Maiden Drilling Campaign To Test Peruvian Copper Project
AusQuest Limited (ASX: AQD) is scheduled to commence its maiden drilling programme at the Parcoy Copper Project in southern Peru before the end of April under the company’s Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited.
Access preparations are currently nearing completion, with the program expected to comprise eight drill-holes for a total of approximately 3,000m of Reverse Circulation (RC) drilling.
The drilling is designed to test two priority target areas that have been identified by the company’s rock-chip and soil sampling programmes completed during 2019 and 2020
Copper (+/-gold) anomalies and associated indicator elements (Mo, Bi, Au, Te, Zn, Sb) within the andesitic volcanics have defined targets for the initial ‘Proof-of-Concept’ drilling which is designed to determine the Project’s potential for large-scale, structurally related replacement- style copper (+/-gold) mineralisation.
A drill contract has been finalised with drilling operations expected to commence towards the end of April and take approximately 4 to 6 weeks to complete.
The Parcoy Project is located approximately 50km north-west of the Company’s Cerro de Fierro project and approximately 100km south-east of the Mina Justa Deposit (~475Mt @ 0.68% Cu), which is currently being developed by the Marcobre Joint Venture.
AusQuest Managing Director Graeme Drew said the company was looking forward to the imminent start of drilling at the Parcoy Copper Project following the receipt of drill permits in January.
“We are excited to be drill testing these new copper targets, which are some of the stronger copper responses that we have found so far in southern Peru,” he said.
“Their association with typical indicator elements and proximity to regional structures and prospective volcanic host rocks gives us cause for optimism.
“While COVID-19 remains an issue in Peru, we have developed approved protocols to minimise the risks at our operations.
“We continue to monitor advice from the Government and health authorities to ensure the health and well-being of our employees and contractors.”
