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AusQuest Ltd.
Summary
| Project: | Blue Billy | |
|---|---|---|
| Deposit: | Blue Billy | |
| Location: | Australia | |
| Commodities: | Zinc | |
| Date: | 1/2/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 2-1-2019: AusQuest Ltd. announces an Exploration/Drilling Update report for its Blue Billy deposit at the Blue Billy project. No significant assays returned from drilling. AusQuest Limited (ASX: AQD) advises that both the Blue Billy Zinc and Jimberlana Ni | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Graeme Drew (Internal) | |
| ABSTRACT: | AusQuest Limited (ASX: AQD) advises that both the Blue Billy Zinc and Jimberlana Nickel Projects will not be progressing into 2019 under the Strategic Alliance Agreement (SAA) with South32. Drill testing of targets identified by the Company at both prospects has not provided sufficient encouragement to justify ongoing exploration under the SAA. At Blue Billy, wide-spaced RC drilling (1 to 2km drill spacing) intersected thick black mudrocks in all thirteen drill-holes but failed to provide significant improvement in zinc grade and/or thickness when compared with results from the initial diamond drilling program reported to the ASX in November 2018. Assay results defined the main target horizon, but only elevated zinc values (up to 5000ppm Zn) and the relatively constant thicknesses of the target horizon (~100 to 150m) did not support the presence of nearby growth faults and sub-basin development which are considered to be critical in defining highly prospective terrains for sediment hosted zinc mineralisation. At Jimberlana, two diamond drill-holes (716m) completed to test EM targets within the Jimberlana dyke, intersected gabbroic rocks in one hole and pyroxenitic rocks in the other, but failed to intersect massive sulphide mineralisation or an obvious cause of the EM response. DHEM surveys which were subsequently completed to search for near-miss situations, failed to identify any conductors of interest effectively downgrading the prospect. | |
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