AusQuest (ASX:AQD) started a reverse circulation drilling program at its Morrisey project in Western Australia to target new magnetic and gravity anomalies, according to a Wednesday filing with the Australian bourse.
The drilling will test at least five new magnetic and gravity targets to determine the overall magnetite potential of the area and future commercial possibilities for the project, the filing said.
The campaign is expected to take four weeks, with results anticipated between six and eight weeks after drilling, per the filing.
Shares rose 2% in midday trade Wednesday.
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