AusQuest (ASX:AQD) has announced its upgraded the recently identified magnetite potential at its Morrisey project in Western Australia, after receiving encouraging results from beneficiation test work on magnetite-rich iron formations.
AusQuest says the testwork yielded iron concentrate values in excess of 70% iron, which is a significant result that elevates the project as a significant new opportunity.
It also says very low levels of impurities were recorded in all samples processed, and further planned exploration will determine the scale of the mineralised system/s.
AusQuest's Managing Director Graeme Drew says as well as the further iron potential testing, it's also pursuing nickel-copper-PGE opportunities in the area, which was the prime reason for acquiring the tenements in the first place.