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.

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

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

The Gold Coast’s Pacific Fair shopping centre, fresh from pla...

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Mining magnate Andrew 'Twiggy' Forrest's investment fir...

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas Airways (ASX: QAN) is gearing up to spread its wings much ea...

Start-ups ready for orbit aboard Space Machines Company’s first mission

Start-ups ready for orbit aboard Space Machines Company’s first mission

The start-up world is clamouring for its place in orbit with Austra...