AusQuest Identifies Large-Scale Porphyry Copper Discovery at Cangallo Project

With promising assay results, proximity to key infrastructure, and significant exploration potential, the Cangallo Project is emerging as a noteworthy addition to Peru's rich copper mining landscape.

AusQuest Limited ("AusQuest" or the "Company") (ASX: AQD) has announced the successful completion of its maiden drilling program at the 100%-owned Cangallo Project in southern Peru. The program has identified a significant large-scale porphyry copper discovery located 25km east of Chala and within 10km of the coast, offering excellent proximity to existing infrastructure.

Significant Copper Mineralisation Identified

Broad zones of visible copper mineralisation have been confirmed throughout seven of the eight drill holes. The mineralisation includes both oxides, such as malachite, chrysocolla, and brochantite, as well as sulphides, primarily chalcopyrite. Initial assay results from the first two drill holes have yielded promising returns, reinforcing the project's potential.

The oxide copper mineralisation is present in disseminated form and as blebs within the host volcanic rocks and porphyry stocks. In contrast, the sulphide mineralisation has been identified within stockwork veins, veinlets, fractures, and mineralised dykes. Notably, the mineralisation is associated with sericite and potassic alteration, indicating a classic porphyry copper system.

Open in All Directions

The identified copper mineralisation remains open in all directions, including at depth, suggesting significant exploration upside. The encouraging results have prompted further investigation to delineate the full extent of the mineralised system.

Drilling Program Overview

A total of eight reverse circulation (RC) drill holes, covering approximately 3,000 meters, were completed using five of the twenty approved drilling platforms. These platforms were strategically spaced between 300 and 400 meters apart to ensure comprehensive coverage of the target area.

The successful identification of widespread copper mineralisation at Cangallo marks a major milestone for AusQuest, further strengthening its position in the South American copper exploration sector.

Next Steps

AusQuest plans to conduct additional drilling to expand the resource potential and gain a deeper understanding of the mineralisation system. The Company remains focused on leveraging the project's strategic location and advancing it towards development.