Australian Silica Quartz (ASX:ASQ) has been granted $131,656 under the Queensland Government’s Critical Minerals collaborative Exploration Incentive Scheme (EIS) for the White Springs High Purity Quartz Project in Queensland.
The company reports the funding will be used on drill testing and subsequent metallurgical testwork on the project.
Australian Silica intends to drill the deposit to confirm the vertical and lateral extent of the quartz mass and drill samples generated will be utilised for metallurgical tests informing assessment of the deposit’s economic potential.
Additionally, the company notes that funds used has potential to contribute to the discovery of deposits of critical minerals in Queensland, along with demonstrating potential for ‘high-purity’ silica products.
Rock chip samples taken by the company at White Springs returned silica assays up to 99.98% silica oxide (Si2O).
The company reports Heritage Surveys at both White Springs and Quartz Hill areas are currently underway and drilling is expected to be conducted on both of the projects in the coming months.
Australian Silica has 3 granted exploration permits in the Far North Queensland area, with known quartz occurrences with the potential to contain ‘high-grade’ and ‘high-purity’ silica.
Within these 3 granted, wholly owned exploration permits, the company states there several ‘significant’ quartz occurrences, with the most advanced of these prospects being the White Springs and Quartz Hill projects.
Australian Silica has 3 granted exploration permits in the Far North Queensland area, with known quartz occurrences with the potential to contain ‘high-grade’ and ‘high-purity’ silica
The Quartz Hill Metallurgical Grade Quartz Project is one of the several ‘large’ masses of epithermal quartz within EMP26702, 10km northwest of Mt Surprise in Far North Queensland.
Additionally, the company considered the deposit to have potential as a source of lump quartz feedstock for silicon metal production. Previous explorers at Quartz Hill have reported a historic resource of 14 million tonnes (Mt) @ 99% Si2O.
In addition to the funding approval, Australian Silica has signed a Memorandum of Understanding (MoU) with a global investor, focused on renewable energy and the energy-transition. The MoU is subject to a 3-month period of due diligence, finalising formal agreements, and signing off from the investor’s investment committee.
If the MoU proceeds to a binding agreement, the company will receive an upfront contribution towards funding exploration at Australian Silica’s Queensland quartz projects, with the purpose of establishing silicon grade lump quartz mineral resources of at least 10Mt.
In return, the investor will receive the rights to exclusive offtake of the first 10 million tonnes of silicon grade lump quartz.
Australian Silica Quartz is an ASX-listed exploration company that holds a number of hard rock quartz and ‘high-grade’ silica sand projects in various stages of development.
These include the hard rock quartz projects, Seabrook in Western Australia, and Quartz Hill and White Springs in Queensland, along with the silica sands projects in Gingin, Esperance, and Albany in Western Australia.
Images: Australian Silica Quartz Group Ltd
