AusQuest Extends Cangallo Copper Mineralisation to 800m with High-Grade Zones

Diamond Drilling Confirms Depth and Grade Extensions at Cangallo

AusQuest Limited (ASX:AQD) has delivered compelling assay results from the first two diamond drill holes at its 100%-owned Cangallo Porphyry Copper-Gold Project in Peru, significantly expanding the known footprint of copper mineralisation. The southern drill hole, CANDD003, has extended mineralisation to at least 800 metres vertical depth, while CANDD004 in the north confirms lateral continuity of higher-grade copper zones, reinforcing the potential scale and complexity of the porphyry system.

Broad Intersections with Multiple Higher-Grade Zones

CANDD003 returned a broad intersection of 348 metres grading 0.23% copper and 0.06 g/t gold from 178 metres, including several narrower higher-grade intervals up to 0.56% copper. These higher-grade zones are associated with intense veining, porphyritic dykes, and hydrothermal breccias, hallmarks of fluid conduits from a mineralised source porphyry. Notably, copper values reach up to 1.0% within these structures, suggesting a strong mineralising system at depth.

Meanwhile, CANDD004 intersected 356 metres at 0.31% copper and 0.05 g/t gold from just below surface cover, with multiple higher-grade intervals exceeding 0.5% copper. The northern hole’s results demonstrate the lateral continuity of mineralisation previously identified by RC drilling and suggest a possible steep southerly plunge to the higher-grade zones, hinting at a structurally controlled mineralised feeder system.

Implications for Project Scale and Future Drilling

These results mark a major step in understanding Cangallo’s vertical and lateral extent. The southern hole’s depth extension to 800 metres and the confirmation of higher-grade feeders in both northern and southern corridors provide tangible evidence of a large porphyry system with multiple mineralising events. AusQuest’s Managing Director, Graeme Drew, highlighted that the data enhances geological models and boosts confidence in the potential for significant resource growth once Stage 4 drilling permits are secured.

Diamond drilling continues with further holes planned to test depth extensions and better define controls on copper distribution below the deep oxide zone. The company is methodically building a geological picture to vector towards the highest-grade parts of the system, which remains open at depth and along strike.

Technical Rigor and Exploration Methodology

The diamond drilling program employs industry-standard sampling and assay techniques, including continuous core sampling, four-acid digestion, and ICP-MS analysis conducted by ALS del Peru, a certified laboratory. Core orientation and detailed geological logging support structural interpretation, while QA/QC protocols ensure data integrity. Drilling collars are precisely surveyed, and downhole surveys conducted at 10-metre intervals provide accurate spatial control.

The company’s approach aligns with best practice for porphyry copper exploration, targeting hypogene sulphide mineralisation beneath the oxide zone and focusing on feeder zones that typically host higher-grade mineralisation. This strategic drilling is designed to deliver a robust dataset for future resource estimation and mine planning.