AusQuest Restarts 3,500m Diamond Drilling at Coober Pedy IOCG Project
AusQuest has resumed a significant diamond drilling campaign at its Coober Pedy IOCG project in South Australia, aiming to test high-priority geophysical and geochemical targets within the Olympic Dam province. The program is expected to take four weeks, with assay results due about a month later.
- 3,500m diamond drilling program underway at Coober Pedy
- Targets prioritised through magnetic, gravity and IP surveys
- Project under Strategic Alliance with South32
- Drilling tests potassic alteration zones beneath thin sediment cover
- Assay results expected approximately four weeks post-drilling
Diamond Drilling Resumes in Olympic Dam Province
AusQuest Limited (ASX:AQD) has reignited its exploration efforts at the Coober Pedy Iron-Oxide Copper-Gold (IOCG) Project, located at the northern edge of South Australia's Olympic Dam IOCG Province. The company has launched a ~3,500-metre diamond drilling program designed to probe geophysical and geochemical anomalies that could signal IOCG-style mineralisation.
Targeting Potassic Alteration Beneath Thin Cover
The drilling campaign is structured around 10 holes, testing magnetic, gravity, and Induced Polarisation (IP) targets previously modelled from extensive geochemical data. Notably, the Coober Pedy region features a relatively shallow sedimentary cover of 50 to 150 metres; significantly thinner than many IOCG targets with covers exceeding 500 metres; potentially easing access to underlying mineralised zones.
Historical drill holes by Vale identified strong potassic alteration beneath an 80-metre cover sequence, a hallmark of IOCG systems, and this program aims to build on those encouraging signs. The IP survey conducted in 2025 helped prioritise targets by highlighting large-scale, semi-coincident gravity and magnetic anomalies considered promising for IOCG mineralisation.
Strategic Alliance with South32 Supports Exploration
The Coober Pedy Project is operated under a Strategic Alliance Agreement with a wholly owned subsidiary of South32 Ltd, providing AusQuest with a partnership that could enhance the project's development potential. Drilling is expected to take about four weeks, with assay results anticipated roughly four weeks after completion, setting a timeline for shareholders to watch closely.
Managing Director Emphasises Project Potential
AusQuest’s Managing Director, Graeme Drew, highlighted the Coober Pedy Project as a compelling discovery opportunity within a world-class IOCG province. He noted the project's significance given the proximity of several major IOCG deposits and expressed enthusiasm about testing multiple targets in the coming weeks. The company intends to keep investors informed as results come through.
Bottom Line?
The recommencement of drilling at Coober Pedy marks a critical phase for AusQuest, with assay results in the coming months poised to clarify the project's IOCG potential and influence its exploration trajectory.
Questions in the middle?
- Will assay results confirm the presence of economically viable IOCG mineralisation beneath the thin cover?
- How will the partnership with South32 shape the project's next stages if significant mineralisation is confirmed?
- What insights will the integration of geophysical and geochemical data provide for future target refinement?
