AusQuest Limited (ASX: AQD) has reported that further surface rock-chip sampling at its Cangallo Porphyry Copper Prospect in southern Peru has enhanced the potential to discover large-scale porphyry copper mineralization.
The Cangallo Prospect, which is located ~25km east of the town of Chala and 10km from the coast, was originally identified by the company’s aeromagnetic/radiometric survey and subsequently acquired when the area became available for pegging.
Managing director, Graeme Drew, commented, “Much of the porphyry mineralization appears to be hidden beneath cover, which we believe to be relatively thin. The size of the target (~4km²) continues to impress – with most, if not all of the small sub-crops within the covered area reporting highly anomalous copper and/or molybdenum values, suggesting there is more to be found.”
Recently completed in-fill rock-chip sampling over the southern diorite porphyry and from limited small outcrops within the covered area has consistently reported highly anomalous copper, ranging from 500ppm Cu to 0.64% Cu, and molybdenum, ranging from 5ppm Mo to 42ppm Mo.
This supports the potential to discover of large-scale porphyry mineralization beneath the shallow cover, outlining a large target area ~2.5km x 1.5km in size to be tested by drilling.
Additionally, the anomalous copper and molybdenum values are generally associated with sericite and potassic alteration, suggesting close proximity to porphyry-style mineralization.
The fact that nearly all of the small outcrops sampled within the covered area are anomalous in copper and/or molybdenum, presents a strong case for the company to undertake drill testing to identify porphyry copper mineralization beneath the cover.
Drill permitting has advanced, with currently planned drill sites approved by the Mines Department (MINEM) and approval of surface rights by the Housing Ministry (SBN) expected by the end of this year.
“The company is very encouraged by these results and remains committed to drill testing the Cangallo prospect as soon as it is able to do so.” Mr. Drew added.
To find out more, please visit www.ausquest.com.au
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