeks to complete, after which all magnetite samples will undergo DTR testing to assess their upgrade potential to premium iron products. Results from these assays are anticipated within six to eight weeks following the conclusion of drilling, providing critical insights into the project's commercial viability.
Looking Ahead
AusQuest’s Managing Director, Graeme Drew, expressed optimism about the drilling campaign, highlighting the company’s intent to build on the Waterfall Prospect’s success. The forthcoming results will be closely watched by investors and industry observers alike, as they could significantly influence the project's development trajectory and AusQuest’s standing in the iron ore sector.
Bottom Line?
AusQuest’s drilling progress at Morrisey could redefine its magnetite resource potential, with market eyes fixed on upcoming assay results.
Questions in the middle?
- Will the new drilling targets yield magnetite grades comparable to or better than Waterfall?
- How might the Strategic Alliance with South32 influence project development timelines and funding?
- What are the potential implications for AusQuest’s valuation if premium iron product grades are confirmed?
