AusQuest (ASX:AQD) will finally commence its copper-hunting drill run at its Peruvian digs is imminently. This means shareholders can likely look forward to first pass assay results from the Cangallo copper project in early 2025.
Eight drill holes will be sunk on-site for 2,500m of core or core equivalent and it’s expected to be about a month-long job.
That’s not too bad of a wait though considering things took a year to get underway.
Cangallo is a porphyry copper project and AusQuest described the nature of its deposit – an interpreted target at this stage – as undrilled. Drills will fire up in mid-December with first assays back late January.
In the background, the company is shoring up permit compliance to go ahead and do the same at its Lantana and Playa Kali copper targets elsewhere.
Worth noting, however – target areas so far have been selected based on rock chip samples. More than one campaign of drilling will be needed for geotechs to figure out what’s going on underground with any reliability.
“This is a very exciting time for the company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months,” AusQuest MD Graeme Drew said.
“Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
AQD last traded at 1cps.
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