AusQuest (ASX:AQD) along with South32's (ASX:S32) unit said that its Mt Davis Base Metal Project in Western Australia has been accepted as a new exploration opportunity under the parties' strategic alliance agreement, according to a Wednesday filing with the Australian bourse.
South32's unit can earn up to 80% interest by investing US$4.5 million in exploration and completing a pre-feasibility study, the filing said.
The next steps include finalizing the drilling program design, completing heritage clearance surveys, and proceeding with drilling to test the identified anomalies, the filing added.
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