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.
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