COPPER – GOLD
(100% AQD – Selected Prospects Subject to S32 Strategic Alliance)
Peru, South America.
Over the past five years AusQuest has assembled a world-class exploration opportunity in Peru, South America – one of the world’s most prominent destinations for international copper exploration.
In February 2017 the Company announced a Strategic Alliance with South32 (SAA) who are providing funds to advance selected early stage prospects to the drilling stage with follow-up drilling under agreed joint venture terms. Initial funds of US$1.5M have been received for exploration programs in both Peru and Australia. Peruvian projects under the SAA currently include Chololo, Los Otros and Cerro de Fierro. For more details of the SAA, please refer to the ASX announcement on February 20 2017 – “Strategic Exploration Alliance with South32“.
Detailed aeromagnetic data acquired by the Company in 2011 have been used to identify porphyry copper and IOCG prospects beneath the extensive sand and sediment cover in southern Peru and a combination of geological mapping and sampling, together with ground-based geophysical surveys to identify targets for drilling.
The Chololo porphyry copper prospect which is located ~30km north-east of the port of Ilo, is associated with the north-east trending Chololo Fault which controls the location of other known porphyry copper systems in the area.
Detailed geological mapping, rock and soil sampling has identified potential for a buried porphyry copper system in the area, as defined by advanced argillic alteration, anomalous copper (100ppm to 1220ppm), molybdenum (8ppm to 306ppm) and elevated gold values (20ppb to 815ppb), and IP surveys, funded by the alliance, are in progress to help identify targets for drilling.
The Los Otros prospect is located ~10km from the city of Moquegua, and has been the focus of detailed geological mapping and sampling over the past several months. Argillic alteration and anomalous geochemical values indicative of a possible nearby porphyry copper system have been identified by this program and further mapping and sampling is in progress to outline potential target areas for further evaluation.
The Cerro de Fierro prospect occurs in the Chala region of southern Peru and was initially acquired to test a discrete magnetic target identified by the Company’s aeromagnetic survey. The prospect also occurs within a large area of potassically altered volcanics – a common indicator of IOCG style mineralising systems. Geological mapping and sampling programmes have identified large areas containing anomalous copper with numerous samples in excess of 0.1%Cu in surface samples. IP surveys are currently being planned by the alliance to advance this prospect to the drilling stage.
The Company remains encouraged by the progress being made at all of its Peruvian projects, and plans to continue evaluating its extensive portfolio of large porphyry copper and/or IOCG targets with the aim of progressing further prospects to the drilling stage under the strategic alliance.
The company is currently exploring within Australia & Peru and holds in excess of 2,800 km² of exploration title (granted tenements and tenement applications).
Company office & mailing address:
8 Kearns Crescent, Ardross WA 6153
Phone: 08 9364 3866
Fax: 08 9364 4892
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