AusQuest (ASX:AQD) is set to begin a new phase of diamond drilling of over 5,000 meters at the Cangallo porphyry copper-gold project in Peru to test for higher-grade mineralization, according to a Friday Australian bourse filing.
It also said stage three reverse circulation drilling at the project highlighted extensive copper-gold mineralization from near surface. It encountered intercepts of 176 meters at 0.38% grade of copper and 0.07 grams per tonne grade of gold from 40 meters, as well as 236 meters at 0.3% copper and 0.08 g/t grade of gold from two meters.
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