AusQuest Limited has announced that a major diamond drill program comprising 10 holes for 5,000m has commenced at its Chololo porphyry copper project in southern Peru.
AusQuest Limited (ASX:AQD) has announced that a major diamond drill program comprising 10 holes for 5,000m has commenced at its Chololo porphyry copper project in southern Peru. Two drill rigs are currently on site with the first rig drilling at the CH06 target and the second due to commence drilling at site CH018 shortly.
All holes are planned to be drilling to at least 500m in depth, and drilling will take two weeks to complete. The full program, including analysis will take several months.
As quoted in the press release, AusQuest managing director Graeme Drew said:
“The target being drilled at Chololo has the potential to be a company-maker and we are keenly awaiting the outcome of our first drilling program in Peru, where many large copper deposits are known to occur.”
Chololo is subject to an agreement with South32 (ASX:S32,LSE:S32) whereby South32 can earn a 70 percent interest in the project by spending US$4 million, with the right to earn an additional 10 percent interest by completing a pre-feasibility Study. AusQuest is the operator during this first phase of drilling.