Future bright for Aussie Q

SEP 2010

Mineral explorer Aussie Q Resources (AQR) has received a major boost to its central Queensland prospects after drilling confirmed the consistency of molybdenum and copper along its 2.5km Greater Whitewash project.

The confirmation comes just days after a placement agreement with Washington H Soul Pattinson raised the company an additional $3 million in funding.

Newly appointed CEO Charles Carnie says the company is ‘achieving encouraging results’ and the additional funding will be pumped into the project.

“Most of that funding will be directed into the drilling activities in the Whitewash project whereas some will be put into other regional ground where we also have some good targets,” he says.

“We’re finding consistently good moly and copper grades up there and we have quite an aggressive drilling program. The positive signs have been met with increased market interest.”

Carnie couldn’t comment specifically on the company’s finances ahead of its annual report, however in an ASX statement executive director of exploration John Goody, says AQR is in a ‘very strong cash position with $4.2 million in the bank’.

“The company now has a strong board and management team in place to drive our corporate and operational strategy as we enter the next stage in the company’s growth,” says Goody.

“As part of this strategy, AQR is advancing discussions with a major global mining company to establish a strategic partnership and will provide an update to the market in due course.”

Goody says the latest assay results highlight the potential for Whitewash to become a ‘very significant’ mining operation.

AQR has drilled 159 holes totalling 43,000m at the site.

Get our daily business news

Sign up to our free email news updates.

Please tick to verify that you are not a robot

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Top tips for successful digital transformation
Partner Content
Digital transformation, when done well, can transform your organisation's operation...
Advertisement

Related Stories

Early-stage funding hits record high as mega-deals drop off

Early-stage funding hits record high as mega-deals drop off

Despite venture capital funding falling by a third for Australian s...

Owner of Betty's Burgers, Boost Juice returns to Australian hands at $350m valuation

Owner of Betty's Burgers, Boost Juice returns to Australian hands at $350m valuation

The parent company of Boost Juice is set to return to Australian ha...

Emyria, Little Green Pharma shares spike after TGA green light for MDMA and psilocybin

Emyria, Little Green Pharma shares spike after TGA green light for MDMA and psilocybin

Alternative medicines stocks are on a tear today as investors take ...

KKR-backed Alludo presses on with Nitro Software takeover plans, brushes off shareholder rejection

KKR-backed Alludo presses on with Nitro Software takeover plans, brushes off shareholder rejection

A $526.8 million takeover proposal for Nitro Software (ASX: NT...