AusQuest Limited (ASX:AQD) Initiates Stage 2 Drilling at Cangallo Project
Exploration Results
AusQuest Limited (ASX:AQD) announced that the initial reverse circulation (RC) drilling program at its 100% owned Cangallo Project in Peru has provided strong indications of a potential large-scale porphyry copper-gold system beneath shallow cover. The maiden drilling program revealed widespread copper veining and hydrothermal alteration, with copper grades reaching up to 1.1% Cu within tonalite porphyry dykes, suggesting the possibility of higher copper grades at the system’s centre. Additionally, evidence of supergene enrichment was found, indicating the potential for high copper grades beneath the shallow cover.
Future Drilling Plans
The company plans to commence Stage 2 RC drilling in April 2025, targeting approximately 5,000 metres to extend the existing copper-gold mineralisation. This phase will involve redirecting drill holes from the original pads and stepping out in multiple directions to locate the porphyry system’s centre. Following Stage 2, deep diamond drilling is set to proceed. A water permit application has been submitted to facilitate the deep drilling activities.
Executive Comments
AusQuest’s Managing Director, Graeme Drew, stated, “Success will create significant value for our shareholders and mark a transformative period for the Company. We look forward to keeping the market updated on the commencement of drilling.”
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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