Copper – Gold (100% AQD)

Peru, South America

Over the past ten 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 sampling, together with ground-based geophysical surveys has been used to identify targets for drilling.

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. It 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 potassically 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 including 30m @ 0.5% Cu and 5.6g/t Ag from surface, and 30m @ 0.43% Cu, 0.16g/t Au + 43m @ 0.43% Cu, 0.35g/t Au + 28m @ 0.42% Cu, 0.15g/t Au from ~100m depth in drill-hole CDFDD03 which is thought to be on the edge of a mineralised system. Further drilling has been planned.

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 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.

Drilling in FY 2023  at the Pirata prospect, confirmed the presence of multiple porphyry systems.  Strong indications of advanced argillic alteration, (as defined by anomalous pathfinder elements Mo >10ppm, Bi >5ppm, Te >5ppm, W >10ppm) and high temperature mineralogy (pyrophyllite and diaspore), highlighted the potential for a number of preserved porphyry copper systems in this area.

Subsequent surface mapping and sampling at the Lantana prospect located along the Pirata trend, identified copper mineralisation within veined volcanics adjacent to areas of advanced argillic alteration (lithocap). Strong copper and molybdenum values (19 samples >0.5% Cu including 12 > 1.0%Cu; 14 samples > 5ppm Mo up to 77ppm Mo) over an area of ~2,000m x 800m, suggest excellent potential for a nearby mineralised porphyry copper system.

The Cangallo Porphyry Copper Project is located approximately 20km west of the Cerro de Fierro Project along the same E-W structures that appear to control the emplacement of porphyry copper systems in the area. The project is located ~10km from the coast, close to infrastructure.

Geological mapping and rock-chip sampling has identified a partially exposed copper (+/- gold) porphyry system within a large-scale (5km x 2km) caldera-like structure containing extensive colluvial and sediment cover.

Rock-chip sampling of limited outcrops has reported highly anomalous copper (up to 0.64% Cu), molybdenum (up to 42ppm Mo) and scattered gold values (up to 2.5g/t Au) associated with altered (sericite) volcanics and porphyritic rocks, defining a large target for drill testing.

Ground magnetics suggests the presence of complex structures with numerous faults and circular features implying multiple intrusive phases.

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.

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 targets for further testing.

The Company continues to be encouraged by results from its Peruvian projects, and plans to continue evaluating its extensive portfolio of large porphyry copper and/or IOCG targets in the south of Peru.

Revised 11/03/2024.

Peru Location Plan

Cerro de Fierro – New Drill Platforms

Pirata Prospects

Lantana Prospect – Copper in Rock Chips

Cangallo – Anomalous Cu & Mo Over Planned Drill Sites

Parcoy – RC Copper in Rocks

Parcoy – RC Drill Section

Playa Kali – Ground Magnetics & Geochemistry