AusQuest Limited has announced encouraging new exploration results from its Morrisey Magnetite Project in Western Australia. Recent reverse circulation drilling has revealed significant zones of coarse-grained magnetite in five of the six prospects tested, with several drill holes recording highly promising magnetic susceptibility values well above 200 x 10⁻³ SI units. The company reported notable intersections, including intervals measuring 11 to 61 metres, with magnetic readings ranging from 304 to 510 x 10⁻³ SI units across prospects at Murchison South, Sandfly, and Waterfall. These indicators suggest the potential presence of magnetite suitable for upgrading to a high-grade iron product. The technical highlights underscore that all identified magnetite intervals are under further investigation through Davis Tube Recovery (DTR) tests at Intertek Genalysis in Perth. Previous analyses at the Waterfall prospect demonstrated that coarse magnetite from the area could produce a premium iron product exceeding 70% Fe when processed with coarse grind sizes, bolstering the commercial case for these findings. The drilling program not only extended the known magnetite inventory but also utilized detailed logging and magnetic susceptibility measurements to delineate the targets against modelled magnetic and gravity anomalies. AusQuest Limited’s announcement also notes that the exploration program is funded under a Strategic Alliance Agreement, which includes provisions for South32 to earn a 70% interest by investing US$4.5 million. The project’s comprehensive technical documentation adheres to industry standards, including JORC Code reporting, and features detailed drilling data, survey coordinates, and sample-handling protocols, which should give potential investors confidence in the exploration data and planned further work. A bullish perspective sees these results as a strong signal that the Morrisey Project could yield additional high-grade iron resources, replicating the premium product outcomes achieved at the Waterfall prospect. The broad intervals and high magnetic susceptibilities provide a promising outlook for enhancing the resource base while the ongoing DTR tests will likely provide further validation. Conversely, a bearish view might note that the final metallurgical recoveries are still pending and that until the complete results from the DTR tests are available, there remains a level of uncertainty regarding the ultimate commercial viability of upgrading the material. Overall, the news offers an optimistic outlook tempered by the inherent risks associated with advancing early-stage resource development.