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Ausquest Limited (ASX:AQD)

ALERT: Price-sensitive ASX Announcement for AQD
Current share price for AQD : $0.030 -0.019 (-38.78%)+
Announcement
Release
3 Sep 2026 8:22AM
Price at Release
$0.049
Full Release
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Summary
AusQuest Limited announced that assay results from the first two diamond drill-holes at its 100%-owned Cangallo Porphyry Copper-Gold Project in Peru have materially expanded and strengthened the copper system, with CANDD003 in the southern corridor intersecting 348m at 0.23% Cu and 0.06g/t Au from 178m and extending mineralisation well below previous RC drilling to at least 800m vertical depth, while also indicating nearby higher-grade feeder zones associated with intense veining, porphyritic dykes and hydrothermal breccias; CANDD004 in the northern area returned 355.8m at 0.31% Cu and 0.05g/t Au from 34.2m, including multiple higher-grade intervals, confirming strong lateral continuity of copper mineralisation and supporting an interpreted steep southerly plunge to higher-grade zones, with the company stating that ongoing diamond drilling is aimed at testing deeper hypogene sulphides, refining the geological model and potentially growing the scale and grade potential of what it views as an important South American copper discovery.
Key Points
  • Announcement dated 3 September 2026.
  • AusQuest Limited (ASX: AQD) reported results from the first two diamond drill-holes at the 100%-owned Cangallo Porphyry Copper-Gold Project in Peru.
  • CANDD003 returned 348m at 0.23% Cu and 0.06g/t Au from 178m, including higher-grade intervals of 10m at 0.46% Cu, 10m at 0.56% Cu and 10m at 0.40% Cu.
  • CANDD003 significantly extended copper mineralisation in the south to at least 800m vertical depth below the previous RC drilling limit of about 350m.
  • CANDD003 also indicated potential higher-grade feeder structures linked to intense veining, porphyritic dykes and hydrothermal breccias.
  • CANDD004 returned 355.8m at 0.31% Cu and 0.05g/t Au from 34.2m, with multiple higher-grade zones including 40m at 0.48% Cu, 10m at 0.73% Cu, 20m at 0.53% Cu and 10m at 0.54% Cu.
  • CANDD004 confirmed lateral continuity of higher-grade copper mineralisation in the northern part of Cangallo.
  • AusQuest interprets a possible steep southerly plunge to higher-grade mineralisation in the north.
  • Higher-grade zones above about 250m depth in CANDD004 are largely attributed to supergene effects, while deeper higher-grade zones are associated with hydrothermal breccias and porphyritic dykes.
  • The drilling program is designed to test for hypogene copper mineralisation at depth and improve targeting of higher-grade copper zones.
  • Diamond drilling is continuing, with further holes planned to test depth extensions and refine controls on mineralisation.
  • The Cangallo project comprises 14 granted mineral concessions held through Questdor, a 100% subsidiary of AusQuest, located about 25 km east of Chala in southern Peru.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.