Copper – Gold (100% AQD)
Peru, South America
Over the past fifteen years AusQuest has assembled world-class exploration opportunities in Peru, South America – one of the world’s most prominent destinations for international copper exploration.
Detailed aeromagnetic data acquired by the Company in 2011 have been used to identify porphyry copper and IOCG prospects beneath the extensive volcanic, sand and sediment cover in southern Peru. A combination of geological mapping and surface sampling, together with ground-based geophysical surveys has been used to identify targets for drilling. The recent discovery of porphyry copper at Cangallo has highlighted the potential of the Company’s projects in Peru.
The Cerro de Fierro Copper Project is located approximately 140km south of the Mina Justa copper mine (~475Mt @ 0.68% Cu) in the Chala region of southern Peru. The project was initially acquired to test a discrete magnetic target identified by the Company’s regional aeromagnetic survey. The prospect occurs within a large area of potassic altered volcanics – a common indicator of IOCG style mineralising systems.
Geological mapping and sampling identified numerous targets both for IOCG and porphyry copper style mineralisation within the greater project area.
Initial drilling focussed on the IOCG potential of the project intersecting extensive copper mineralisation within andesitic volcanics at relatively shallow depths.
The Pirata Prospect which is located immediately east of Cerro de Fierro contains at least six possible porphyry copper and/or manto-style copper targets spread over a 20km distance within a major east-west structural corridor that appears to contain the Zafranal Porphyry Copper deposit which was recently approved for development by Teck.
Surface mapping and rock-chip sampling at the Lantana Prospect located along the Pirata trend, identified strong copper mineralisation within dykes intruding the host volcanics adjacent to areas of advanced argillic alteration (lithocap). Numerous high copper (>1.0% Cu) and molybdenum (>5ppm Mo) values over an area of ~2,000m x 800m, suggest excellent potential for a well-mineralised porphyry copper system in this area.
Drill Permits for 20 drill pads and access are imminent. Drill testing of this prospect is planned for 2026.
The Playa Kali IOCG Project is located ~20km east of the town of Chala and covers an area along the coast that is prospective for manto copper deposits similar to the Mina Justa deposit which occurs ~50 km to the north-west.
The Company has completed surface mapping and sampling and undertaken ground magnetic surveys which have outlined a number of IOCG targets for drill testing. Numerous manto (Fe) outcrops with visual evidence of copper mineralisation have been located at Playa Kali, providing strong evidence for extensive manto development in the area.
An RC drill program (20 drill pads) has been designed to test a range of magnetic targets with drill permits expected shortly to allow drilling to commence in 2026.
The Parcoy Copper Project is located ~50km north of Cerro de Fierro, and is targeting both manto-style and porphyry copper mineralisation adjacent to structures that are known to host copper mineralisation. Interpretation of the Company’s airborne data suggests widespread potassic alteration across the Project area.
Reconnaissance mapping and rock chip sampling outlined large areas of anomalous Cu (150ppm up to 3.2% Cu) and gold (50ppb to 1.6ppmAu) within both andesitic volcanics and intrusive monzodiorites. Wide spaced drilling completed to date confirmed the presence of manto-style copper mineralisation up to 500m away from copper bearing structures and also identified potential for porphyry copper mineralisation lateral to advanced argillic alteration zones intersected within the volcanic sequence.
The Chololo Porphyry Copper Project is located ~30km from the port of Ilo in the south of Peru. The prospect is also located ~2km north of the Ilo-Este Porphyry Copper discovery which although sub-economic, demonstrates the presence of porphyry mineralisation in the area.
Initial wide spaced drilling at Chololo intersected advanced argillic and phyllic alteration in several drill-holes providing evidence for a preserved porphyry copper system nearby. A review of the drilling data indicates the porphyry mineralisation is likely to occur at relatively shallow depths (~100m) beneath an outlier of preserved Moquegua Formation sediments. Further drilling is required.
Revised 26/03/2026.
Peru Location Plan
Lantana – Geology plan showing permitted drill pads in relation to highly anomalous surface copper samples (>1.0% Cu).
Playa Kali – Ground magnetic targets showing permitted drill pads and copper bearing manto outcrops (0.14% to 1.96% Cu) along the coast.
