- AusQuest (AQD) fails to hit mineralised porphyry at the Pirata copper project in Peru, but identifies potential for mineralised systems nearby
- Results from 21 reverse circulation drill holes testing five porphyry targets suggest mineralised systems are in close proximity to, but off-set from, the drill holes
- Future work, including drilling, is being discussed with South32 and will be considered under the strategic alliance agreement over the coming weeks
- AQD shares are trading at 1.7 cents, while South32 shares are down 1.89 per cent and trading at $4.67 at 1:45 pm AEDT
AusQuest (AQD) has failed to hit mineralised porphyry at the Pirata copper project in Peru, but has identified potential for mineralised systems nearby.
Under a strategic alliance agreement (SAA) between AQD and a South32 subsidiary, 21 reverse circulation drill holes were completed to test five porphyry and/or manto copper targets.
While the initial drilling had not intersected a mineralised porphyry, AusQuest’s Managing Director Graeme Drew said the results were encouraging.
In particular, strong indications of possible nearby porphyries were found at three of the five targets.
The results indicate the basal section of the lithocap was intersected at each of the three target areas, and suggest that the mineralised porphyry systems are located in close proximity to, but off-set from, the current drill-holes.
Mr Drew said while exploring for porphyry copper deposits where outcrop is poor and the porphyry mineralisation is overlain by intense alteration can be difficult, finding the source of the alteration would be “highly rewarding”.
“We remain very encouraged by the potential for large-scale porphyry copper discoveries in
the general Cerro de Fierro – Pirata region and we look forward to continuing our exploration in this region through 2023″.
Future work, including drilling, is being discussed with South32 and will be considered under the SAA over the coming weeks.
AQD shares were trading at 1.7 cents, while South32 shares were down 1.89 per cent trading at $4.67 at 1:45 pm AEDT.