Two Deep Chargeable Targets Identified at Coober Pedy by AusQuest

Exploration Progress in a Premier IOCG Province

AusQuest Limited (ASX – AQD) has reported encouraging results from its recent geophysical survey at the Coober Pedy Iron-Oxide Copper-Gold (IOCG) Project in South Australia. Situated at the northern end of the Olympic Dam IOCG Province, the project benefits from proximity to some of Australia's most significant mineral deposits, including Olympic Dam, Carrapateena, and Prominent Hill.

The company completed a 41-kilometre MIMDAS Induced Polarisation (IP) and magnetotelluric (MT) survey in late May, designed to probe beneath challenging near-surface conditions. This survey aimed to detect subsurface chargeability anomalies indicative of disseminated sulphide mineralisation, a hallmark of IOCG systems.

Identification of Deep Geophysical Targets

Two distinct IP targets emerged from the survey, exhibiting weak to moderate chargeabilities coupled with low apparent resistivities. Detailed two-dimensional modelling by GRS Pty Ltd, using software developed by the University of British Columbia, suggests these targets lie at depths between 300 and 500 metres. Their discrete nature and depth align with expectations for IOCG-style mineralisation.

Importantly, these IP anomalies are semi-coincident with discrete gravity highs of approximately 2 milligals, located adjacent to the Elizabeth Creek Fault zone. This structural setting is significant, as fault zones often act as conduits for mineralising fluids in IOCG systems. The integration of IP, gravity, and magnetic data strengthens the case for these targets representing prospective mineralised zones.

Strategic Alliance and Next Steps

The Coober Pedy Project is operated under a Strategic Alliance Agreement with a wholly owned subsidiary of South32 Ltd, a major player in the mining sector. This partnership provides AusQuest with access to technical expertise and resources to advance exploration efficiently.

Historical drilling in the area, though limited, has intersected strong potassic alteration, a key alteration type associated with IOCG deposits, further underpinning the prospectivity of the targets. AusQuest’s Managing Director, Graeme Drew, highlighted the significance of identifying credible drill targets in such a complex exploration environment and emphasised the project's strategic location within a world-class mineral province.

Moving forward, AusQuest plans to undertake further modelling to refine drill targets and assess their potential before committing to drilling programs. The company remains cautious but optimistic, recognising that these initial geophysical results provide a solid foundation for advancing the project.