Future bright for Aussie Q

Written on the 2 December 2010

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.


Latest News

SIRTEX CEO DISMISSED FOLLOWING SHARE TRADING PROBE

SIRTEX Medical Ltd (ASX: SRX) has sacked its chief executive officer, Gilman Wong (pictured), following an investigat...

SANTA DELIVERS KOGAN A GIFT

KOGAN.COM (ASX: KGN) has exceeded its expectations and reported another strong quarter of trade.

The online retail...

FOUR WAYS YOU SHOULD PROTECT YOUR IT SYSTEMS FROM EXTREME WEATHER

SHANNON Overs, co-founder of onPlatinum ICT, sees it too often, perhaps half a dozen times per year businesses tha...

IOT GROUP ORDERS FIRST PRODUCTION OF ROVA DRONE

IOT Group (ASX:IOT) has ordered production of 40,000 units of the ROVA flying selfie drone from Chinese technologies ...

Related News

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

FEMALE ENTREPRENEURS GET SPRINGBOARD TO GROWTH

DESPITE the fast-growing number of women studying STEM subjects at school and university, women continue to be und...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter