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AusQuest (ASX:AQD) - Managing Director, Graeme Drew
Managing Director, Graeme Drew
Source: The Market Herald
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  • AusQuest (AQD) confirms copper potential at the Parcoy Copper Project in southern Peru, following proof-of-concept drilling
  • The program included ten wide-spaced reverse circulation drill-holes testing two target areas identified by previous rock-chip and soil sampling programs
  • Copper grades within the mineralised zones average around 0.2 per cent copper, with elevated silver and occasional gold
  • AQD says the results highlight the potential for significant thicknesses of copper in this area and is planning for the next round of drilling
  • Shares are trading 4.76 per cent higher at 2.2 cents at 1:15 pm AEST

AusQuest (AQD) has confirmed the copper potential of the Parcoy Copper Project in southern Peru, following completion of proof-of-concept drilling.

The maiden drilling program kicked off at the end of April, with ten wide-spaced reverse circulation drill-holes testing two target areas identified by previous rock-chip and soil sampling programs.

At the northern end of the prospect, drilling intersected copper mineralisation associated with potassic-iron alteration, which the company said appears to be conformable with the shallow, northeast dipping volcanic strata.

Further, AQD believes the shallow mineralisation, with anomalous copper extending to depths of more than 200 metres, highlights the potential for significant thicknesses of copper in this area.

Over in the southern area, results have provided the company with evidence that copper mineralisation is strata-bound, with continuity of anomalous copper values between two drillholes.

The copper grades within the mineralised zones average around 0.2 per cent copper and are said to be often associated with elevated silver, up to 7.7 grams per tonne, and occasional gold of up to 1.4 grams per tonne.

The northern and southern drilled areas are widely separated by around five kilometres along the inferred feeder structure and while the company notes the intervening area contains highly anomalous surface and rock-chip copper values, access to these areas is unattainable at present.

Exploration at Parcoy is being undertaken by the company’s strategic alliance agreement with a subsidiary of South32, and is currently considering the access boundary to facilitate a more targeted drilling campaign in the future.

With the reverse-circulation program complete, AQD said the results have confirmed the company’s concept for large-scale manto-style copper mineralisation.

AusQuest Managing Director Graeme Drew said the company’s next challenge is to find where the copper grades are highest and sh and at relatively shallow depths.

“There are a number of possibilities and strategies that we are discussing with our Strategic Alliance partner before planning the next round of drilling”

“We expect to complete this work over the coming weeks and months and will advise shareholders once the next program has been finalised.”

Shares were trading 4.76 per cent higher at 2.2 cents at 1:15pm AEST.

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