AAQ Holdings (ASX: AAQ) has announced that Plumridge Gold Pty have appointed Geotech Airborne to undertake a VTEM-max survey over the Plumridge Project, which is located within the Albany-Fraser Orogeny, Western Australia.
Plumridge is strategically located along the Tropicana Gold Belt on the eastern margin of the Yilgarn Craton, and is 90 kilometres south of the Tropicana Gold Project.
The survey will be a 1,400 line kilometre helicopter VTEM-max survey covering 390 square kilometres targeting interpreted mafic rocks of the Fraser Range Metamorphics, and will commence next month.
Pat Burke, chairman of AAQ Holdings commented: "The company has worked closely with Plumridge and its consultants to determine the optimal way forward at the Plumridge Project.
"Given the scarcity of outcrop, the depth of cover within the Plumridge area is sufficient to hamper effective geochemical sampling, so a VTEM survey was chosen as the most effective method to advance the assessment of the Plumridge Project.
"We know from geological mapping and historical drilling by Plumridge, that the western tenements at the Plumridge Project (E1117 & E1118) are underlain by granites and granulites whilst the eastern tenements (E1084 & E1475) are interpreted to be underlain by mafic and ultramafic rocks."
Similarities to Nova discovery
Burke added, "These latter lithological sequences are similar to the host rocks for Sirius Resources' Ni-Co Nova prospect".
The primary focus is the known magnetic signatures and the interpreted mafic/ultramafic sequences of the eastern tenements to test for potential sulphide bodies.
AAQ believe that undertaking a VTEM-max survey is the most appropriate and timely exploration technique for better understanding the nickel and copper prospectively at Plumridge - and will fund the survey by way of a loan of up to $300,000 to Plumridge.
AAQ Holdings heads of agreement
Highlighting the prospectivity of the area, Sirius Resources (ASX: SIR) recent Nova discovery is located to the south in the Fraser Range Zone - with around half of the Plumridge project also located in this zone.
Should AAQ be able to thread the needle for nickel/copper in Plumridge, the upside is very significant. Again, based on the recent acquisitions, Proactive Investors believes that AAQ should have a short term valuation of $0.01. Further upside will depend on exploration results.
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