AusQuest has made a major discovery of a porphyry copper deposit in Southern Peru, with drill results showing impressive copper grades. The company's Cangallo project, located near the coast, has the potential to be a low-capital development project. Shares in AusQuest have surged over 200% on news of the discovery.
AusQuest has announced a significant porphyry copper discovery in Southern Peru after reporting a drill assay of 348 meters grading 0.26% copper and 0.06 parts per million gold from 6 meters. A second assay of 188 meters at 0.28% copper and 0.07 ppm gold from 214 meters was also reported, with results of the other six holes in an eight-hole program expected by early February. The 'true width' of the mineralization is as yet unknown.
\AusQuest stated that 'broad zones of visible copper mineralization — both oxides (malachite, chrysocolla, and brochantite) and sulphides (mainly chalcopyrite) — are evident throughout seven of the eight holes drilled.' A total of eight holes for circa 3000 meters of RC drilling was completed using five of the twenty approved platforms that were spaced about 300-400 meters apart. \The discovery is at AusQuest's Cangallo project and is located about 25 kilometers east of the town of Chala and within 10 kilometers of the coast. The Cangallo discovery has the potential to be a low-capital copper development project. Shares in AusQuest surged more than 200% in response, capitalizing the company around A$30 million. In terms of funding, AusQuest unveiled a $2.6 million rights raising last October, with $1.8 million initially taken up before a further $600,000 shortfall was subscribed-for. Ausquest is led by geologist Graeme Drew, who has been at the helm of the junior since it listed in 2003 following a A$4 million IPO. While the company was a market success in 2006 and 2008, longstanding shareholders have had little to get too excited about since. Perhaps until now. In early afternoon trade, shares in AusQuest were up 212% to 2.5c, capitalizing the company at $28 million. The raising late last year priced new shares at 0.8c each
Copper Discovery Porphyry Copper Ausquest Peru Cangallo Project Mining Exploration
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