AusQuest Limited (ASX:AQD) Announces Major Copper-Gold Discovery at Cangallo
Significant Discovery
AusQuest Limited (ASX:AQD) has revealed a large-scale porphyry copper-gold discovery at its 100%-owned Cangallo Project in southern Peru. The initial drilling program has yielded broad intercepts of substantial copper and gold mineralisation from the first two Reverse Circulation drill holes.
Drill hole CANRC001 returned an impressive 348 metres at 0.26% copper and 0.06 ppm gold, indicating the extensive potential of the site. Similarly, CANRC002 showed 188 metres at 0.28% copper and 0.07 ppm gold. The mineralisation appears close to the surface and remains open in all directions, signalling a promising outlook for defining a copper oxide resource.
Future Outlook
The surrounding infrastructure enhances the project’s appeal, located 25 km east of Chala and only 10 km from the coast. Given that the maiden drill program has only explored a small fraction of the target area, further results are highly anticipated, with assays for six additional drill holes expected by early February.
Graeme Drew, Managing Director of AusQuest Limited, commented: “This is a fantastic breakthrough for our shareholders and an extremely exciting way to start the New Year! We are now eagerly awaiting the results from the six outstanding drill-holes that show broad zones of continuous visible copper mineralisation.”
Following the announcement, Drew will host a live investor webinar to discuss the results and the project’s potential further.
Motley Fool contributor Lianne Eastty 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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