AusQuest Prepares to Go Deeper with RC Drilling at Cangallo Copper Discovery in Peru
AusQuest (ASX: AQD) is gearing up to further assess the potential of its copper discovery at the Cangallo project in Peru after receiving positive reverse circulation (RC) drilling assay results there.
The company has grown the copper find both laterally and at depth through the latest batch of assays from the Stage 2 RC drilling at Cangallo.
Significant new intercepts from the latest RC drilling included 330 metres at 0.30% copper and 0.06 parts per million gold from 32m, 58m at 0.33% copper and 0.05ppm gold from 32m, and 234m at 0.30% copper and 0.06ppm gold from 110m.
Copper and Gold Hits
Managing director Graeme Drew said Cangallo was shaping up as a major greenfields copper discovery along the coastal belt of southern Peru.
“We are very encouraged that higher copper grades continue to be recorded at shallow depths and are becoming increasingly widespread the more we drill,” he said.
“The presence of narrow tonalite dykes containing higher copper grades is also encouraging, as it suggests that the source porphyry should also contain higher grades.”
11 of the 13 holes AusQuest drilled in Stage 2 intersected copper mineralisation, while six ended in mineralisation.
Stage 3 RC Drilling
AusQuest expects to receive permits for the Stage 3 RC drilling program toward the end of September, with drilling to commence in the latter part of October.
The company is currently studying the multi-element geochemical data from the Stage 2 drilling, and will use it to optimise drill sites for the upcoming diamond drill program.
The Stage 3 RC program will test the depth extent of copper and gold mineralisation in the southern extension of the porphyry system, as well as identify geological control for vectoring to the porphyry centre where the company believes the hypogene copper is most likely to occur.
“We believe that we have only just started to scratch the surface of what appears to be a significant copper discovery,” Mr Drew added.