Highlights

• The initial exploration target range for the Dingo Hole Highly Pure Quartz (HPQ) project spans from 4Mt to 42.6Mt at a post-leached SiO₂ grade between 99.37% and 99.85%.
• The defined exploration target covers an area of 16 to 1.7km² at Dingo Hole.
• Further exploration work is planned within this target area.

Shares of Australasian Metals Limited (ASX: A8G) saw significant gains today following a positive update on its Northern Territory-based quartz project. The potential of the Dingo Hole HPQ Project (EL31078) has been highlighted through the estimation of its maiden exploration target.

The initial exploration target range was defined by SRK Consulting (Australia) Pty Ltd, an independent technical consultant. In May 2024, an option agreement was signed between A8G and Verdant Minerals Limited, which granted A8G an option to acquire a 100% stake in the Dingo Hole Project.

The exploration target for Dingo Hole, spanning 1.16-1.7 km², is expected to yield between 10.4Mt and 42.6Mt at a post-leached SiO₂ grade between 99.37% and 99.85%.

Potential for shallow buried quartz has not been defined for a wider area in the 35km² tenement.

Image Source: Company update

Planned exploration program for Dingo Hole

The exploration program for the Dingo Hole Project aims to enhance the understanding of the geological and geochemical characteristics, focusing on the shallow-dipping silica units that lie atop a dolomite layer. The objective is to analyse potential HPQ resources and conduct subsequent metallurgical testing.

• The company plans to undertake additional surface sampling and perform comprehensive 57-element assays. This will help in understanding the surface geological composition, identifying HPQ-rich areas, and assessing the quality of the HPQ.
• An aboriginal survey and renewal of the Aboriginal Areas Protection Authority (AAPA) certificate are also on the agenda. This will enable the company to carry out drilling and bulk sampling in areas identified as having HPQ potential.
• A drilling program will be executed to estimate a reliable mineral resource for HPQ and collect samples for metallurgical testing. The assays will be conducted in two stages: first, a full elemental analysis before acid leaching, and second, an assessment of quartz purity after acid leaching. This dual-assay approach will provide insights into the initial geochemical composition and the effectiveness of the purification process.

A8G shares traded higher

A8G shares jumped 14.29% to trade at AU$0.080 apiece at the time of writing on 23 July 2024.