AusQuest (ASX: AQD) has commenced a program of diamond drilling targeting new base metal discoveries at the Caroline prospect within its Plenty River Project in the Northern Territory.
The Plenty River Project is located in an unexplored region 250 kilometres east of Alice Springs and about 80 kilometres east of Mithril Resources’ (ASX: MTH) Basil Copper Project.
The drilling program will comprise at least two deep drill-holes with contingency for a third drill-hole pending results. The program is scheduled to take about four weeks to complete with assays expected four weeks after completion of drilling.
The prospect represents a discrete late time electromagnetic (EM) anomaly and associated gravity response, indicative of a relatively large conductive body (sulphide mineralisation) located at a depth of about 500 metres.
Initial drilling at Caroline in late 2009 intersected large thicknesses of sulphide-bearing sediments and occasional narrow sulphide-bearing veins
These veins contained anomalous metals up to 2,968 parts per million (ppm) lead, 1,883ppm copper, 1,208ppm zinc, 45ppb gold and 16g/t silver above the target depth subsequently defined by ground EM surveys.
AusQuest’s application for funding assistance under the NT Government’s ‘Geophysics and Drilling Collaborations Program’ was successful and funding of up to $100,000 will be available to cover 50% of the direct drilling costs for this program.