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ACT Fire & Rescue and the Environment Protection Authority are testing samples of an unidentified substance spilling from a drain in Barton.
Firefighters were called to the incident at the intersection of Bowen Drive and Brisbane Avenue just after 4pm.
Booms have been put in place to stop the spread of the substance into the lake.
The Hazardous Materials Unit and a pumper are on scene.
Firefighters have now left the scene.
The substance could not be identified and EPA will conduct further investigations.
Roads ACT are now cleaning up the area.