Ann: AusQuest Gearing up for Drilling at Morrisey, page-2

AQD is about to start drilling and the share price goes down, go figure?

Not the most exciting of AQD projects (so far), magnetite being the shifted aim from PGE, but our partner is interested South32, and decent long intersection (+60m) previous. High grade coarse to >70% Fe given some magnetic benefaction, no idea of near surface extent, hence scout drilling. Might be viewed as long term commodity, unsexy. I think it will sizzle if enough near surfcae depth is shown.

There are a few holes that aren't in the magnetic model, looking for either a geological boundary or something not magnetic but high density. Some of the priority holes are in this lean edge area, where other minerals may separate from iron intrusion. Some holes of interest not seemingly dominated by magnetite are priority ranked...

Always hopeful for a left field report.