Peru Drilling Highlights Large Scale Potential
AusQuest Limited (ASX: AQD) is pleased to advise that its maiden drilling programme at the Parcoy Copper Project in southern Peru has highlighted the potential for large-scale accumulations of copper mineralisation across the project area.
The recently completed wide-spaced drilling has provided strong evidence for the presence of manto-style (replacement) copper mineralisation within the volcanic sequence, with thick zones (>100m) of anomalous copper (>200ppm Cu) intersected – confirming the migration of copper-bearing fluids within the volcanics over distances of at least 500m from the inferred feeder structure(s).
Copper grades within the mineralised zones average around 0.2% Cu (and up to 1.0% Cu), often associated with elevated silver (up to 7.7g/t Ag) and occasional gold (up to 1.4g/t Au).
Only the northern and southern extremities of the prospect have so far been tested by drilling due to access considerations.
Significant intersections from the current drilling program include:
• PARRC01 – 34m @ 0.22% Cu from 8m
• PARRC05 – 18m @ 0.18% Cu, 1.8g/t Ag from 156m
• PARRC07 – 40m @ 0.22% Cu, 1.0g/t Ag from 266m
• PARRC08 – 10m @0.27% Cu from 262m
• PARRC08 – 36m @ 0.26% Cu from 280m (including 4m @ 0.36% Cu & 1.1g/t Au)
At the northern end of the prospect, the copper mineralisation intersected in drill-hole PARRC01 is associated with potassic-iron alteration and appears to be conformable with the shallow north-east dipping (~20°) volcanic strata. The mineralisation is shallow (commencing from a depth of just 8m) with anomalous copper extending to depths of more than 200m, highlighting the potential for significant thicknesses of copper in this area.
Highly anomalous rock-chip samples to the south and east of drill-hole PARRC01 have been significantly upgraded by these results, outlining a high-priority target close to the inferred feeder structure(s) for further exploration.
Volcanics intersected in drill-holes PARRC02, PARRC03 and PARRC04 occur close to the intrusive monzodiorite contact and are sodic rather than potassically altered. Copper values within these volcanics are lower than in PARRC01, although several narrow zones (<20m) of anomalous copper (<1,000ppm Cu) with occasional gold values (of up to 0.2g/t Au) were reported in PARRC03. Intrusive rocks intersected below the volcanics are altered (sodic) but so far appear barren of copper.
AusQuest Managing Director Graeme Drew said results from the recent drilling program had confirmed the Company’s concept for large-scale manto-style copper mineralisation at Parcoy.
“Our drilling has clearly demonstrated the thick, extensive nature of copper mineralisation within the volcanic sequence, which is similar in many ways to what we have seen at our Cerro de Fierro Project to the south,” he said. “Our next challenge is to find where the copper grades are higher (>0.5% Cu) and preferably at relatively shallow depths,” he said.
“There are a number of possibilities and strategies that we are discussing with our Strategic Alliance partner before planning the next round of drilling,” he added. “We expect to complete this work over the coming weeks and months and will advise shareholders once the next programme has been finalised.”
For further information please visit: http://www.ausquest.com.au/
