AusQuest Limited (ASX:AQD) Commences Drilling at Cangallo Project
Drilling Operations Begin
AusQuest Limited (ASX:AQD) has officially launched its maiden drilling program at the Cangallo Porphyry Copper Project in southern Peru. The program aims to drill a large-scale, undrilled porphyry copper target, consisting of a minimum of eight drill holes across approximately 2,500 metres.
The Reverse Circulation (RC) drilling program is expected to take three to four weeks, with initial assay results anticipated by the end of January 2025. Geological mapping has identified a partially exposed copper (+/- gold) porphyry system within a 3km x 2km caldera-like structure.
Geological Insights
Initial drilling will focus on areas showcasing intense quartz veining and porphyritic dykes, where previous samples indicated copper values of up to 0.65% Cu and gold values reaching 0.3 g/t Au. The program will also explore the potential for a concealed porphyry copper system beneath extensive geological cover.
Executive Comments
Graeme Drew, Managing Director of AusQuest, expressed enthusiasm about the drilling onset. “The Company is very pleased that the maiden drilling program at Cangallo has finally commenced. We believe there is excellent potential for large-scale porphyry copper deposits in the Cangallo area and look forward to reporting on the results of this drilling when they become available.” Drew also mentioned ongoing progress regarding permits for the Lantana and Playa Kali prospects, with hopes for approval soon.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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