ASQ has entered into a joint venture with ASX Listed DevEx Resources Limited in relation to ASQ’s E70/3405 tenement 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 had 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.
Re-assay of historical drill samples, together with DevEx rock chip sampling, identified coincident elevated nickel, copper and chromium values at the project area in the South West of WA. These positive results are indicative of the presence of mafic ultramafic rocks.
An Airborne Electromagnetic (AEM) Survey over the area identified several “late-time” conductors, targeting potential Ni-Cu-PGE mineralisation across the project. Three extensive “clusters” of EM conductors – the Kingsley, Mackenzie and Hudson Prospects – identified within the large-scale 6 x 7km project area. The area is interpreted to be part of the mafic ultramafic intrusive rocks of Chalice Gold Mines Julimar Project to the south. The AEM conductors are seen in the “late-time” channels only, supporting the potential for underlying massive sulphides within the Complex.
Three reconnaissance diamond holes completed in 2021 demonstrate a thick sequence of differentiated mafic-ultramafic intrusive rocks extending over the full length of the project. Within this diamond programme, several zones of disseminated (low grade) Ni-Cu sulphide mineralisation, together with signs of assimilation of the surrounding country, provide an indication of the potential for the intrusion to host concentrations of Ni-Cu-PGE mineralization.
Ground electromagnetic (EM) surveys have been carried out testing for conductors that may be associated with massive Ni-Cu-PGE mineralisation.
Within the intrusion, several weak mid-time MLEM anomalies show a spatial relationship with the ultramafic portions of the Sovereign intrusion near where reconnaissance diamond drilling identified disseminated Ni-Cu sulphides last year. Other weak mid-time anomalies are also recognised adjacent to several coincident magnetic-gravity anomalies. Follow-up geophysics was planned to test these areas to determine their potential for drilling.
A ground EM survey was carried out and a short program of Reverse Circulation (RC) and diamond drilling was planned for early 2023.