AusQuest Limited (ASX: AQD) has identified priority drill targets for porphyry copper-style mineralisation and iron oxide copper gold at a further three prospect areas in Peru.
The Cardonal, Puite and Cerro de Fierro prospects are subject to a joint venture agreement with U.S. iron ore and coal miner Cliffs Natural Resources (NYSE: CLF), a US$3.5 billion market cap.
These news targets include an extensive 6 square kilometre induced polarisation anomaly at the Cardonal prospect, where a potentially large porphyry copper system may be present at depth.
Other targets include a discrete magnetic and IP target associated with extensive surface copper anomalism at the Puite prospect and an extensive magnetic target at the Cerro de Fierro prospect, which is located within the region of known IOCG resources.
These are in addition to targets already defined within the Lana and El Jaguay-Azucar prospects and
Under the joint venture, Cliffs can elect to secure a 70% interest in each prospect by sole-funding up to US$4 million in drilling in the selected prospect.
The Cardonal and Puite prospects are located about 10 kilometres apart within the Pampa de Las Pulgas tenements, 30 kilometres east of the port of Ilo in southern Peru.
The Cerro de Fierro prospect, which represents a possible IOCG target, is located in the north of the joint venture area, about 35 kilometres from Chala and 140 kilometres southeast of the Marcona and Mina Justa IOCG deposits.
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