Australian Silica Quartz Group (ASX: $ASQ) March 2024 Quarterly Report Highlights

Australian Silica Quartz Group (ASX: $ASQ) has made significant progress in its high purity quartz projects in Queensland and Western Australia. The company reported a cash position of $2.65 million at the end of March 2024, with no debt and additional assets including two unencumbered rural properties in the Bindoon area of Western Australia valued at $2.26 million. The company's exploration activities have focused on the Quartz Hill MGSi Project in North Queensland and the Koolyanobbing Metals Project (KMP).

Executive Commentary

ASQ has continued its work towards a Scoping Study on the Quartz Hill MGSi Project in North Queensland, following the December 2023 Mineral Resource Estimate of 17.3Mt at 99.04% SiO2. The company entered into an MOU with Private Energy Partners Pty Ltd to complete exploration at Quartz Hill and progress to a Scoping Study and mining lease application. ASQ received $1m from Private Energy Partners Pty Ltd to fund this work in return for offtake of up to 10Mt Quartz at a 10% discount to the market price. Further drilling and metallurgical testwork are required to demonstrate potential for Quartz Hill to produce ore suitable for MGSi manufacturing. Planning is underway for this work program expected to be completed during the June and September quarters.

Summary

Australian Silica Quartz Group (ASX: $ASQ) has made significant advancements in its high purity quartz projects in Queensland and Western Australia. The company's focus on the Quartz Hill MGSi Project in North Queensland and the Koolyanobbing Metals Project has shown promising results, with a cash position of $2.65 million at the end of March 2024. ASQ's exploration activities have been directed towards completing a Scoping Study on the Quartz Hill MGSi Project, with plans to establish a JORC 2012 MGSi Quartz mineral resource of at least 10Mt, complete a Scoping Study, and apply for a mining lease. The company's ambitions to supply Quartz to Quinbrook's proposed polysilicon manufacturing facility at the Lansdown Eco-Industrial Precinct in Townsville indicate a positive outlook for future growth and development.