AusQuest (ASX:AQD) is planning further drilling at its Cangallo Porphyry Copper-Gold Project in southern Peru after the discovery received Project of National Interest (PIN) status from the Peruvian Government.
AusQuest says Cangallo is the first advanced exploration venture in the country to receive the designation.
The declaration is backed by a ministerial resolution dated 21 October 2026, which proposes a 3,600-hectare land reservation over four years.
Cangallo is located in the Chaparra District of Arequipa and held by AusQuest’s wholly owned subsidiary, Questdor. Planned project investment is at US$6.6 million ($9.4 million).
Managing Director Graeme Drew says achieving PIN status for Cangallo is a major milestone for the company.
“[The declaration of PIN status] provides a high level of protection for surface rights over the project, as well as providing a secure pathway for project development over the next four years,” Drew says.
“The approval […] also signifies the new Peruvian Government’s proactive support for investments in exploration and new mining ventures in Peru.”
AusQuest has already secured approvals for a stage four drilling program comprising 20 drill pads to test extensions of copper mineralisation up to 1km south of the known deposit.
Rock-chip sampling and geophysics indicate copper and possible gold mineralisation could expand the drilled footprint past 1.5km of strike length.
The company is also seeking permits for the additional 20 drill pads under an accelerated government initiative, targeting drilling commencement in the first half of 2027.
AusQuest is a mineral explorer focused on identifying early-stage, large-scale mineral targets, with over 5,000km2 of exploration tenure across Australia and Peru.
Write to Paula Fabe at Mining.com.au
Main image: AusQuest
