AusQuest Returns 708m Copper Intercept at Cangallo Porphyry Project in Peru

Anjali Anand

12 November 2026 10:15 AM AEDT

AusQuest Returns 708m Copper Intercept at Cangallo Porphyry Project in Peru

Image Source: Krish Capital Pty Ltd

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AusQuest Limited (ASX:AQD) has reported assay results from diamond drill-holes CANDD005 and CANDD006 at its 100%-owned Cangallo Porphyry Copper-Gold Project in Peru, with CANDD005 returning 708 metres at 0.21% copper and 0.05g/t gold from 4 metres depth, and CANDD006 returning 618 metres at 0.26% copper and 0.06g/t gold from 36 metres depth, described by the company as the longest copper intercepts reported to date at the project.

Key Points

CANDD006 returned 114 metres at 0.40% copper and 0.07g/t gold, with multiple higher-grade intervals including 30 metres at 0.41% copper and 0.10g/t gold
CANDD005 delivered 40 metres at 0.40% copper and 0.11g/t gold among several higher-grade intersections within a 708-metre overall interval
Copper oxide mineralisation extends to approximately 250 metres down-hole in CANDD005, with deeper hypogene mineralisation consisting of disseminated chalcopyrite and chalcocite
Stage 4 drilling approvals have been secured, with 20 new drill pads sited to extend the copper-gold footprint south of current drill coverage
The Peruvian Government has declared Cangallo a Project of National Interest, according to the filing

Diamond Drilling Results at Cangallo North

Assay results from CANDD005 and CANDD006 extend copper mineralisation at depth, with intersections commencing from near surface and continuing beyond 600 metres in the north of the prospect. Higher-grade intercepts above 0.40% copper were reported in both shallow oxide zones and at depth, associated with more intense veining and fluid breccias within volcanic host rocks. The company stated that stockwork veining within CANDD006 occurs from near-surface to approximately 600 metres depth, with higher copper grades occurring within the oxide zone and associated with more intense veining, highlighting potential for higher copper grades at depth.

Mineralisation Character and Geological Controls

Copper oxide mineralisation in CANDD005 extends to approximately 250 metres down-hole, with chrysocolla, atacamite, malachite and tenorite identified in the core. Deeper hypogene mineralisation is associated with quartz sericite, phengite, and chlorite alteration, with disseminated chalcopyrite and chalcocite and occasional bornite. The filing states geological data indicates the Cangallo porphyry system is related to a multi-phase intrusive event creating a continuous stockwork vein system over a strike length of at least 1.5 kilometres, with intrusive dykes and stocks extending over at least 2.5 kilometres, and the system described as still open in most directions.

Stage 4 Drilling Program and Southern Extensions

Following receipt of drill permits from government on 20 October 2026, AusQuest has sited 20 new drill pads to extend the copper-gold footprint south of current drill coverage. Managing Director Graeme Drew said approvals are now secured for the Stage 4 drilling program, with the program to test southern extensions where previous surface sampling identified significant anomalism. The company is also pursuing additional drill permits to expand exploration to the north and east. Drew noted the Peruvian Government's declaration of Cangallo as a Project of National Interest, stating the company believes this could help streamline future drilling approvals. The company said diamond drilling results are laying foundations towards definition of a maiden Exploration Target.

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