AusQuest Targets Copper-Gold Extensions in Known Mineralised Region of Peru

AusQuest Ltd (ASX: AQD) is now actively exploring in a well-known mineralised region of Peru.

Peru is a global leader in the mining industry, which makes it a natural choice for international investors.

The country is one of the world’s biggest producers of base and precious metals.

The mineral industry of Peru has played an important role in the nation’s history and has been integral to the country’s economic growth for several decades.

Drilling program

A three-hole reverse circulation program covering 800 metres is underway, testing a new copper-gold target at the Cerro de Fierro Project in the south of the country.

The project is located at the southern end of a recognised IOCG metallogenic belt and is within 150 kilometres of the Mina Justa deposit hosting 337 million tonnes at 0.76% copper.

Known mineralisation

Drilling will test a structural target close to a historical hole which intersected multiple zones of copper-gold mineralisation.

This included:

  • 30 metres at 0.43% copper and 0.16g/t gold;
  • 43 metres at 0.43% copper and 0.35g/t gold;
  • 28 metres at 0.42% copper and 0.15g/t gold; and
  • 33 metres at 0.24% copper and 0.13g/t gold.

Potential

Graeme Drew, managing director, commented:

“We believe these is excellent potential to find extensions to the copper and gold mineralisation intersected by earlier drilling, now that we have a much better understanding of the controls on the mineralisation.

“There is still plenty of room for a sizeable deposit to be found and we look forward to reporting to shareholders on the drilling results over the coming weeks.”

Funding

AusQuest held $2.6 million in cash at the end of March 2024, and is capped around $11 million.

There are additional funds anticipated in the June quarter of 2024 for work programs in Australia under the Strategic Alliance Agreement with a subsidiary of South32 Ltd (ASX: S32).

 

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