AusQuest Limited (ASX: AQD) has announced that its maiden drilling programme at the 100%-owned Cangallo Project in southern Peru has identified a new, large-scale porphyry copper discovery close to significant infra-structure, 25km east of the town of Chala and within 10km of the coast.
AusQuest’s managing director, Graeme Drew, said, “This is a fantastic breakthrough for our shareholders and an extremely exciting way to start the New Year! Assay results from the first two drill-holes at Cangallo have confirmed the presence of a large-scale porphyry copper-gold system and a significant new discovery.”
Multiple wide intercepts of significant copper and gold mineralization confirmed in the first two reverse circulation (RC) drill-holes:
o348m@ 0.26% Cu, 0.06ppm Au from 6m (CANRC001), including:
▪ 16m @ 0.43% Cu and 0.07ppm Au
▪ 26m @ 0.36% Cu and 0.07ppm Au
▪ 12m @ 0.53% Cu and 0.27ppm Au
▪ 34m @ 0.39% Cu and 0.08 ppm Au
o 188m @ 0.28%Cu, 0.07ppm Au from 214m (CANRC002), including:
▪ 10m @ 0.48% Cu and 0.07ppm Au
▪ 12m @ 0.50% Cu and 0.07ppm Au
▪ 12m @ 0.43% Cu and 0.09ppm Au
▪ 38m @ 0.46% Cu and 0.09ppm Au
Mineralization occurs from near surface and remains open in all directions, demonstrating the potential for defining a shallow copper oxide resource.
Additionally, assay results for the six outstanding drill-holes are expected by early February with broad zones of continuous visible copper mineralization evident.
To find out more, please visit www.ausquest.com.au
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