New 4000m Programme Following Up Previous Drilling Success At Fierro
AusQuest Limited (ASX: AQD) is participating in new drilling campaign t the Cerro de Fierro Copper Project in southern Peru under a Strategic Alliance Agreement (SAA) with a wholly owned subsidiary of South32 Limited.
The programme is scheduled to complete ~4000m of Reverse Circulation (RC) drilling to test beneath strong copper anomalism (>1.0% Cu) and associated iron (Fe) and potassic (K) alteration identified by rock-chip sampling to the south of the company’s previous drilling which intersected widespread copper mineralisation beneath the overlying volcanic (dacite) cover.
AusQuest Managing Director, Graeme Drew, said the current interpretation by the company’s consultants suggests that the copper-bearing andesites that have been found at surface are the same as the mineralised andesites intersected at depth by earlier drilling. This suggests strong potential for the mineralisation to continue beneath the volcanic cover between the two areas.
The drill-holes are variably spaced, ranging from ~200m and up to several kilometres apart in order to provide a first-pass assessment of the Project’s potential to host shallow copper mineralisation. Planned hole depths vary from ~200m up to a maximum of 350m.
Drilling operations are expected to take up to approximately six weeks to complete, with final assay data expected within approximately four weeks of the completion of drilling.
Mr Drew said the current programme represented the third phase of drilling at Cerro de Fierro, building on the considerable success achieved in the initial campaigns.
“It’s great to be drilling again in Peru, especially at a high-potential Project such as Cerro de Fierro, which has obvious company-making potential,” he said.
“This phase of drilling is designed to confirm where the copper is closer to surface and hopefully of higher grade, and should provide us with a much better understanding of the Project’s potential for open-cut resources.
“While COVID-19 is still an issue in Peru, we have developed approved protocols to minimise the risks at our operations,” Mr Drew continued. “We continue to monitor advice from the Government and health authorities to ensure the health and well-being of our employees and contractors.”
