AusQuest (ASX:AQD) has reported early results from its reconnaissance reverse circulation drilling program at the Mt Davis Project in Western Australia, highlighting the area’s potential for sediment-hosted base metal mineralisation.
The program, conducted earlier this year, comprised nine RC holes totaling 1,884m, targeting a discrete electromagnetic anomaly interpreted as a shallow-dipping conductor within the sedimentary sequence.
Three of the nine drill holes returned anomalous base metal values within the weathered section, including 18m at 2,010 ppm lead and 583 ppm copper in MDRC02, 24m at 3,586 ppm Pb and 0.47 g/t silver in MDRC04, and 8m at 9,485 ppm Pb and 0.44 g/t Ag in MDRC03.
The highest lead grade recorded was 2.8% Pb from 80m in MDRC03. These anomalies appear associated with carbonaceous cherty mud rocks, consistent with the VTEM target.
The Mt Davis Project is part of a strategic alliance agreement with a wholly-owned subsidiary of South32 (ASX:S32).
Exploration is focused on sediment-hosted copper, lead, and zinc deposits analogous to those found in north-west Queensland.
AusQuest Managing Director Graeme Drew said the results were promising, noting the lack of prior drilling in the area. "While still early days, these initial results indicate Mt Davis may be prospective for sediment-hosted base metal deposits," he said.
At the time of reporting, AusQuest's share price was $0.050.