ASQ’s Exploration Spend Rises as Gold and Quartz Projects Seek Partners
Australian Silica Quartz Group advances metallurgical and high purity quartz projects with promising assay results, while progressing gold exploration at Koolyanobbing. The company strengthens its balance sheet following a rural property sale.
- Strong quartz assay results at Gilbert Ranges with up to 99.85% SiO2
- High purity quartz trials yield near 99.994% SiO2 purity
- Gold exploration at Koolyanobbing reveals multiple targets and encouraging drill results
- Cash position bolstered to $1.28 million after rural property sale
- Active search for strategic partners to advance gold projects
Exploration Momentum Builds in Queensland and Western Australia
Australian Silica Quartz Group Ltd (ASQ) has reported a productive December quarter, highlighting significant progress across its metallurgical grade silicon quartz (MGSi) and high purity quartz (HPQ) projects, alongside promising gold exploration at its Koolyanobbing Metals Project (KMP).
In North Queensland, the newly established Gilbert Ranges Project delivered highly encouraging rock chip assay results, with 15 out of 26 samples exceeding 99.4% silicon dioxide (SiO2) and maintaining low iron and alumina levels. The standout sample recorded 99.85% SiO2, positioning the project well within the quality parameters sought by the solar silicon manufacturing industry.
Advances in High Purity Quartz Processing
ASQ’s ongoing research and development efforts have yielded near-crucible grade quartz purity. Independent metallurgical trials conducted in China on the Airport Blow quartz occurrence produced quartz powder with 99.994% SiO2 and only 60 parts per million total impurities. Meanwhile, samples from the Lake Seabrook HPQ Project achieved 99.993% SiO2 purity using a simplified flowsheet developed locally, notably without resorting to hot chlorination or hydrofluoric acid leaching. These results underscore ASQ’s potential to supply high-value quartz for semiconductor, photovoltaic, and specialty glass markets.
Gold Exploration Gains Traction at Koolyanobbing
On the gold front, ASQ continues to advance exploration at the Koolyanobbing Metals Project in Western Australia. The company has identified multiple high-potential targets, including the Golden Emu area where surface gold nuggets weighing up to 20.8 grams were recovered. Soil sampling and aeromagnetic surveys are planned to refine drill targets, particularly in the Golden Saddle zone. Historical drilling data reveal shallow gold intersections warranting follow-up, and ASQ is actively seeking strategic partners to support further exploration and development.
Financial Position and Corporate Developments
Financially, ASQ strengthened its cash reserves to $1.28 million by quarter-end, aided by the sale of a rural property in Western Australia for $1.07 million, well above its book value. The company remains debt-free and holds an unencumbered rural asset valued at $2.5 million. Quarterly operating expenditures totalled $343,000, reflecting ongoing exploration and corporate costs. Notably, 8.6 million performance rights lapsed during the quarter after failing to meet performance hurdles, streamlining the company’s capital structure.
Looking ahead, ASQ’s board remains focused on advancing its silica and gold projects, leveraging exploration successes and metallurgical breakthroughs to enhance shareholder value. The company’s strategic approach includes continuing metallurgical trials to refine product purity and seeking partnerships to accelerate gold project development.
Bottom Line?
ASQ’s blend of high-grade quartz discoveries and advancing gold targets, supported by a solid cash position, sets the stage for a pivotal year ahead.
Questions in the middle?
- Will ASQ secure strategic partners to accelerate gold exploration at Koolyanobbing?
- Can metallurgical trials push quartz purity beyond current near-crucible grade levels?
- What timelines and capital requirements will define the next phase of resource drilling at Gilbert Ranges?
