DevEx Joint Venture
ASQ has entered into a joint venture with ASX Listed DevEx Resources Limited in relation to ASQ’s E70/3405 located along strike from the Chalice Gold Mines Ltd (ASX: CHN) nickel-copper-platinum group elements (Ni-Cu-PGE) Julimar discovery in WA.
Under the joint venture DevEx has the right to earn-in to the non-bauxite rights of the tenement by an initial spend of $3m to earn a 50% interest with a minimum spend of $250,000. Preliminary assessment by ASQ has identified potential for Ni-Cu-PGE exploration targets to be developed based on regional aeromagnetic data and Geological Survey of Western Australia mapped mafic-ultramafic igneous complexes of the Julimar Intrusive Complex. Once DevEx has earnt its initial 50% interest, ASQ may elect to contribute to further exploration to maintain its 50% interest, or may have DevEx spend an additional $3m to earn a further 20% interest with ASQ diluting.
E70/3405 is granted and ASQ have established land access agreements covering the majority of the area of interest. DevEx plan on commencing exploration on the tenement immediately. ASQ has completed broad scale historic bauxite vacuum drill holes with depths up to 13.5m within the magnetic targets which will be evaluated by DevEx for potential to be immediately assayed.
The project is located in the Darling Range, about 90km east of Perth, Western Australia.
HD Mining Joint Venture
Australian Silica Quartz Group Ltd (ASQ) has a joint venture with HD Mining & Investments Pty Ltd, (HDM) the wholly owned subsidiary of Shandong Bureau No.1 Institute for Prospecting of Geology & Minerals, (Shandong) titled the BRL-HD Mining Joint Venture. HDM is currently working towards obtaining a 40% interest in the bauxite rights of several tenements under the joint venture which are wholly owned by ASQ. HDM are fully funding exploration activities and their interest will be triggered if HDM enters into a binding commitment to undertake a feasibility study on the tenements. Should HDM and ASQ make a subsequent decision to mine, then HDM will earn an additional 20% interest in bauxite rights on the tenements. ASQ maintains 100% interest in all other minerals.
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