AusQuest Limited (ASX:AQD) has identified two strong conductors from a VTEMMax survey at its Dundas Project, located 80 kilometres south of Sirius Resource's Nova nickel-copper discovery.
They have a a strike length of 400 metres and are located close to anomalous nickel surface geochemistry.
The VTEM survey (~320kms) was designed to test for massive sulphide mineralisation in close to broad zones of anomalous nickel and copper geochemistry outlined by previous surface sampling.
The data suggests potential for a sulphide source at relatively shallow depths.
Ground EM surveys and detailed surface geochemical programs have been designed to further refine the targets and optimise sites for future drilling.
This work will commence as soon as a suitable geophysical crew is available (perhaps in late April) and will take several weeks to complete.
Cash reserves increased to $3.5 million following receipt of the final $750,000 payment for the sale of the Rocklea Iron Project 22 January 2013.
During the last quarter, AusQuest shrunk its issued capital following the buy-back of 68 million shares from Cliffs Australia Holdings Pty Ltd, reducing its number of issued shares to 160 million.
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