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  • Ausquest (AQD) has received encouraging initial results from its completed reverse circulation drilling program at the Cerro de Fierro Copper Prospect in southern Peru
  • AQD completed the 15-hole program over 5048 metres under its strategic alliance agreement with a wholly owned subsidiary of South32
  • Results from the initial seven holes indicate encouraging copper grades
  • The best copper intersections occurred within drill hole CDFRC04 and included 30 metres at 0.5 per cent copper and 5.6 grams per tonne silver from surface
  • AQD expects to receive results from the remaining eight holes next month
  • Ausquest shares are trading flat at 2 cents each

Ausquest (AQD) has received encouraging initial results from its reverse circulation (RC) drilling program at the Cerro de Fierro Copper Prospect in southern Peru.

The company completed the 15-hole program over 5048 metres under its strategic alliance agreement with a wholly owned subsidiary of South32.

So far, AQD has received assay results from the first seven holes drilled at the program.

These initial results, it says, indicate encouraging copper grades over widths of roughly 20 to 30 metres, from depths ranging from surface to 50 metres.

The widths, recorded in widely-spaced drill holes, highlight the potential to delineate an extensive zone of shallow copper oxide mineralisation, provided grade continuity can be established via further drilling.

The intersections also identified thick zones, greater than 80 metres, of strong advanced argillic alteration deeper in the profile, suggesting the possibility of nearby porphyry copper mineralisation.

The best copper intersections occurred within drill hole CDFRC04 and included 30 metres at 0.5 per cent copper and 5.6 grams per tonne silver from surface.

Another hole, CDFRC06, returned 28 metres at 0.57 per cent copper and 9 grams per tonne silver from 44 metres.

Located roughly one kilometre apart, the above drill holes suggest there is potential to delineate an extensive flat-lying sheet of mineralisation at depths of less than 50 metres.

According to AQD, the strong advanced argillic alternation intersected in the present program points to the possibility of two or more separate copper systems in the area.

Ausquest Managing Director Graeme Drew commented on the initial results from Cerro de Fierro.

“The possibility of defining a shallow coherent zone of copper oxide mineralisation, coupled with the recognition of a potential lithocap, which is often associated with porphyry copper mineralisation, has added an exciting new dimension to this prospect,” Graeme said.

The company expects to receive results from the remaining eight holes next month.

Ausquest shares are in the grey on Monday, last trading at 2 cents each at 4:39 pm AEDT.

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