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FINWIRES

AusQuest Starts Reverse Circulation Drilling at South Australia Project; Shares Up 4%

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AusQuest (ASX:AQD) started a reverse circulation (RC) drilling program at its Coober Pedy iron-oxide copper-gold (IOCG) project in South Australia's northern Olympic Dam Province, advancing exploration under its strategic alliance agreement with South32 (ASX:S32), according to a Thursday Australian bourse filing.

The program will test magnetic, gravity, and induced polarization-defined targets, along with anomalies identified in historical Vale drilling that recorded strong potassic alteration beneath shallow cover, per the filing.

The company plans to drill 10 to 15 vertical RC holes to depths of around 350 meters to test semi-coincident geophysical anomalies interpreted as potential IOCG-related sulfide systems at depths of about 250 to 500 meters, the filing said.

The project has shallow cover of 50 to 150 meters relative to typical IOCG settings, with drilling taking about four weeks and assay results expected roughly four weeks after completion, the filing added.

AusQuest's shares rose past 4% in recent Thursday trade, while South32's shares shed about 3%.

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