AusQuest (ASX:AQD) has confirmed the continuity of copper mineralisation within its Cerro de Fierro Project in Peru, after receiving assay results from the latest reverse circulation drilling program.
The latest assays returned are similar results to those reported from earlier drilling, with several zones of copper intersected in three of the four holes drilled.
AusQuest, which has a market capitalisation of $10.72 million, says drilling intersected a structurally complex set of dykes and dacite sills above the targeted andesitic volcanics, which are the main host rocks for copper in the area.
Managing Director Graeme Drew says the recent drilling shows the continuity of the copper-gold system across a “large” area, albeit within a structurally complex area that has complicated the distribution of mineralisation.
“We continue to hit lots of smoke but geological complexity has made it harder to locate the fire,” he says.
“The potential for a sizeable copper resource at Cerro de Fierro may lie at depth, where our magnetic survey suggests the possibility for deeper mineralisation several hundred metres to the north of our current drilling.”
Drew adds that AusQuest is awaiting results from a geochemical study and integrating these with earlier drill results before the company properly assesses the project.
“This is only one of four large-scale manto and porphyry copper-gold targets that we have located in the region and are looking to drill over the next six to 12 months, so we are only just getting started in the current phase of exploration,” he says.
The Cerro de Fierro Project lies at the southern end of a recognised iron-oxide copper-gold metallogenic belt in southern Peru.
Write to Aaliyah Rogan at Mining.com.au
Images: AusQuest
