Quest Minerals has launched a share purchase plan to increase funding to develop its core projects the Perenjori Iron Ore project and Victory Bore.

The plan is priced at USD 0.008 which is a 17% discount to the market, which shareholders able to buy up to USD 15,000 in parcels starting at USD 500. The plan is not underwritten and has the potential to raise USD 1.2 million.

The Perenjori Iron Ore Project is located in Western Australia and has an Inferred Resource of 128 million tonnes at 37.8% iron, with an additional exploration target of 230 to 360 million tonnes at 30% to 36% iron.

The existing rail route to the Geraldton port is 218 kilometer with an initial scoping study delivering an NPV of AUD 233 million.

However, Victory Bore is also based in Western Australia and so far drilling only covers 30% of the magnetic anomaly. The project has an Inferred Resource of 151 million tonnes at 25% iron and 0.44%.