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  • AAQ Holdings Receives Shareholder Backing For Albany Fraser Orogen Acquisitions  0 comments
    Jan 31, 2013 12:32 AM

    AAQ Holdings' (ASX: AAQ) shareholders have approved the resolutions relating to the acquisition of Plumridge Gold and Fraser Range Resources, paving the way for the company's change of activities and relisting on the ASX.

    The company is in the process of re-complying with Chapters 1 and 2 of the ASX Listing Rules and will issue a prospectus in the second half of February.

    AAQ expects the acquisition of the two companies to be complete in March after which its shares will be re-admitted to trading on the ASX.

    The company is acquiring 100% ownership of the Plumridge Project, located along the Tropicana Gold Belt, fromInternational Goldfields (ASX: IGS) and 100% ownership of the Fraser Range Project from Fraser Range Resources.

    The transactions endow AAQ with advanced drill ready exploration as well as tenements along the general trend of the Albany-Fraser Orogen from the high flying Sirius Resources (ASX: SIR).

    The Albany-Fraser Orogen is highly prospective for the discovery of gold mineralisation, as demonstrated by AngloGold Ashanti (ASX: AGG) and Independence Group's (ASX: IGO) 7.9 million ounce Tropicana Gold Project.

    There is also significant potential for nickel-cobalt-copper mineralisation in settings analogous to Sirius' Nova discovery.


    The Plumridge Project covers 831 square kilometres and is host to rocks prospective for both gold and nickel along the same tectonic zone as the Nova discovery.

    Just yesterday AAQ revealed it had identified several electromagnetic target responses associated with the highly prospective Fraser Zone.

    Preliminary data indicates at least 23 targets have been identified, including nine associated with magnetic highs in the Fraser Zone.

    A significant number of these EM targets are associated with more magnetic features interpreted to be caused by mafic/ultramafic lithologies, analogous to those hosting the Nova mineralisation further southwest along the Fraser Zone.

    The project also has an extensive geological database including 23,399 metres of reverse circulation percussion drilling, 57,627 metres of aircore drilling and 435 metres of core drilling.

    Plumridge also lies 90 kilometres south of the Topicana Gold Project and also has gold potential.

    Drilling has confirmed a number of gold mineralising systems are active in the project area.

    Fraser Range Project

    It is the Fraser Range Project tenements that are likely to garner interest, as they are in settings analogous to the Nova nickel-copper discovery.

    The project, which lies about 100 kilometres southwest along the general trend of the Albany-Fraser Orogen from Nova, covers 1,296 square kilometres and consists of four exploration licenses.

    It represents a significant landholding in mostly unexplored part of the prospective Albany-Fraser Orogen.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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