AusQuest Limited (ASX:AQD) has reported further assay results from Stage 3 reverse circulation (RC) drilling at its 100%-owned Cangallo porphyry copper-gold project in Peru, continuing to build the scale of the system.
Broad-spaced RC drilling has now defined a corridor of continuous mineralisation extending more than 1,500 metres along strike, 250–500 m wide and to depths exceeding 400 metres, with the footprint expected to expand with additional drilling. The company also pointed to earlier diamond drilling suggesting mineralisation could extend beyond 800 metres depth.
CANRC034 adds depth and supports southern upside
The latest standout result came from hole CANRC034, which returned 164 metres at 0.33% Cu and 0.07 g/t Au from 304 metres to end of hole, including 54 metres at 0.42% Cu from 306 metres and 26 metres at 0.42% Cu from 380 metres. The same hole also delivered 244 metres at 0.23% Cu and 0.07 g/t Au from 40 m.
AusQuest said drilling to date has returned multiple broad intervals above 0.5% Cu across the corridor, supporting the system’s capacity to generate higher-grade copper within a large mineralised envelope. Examples include 68 m at 0.52% Cu from 36 metres (CANRC012), 30 metres at 0.60% Cu from 156 metres (CANRC032), 18 metres at 0.62% Cu from 134 metres (CANRC014), 10 metres at 0.72% Cu from 36 metres (CANRC008) and 10 metres at 0.65% Cu from 10 metres (CANRC032).
Cangallo Prospect showing location of Stage 3 RC drill-holes and significant intersections averaging greater than 0.3% Cu.
Recent assays indicate copper and gold grades are increasing toward the southern drill section, with CANRC032 and CANRC034 both ending in mineralisation — a result the company says points to potential extensions and the possibility of higher grades to the south.
AusQuest also highlighted near-surface copper oxide mineralisation from surface to around 200–250 metres, transitioning into mixed oxides and secondary sulphides to depths exceeding 300 m, which it says supports potential amenability to heap leach processing.
Preparations are underway for a further 5,000 metres RC drill program expected to commence around mid-March, followed by a 5,000 metres diamond drilling program scheduled for April targeting higher-grade depth extensions.