Two New Copper-Gold Target Areas To Be Tested
AusQuest Limited (ASX: AQD) has begun its maiden drilling programme at the Parcoy Copper Project in southern Peru.
The drilling campaign is being undertaken under the company’s Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited.
A total of eight Reverse Circulation (RC) drill-holes for approximately 3,000m is planned to test two priority target areas that were 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.
Drilling operations are expected to take approximately three to four weeks to complete with assays expected approximately 4 weeks after the completion of drilling.
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.
Managing Director, Graeme Drew, said the current drilling programme was designed to test a number of compelling targets at the Parcoy Project.
“These targets include 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.”
