AusQuest (ASX:AQD) - Managing Director, Graeme Drew
Managing Director, Graeme Drew
Source: The Market Herald
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  • AusQuest (AQD) gears up to begin drilling at its Los Otros Porphyry Copper Project
  • The program will see up to five holes drilled over roughly 1500 metres to test a large porphyry copper target close to the Palaeocene Porphyry Copper Belt in Peru
  • Access preparations will get underway next month ahead of drilling in December
  • Shares have closed up 5.88 per cent at 1.8 cents each

AusQuest (AQD) has been granted permits to begin drilling at its Los Otros Porphyry Copper Project in southern Peru.

The project is subject to the company’s strategic alliance agreement with a subsidiary of fellow ASX player South32 (S32).

The upcoming program will comprise between three and five holes for up to roughly 1500 metres and is designed to test a large porphyry copper target close to the Palaeocene Porphyry Copper Belt of southern Peru — a major copper-producing region.

Notably, the prospect lies within 35 kilometres of the Cuajone mine, which is being developed by ASX-listed Anglo American (AQM), and roughly 45 kilometres from the Toquepala mine, which is operated by Southern Copper.

The target at Los Otros is reportedly associated with an area of advanced argillic alteration that has a Palaeocene age date, similar to the age dates reported for giant porphyry copper deposits that occur nearby.

Additional structures are evident in the area, with some paralleling regional fault systems believed to be closely associated with the large porphyry copper deposits of the region.

AusQuest Managing Director Graeme Drew said the company was looking forward to commencing drilling at Los Otros before the end of the year.

“Our team in Peru has already begun preparations for this program, which will be completed with due regard for COVID-19 safety procedures in order to ensure the health and wellbeing of our employees and contractors,” he said.

AusQuest has finalised a drill contract with operations expected to kick off in December, with an estimated completion time of two to three weeks.

Access preparations are scheduled for November ahead of the drilling.

Shares closed up 5.88 per cent at 1.8 cents each.

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