- Exploration company AusQuest (AQD) has confirmed the presence of copper in rock-chip samples from its Parcoy Prospect in Peru
- 24 of the samples collected across the prospect contained over one per cent copper
- The similarities to AusQuest’s Cerro de Fierro Project suggests that Parcoy may host comparable iron-oxide copper-gold mineralisation
- The company expects to receive final drilling approval for Parcoy during 2020’s third quarter, depending on COVID-19 delays
- AusQuest shares remain grey today, trading for 1.1 cents per share
Exploration company AusQuest (AQD) has confirmed the presence of copper in rock-chip samples from its Parcoy Prospect in Peru.
The company collected rock-chip samples from all over the Parcoy prospect. 24 of those samples reportedly contained in excess of one per cent copper.
Many of the rock-chip samples came from andesitic areas, in which volcanic rock occurs. Andesite, a fine-grained greyish volcanic rock, takes its name from the Andes mountain range, which passes through Peru.
Parcoy’s volcanics are similar to those at AusQuest’s Cerro de Fierro Project, located 50 kilometres south-east of Parcoy. Cerro de Fierro’s volcanics contain copper mineralisation, which suggests that Parcoy may also host similar iron-oxide copper-gold mineralisation.
Parcoy’s volcanics had anomalous copper values, associated with various indicator elements. These include Molybdenum, Bismuth, Gold, Tellurium, Zinc, and Antimony.
These copper values helped AusQuest to define at least two priority target areas along the prospective north-west trending structure. These priority target areas each cover several square kilometres in size.
The southern half of the Parcoy Prospect has monzodiorite rock, which reportedly has high copper values. This reflects vein-style mineralisation, which currently appears to have limited size potential.
AusQuest has completed base-line environmental and archaeological surveys onsite at the Parcoy Prospect. The company is now in the process of submitting drill permit applications for twenty drill pads in the area.
The company expects to receive the government’s final drilling approval for Parcoy during the third quarter of 2020. However, this depends upon the delays caused by the ongoing COVID-19 health crisis.
AusQuest shares remain grey today, trading for 1.1 cents per share at 12:18 pm AEST.