Copper – Gold (100% AQD)
Cangallo – Peru, South America
The Cangallo Porphyry Copper Project is extremely well located being approximately 30km east of the town of Chala, ~8km from the coast, at an elevation of 1200m and close to power lines and the main Pan pacific highway.
Geological mapping and rock-chip sampling identified a partially exposed copper (+/- gold) porphyry system within a large-scale (3km x 2km) caldera-like structure (topographic low) where extensive cover has masked the potential of what may lie beneath. Small subcrops poking through the sand cover contain sericite altered and veined volcanics that are anomalous in copper and molybdenum which suggested potential for a buried porphyry copper system beneath the cover.
Wide spaced drilling (300m spaced RC drill-holes) completed to date at Cangallo, has defined a large-scale corridor of continuous mineralisation +1500m of strike, 250-500m in width, and to a depth exceeding 400m with this footprint expanding with every drill program. Mineralisation remains open in multiple directions including depth, with strong indications on the southern-most drill section that further significant extensions are likely.
Broad copper intersections reported to date suggest that a 0.1% Cu cut-off grade provides a good indication of the overall size of the porphyry system but does not highlight the continuity of higher copper grades which occur within the mineralised envelope. Importantly the mineralisation is oxidised for at least 200 to 250 metres below surface with secondary sulphides occurring to depths in excess of 300m, making the mineralisation a potential candidate for low cost heap leaching to recover the copper.
Multiple +0.5% Cu intervals greater that 10 metres in thickness are emerging on each drill section within the broader mineralised envelope, demonstrating the capability of the porphyry system to produce higher grade copper either through supergene enrichment processes or as hypogene mineralisation within dykes related to the porphyry system.
Higher copper grades (>0.5% Cu) are expected to occur at depth within the source porphyry or in areas of increased veining, based on results reported so far. Continuity of higher-grade copper zones is unknown at this stage given the broad-spaced nature of the drilling completed to date.
Copper intersected to date occurs as both oxides and sulphides in stockwork veins and fractures within the volcanic host rocks and is generally associated with chlorite / sericite alteration that appears to be late stage.
Further RC and diamond drilling is planned in 2026, to expand to size of the porphyry system and test for higher copper sulphide grades below the oxidised resource that has been defined by the shallower RC drilling. Results from this work have the potential to make this a significant new porphyry copper-gold discovery in Peru.
Revised 26/03/2026.
Cangallo – Stage 3 RC drill-holes and significant intersections averaging greater than 0.3% Cu
Cangallo – Stage 3 RC drill-holes with copper profiles and potential extensions inferred by drilling and surface copper anomalism.
Cangallo – RC drill section 8244200N showing copper intersections averaging +0.30% Cu
Cangallo – Long Section A-A’ showing the open-ended extent of copper mineralisation defined to date by the RC drilling program
Cangallo – Core photo from CANDD002 at 581m, showing mineralised vein within the host volcanics – chalcopyrite (brassy yellow colour) and pyrite with chlorite and sericite within the central vein surrounded by a potassic alteration selvage (quartz and K feldspar).
Cangallo – Core photo from CANDD002 at 379m, showing multiple vein sets within the host volcanics and quartz sericite veins containing chalcopyrite (brassy yellow colour
