Five Hole Programme With South32
AusQuest Limited (ASX: AQD) has received permits to allow drilling operations to commence at its Los Otros Porphyry Copper Project in southern Peru.
Los Otros is subject to the company’s Strategic Alliance Agreement (SAA) with a wholly-owned subsidiary of South32 Limited.
A Reverse Circulation (RC) drilling programme of between three to five holes for ~1,000m and 1,500m has been designed to provide an initial test of a large porphyry copper target that is located close to the Palaeocene Porphyry Copper Belt of southern Peru, which is the major copper producing region in the country.
The prospect is located within 35km of the Cuajone mine (~1.6Bt @ 0.6% Cu), 40km from the Quellaveco deposit (~1.3Bt @ 0.57% Cu), currently being developed by Anglo American, and ~45km from the Toquepala mine (~3Bt @ 0.47% Cu), operated by Southern Copper Ltd.
Historic geological mapping and sampling by the Company outlined large areas of advanced argillic alteration (possible lithocap) with numerous samples returning anomalous levels of Mo, Bi, As, Sb, Pb, Au, Ag and occasional Cu, suggesting the potential for buried porphyry copper mineralisation alteration and anomalous geochemistry occur marginal to large magnetic bodies that are interpreted to be buried intrusions (possible porphyries) concealed by the overlying volcanic sequences.
Major WNW and NNW structures are also evident in the area with the WNW structures paralleling regional Fault systems which are believed to be closely associated with large porphyry copper deposits in the region.
A drill contract has been finalised with drilling operations expected to commence in December 2021 and take approximately two to three weeks to complete. Access preparations are expected to commence in November ahead of drilling.
AusQuest Managing Director Graeme Drew said the company was looking forward to commencing drilling operations at Los Otros before the end of the year.
“Our team in Peru has already begun preparations for this program, which will be completed with due regard for COVID-19 safety procedures in order to ensure the health and well-being of our employees and contractors,” he continued.
“We look forward to advising shareholders when drilling operations have commenced,” he added.
For further information please visit: http://www.ausquest.com.au/
