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AusQuest Limited (ASX: AQD) is pleased to advise that it is about to commence a reverse circulation (RC) drilling program to test a large-scale undrilled, porphyry copper target within its Cangallo Porphyry Copper Project (Cangallo) in southern Peru.
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“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.
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.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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Significant Silver and Base Metals in Rock Chips at Lennons Find
HIGHLIGHTS
- Significant gold, silver and base metal results from rock chips, validating historical work at Hammerhead and Tiger deposits.
- Highest values: Gold (5.45 g/t OLRS4), Silver (988 g/t OLRS4), Copper (4.96% OLRS4), Lead (12.07% OLRS2) and Zinc (4.44% OLRS6)
- Planning for further ground works in Q1 2025 underway, in-conjunction with application for Exploration Incentive Scheme (EIS) for co-funding of a deep diamond drill program
Figure 1 – OMX Rock Chip Sample Locations – M 45/368
Rock Chip Sampling
Five rock chip samples were collected during the recent Lennons Find IP survey to validate samples collected by Jabiru Metals Limited in 2005 (Figure 1). Four of the samples were taken on the Hammerhead gossan and one sample from the Tiger deposit. Twenty-four samples were collected by Jabiru Metals Limited in 2005, over a strike length of 4km along the Lennons Find main zone. The highest assay results from the Orange Minerals sample were gold (5.45 g/t OLRS4), silver (988 g/t OLRS4), copper (4.96% OLRS4), lead (12.07% OLRS2) and zinc (4.44% OLRS6). These results correlated well with high grade values in the Jabiru Metals samples. Jabiru Metals assays are reproduced in Appendix 1 and Orange Minerals samples in Table 1. For historical drillhole collars and results see Laconia Resources Limited ASX announcements (9 March 2011, 3 October 2011 and 12 October 2011).
Table 1 – Lennons Find Rock Chip assays
Figure 2: – Lennons Find Location Map
Background Lennon’s Find
In August 2023 a binding term sheet was entered into with Musketeer Mining Ltd, to acquire up to a 75% share in the Lennon’s Find Polymetallic Project 75km south-east of Marble Bar in the Pilbara region, WA. Lennon’s Find includes a Mining Lease with an Inferred Mineral Resource of 1.55 Mt at 5.9% zinc, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, and 84g/t Ag (Optiro 2019).
Orange can earn 51% of the Lennon’s Find Project (M45/368) by spending A$500,000 by 31 March 2026 (which included an upfront payment of A$200,000). Orange may earn up to 75% of the Lennon’s Find Project by spending an additional A$500,000 (A$1.0 million in total) by 31 March 2028.
Figure 3- Lennon’s Find Mining Lease M 45/368
Geological Setting
The Lennon’s Find project is located in the Archean Marble Bar greenstone belt on the SE boundary of the Mount Edgar Batholith. The greenstone rocks are comprised of felsic schists of the Duffer Formation overlain by the Apex Basalt, and both formations are part of the Warrawoona Group. The package dips to the SE beneath, or faulted against, rocks of the Fortescue Group. The Duffer Formation is comprised of three laterally persistent units: a basal quartzo – feldspathic schist (Unit 1), meta sedimentary rocks, mostly psammites and pelites (Unit 2) and an upper quartz – muscovite schist (Unit 3). All the known base metal sulphide deposits occur within the upper part of the Duffer Formation.
Base metal mineralisation at Lennon’s Find is considered to be VMS style and has been mapped over a strike of 4.5km as discontinuous gossans and disseminated sulphide zones (Figure 4). The base metal mineralisation is predominantly Zn – Pb – Cu – Ag – Au, with significant amounts of barite, and occurs as stratiform, lenticular bodies. Five deposits have been identified being Grey Nurse, Tiger, Hammerhead, Mako and Bronze Whaler (Figure 3).
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New High-Grade Antimony Discovery South of Ricciardo
HIGHLIGHTS:
- Drillhole AZRC003 from current RC drilling at the Golden Range Project was fast- tracked to the lab after significant antimony pXRF readings and visible stibnite.
- Assays for drillhole AZRC003 returned high-grade antimony including:
- 8m @ 2.17% Sb from 106m
- 2m @ 1.92% Sb from 122m
- Represents new antimony discovery approx. 250m north of the historic St Tropez pit, which is part of the group of historic pits now called ‘Azure Coast’ and which are located approx. 4km south of the main Ricciardo gold and antimony deposit.
- As with Ricciardo, gold was the sole focus of historical exploration at Azure Coast; antimony potential now to be assessed via systematic evaluation of historical data.
- Highlights clear potential for high-grade antimony mineralisation to be far more extensive (ie multiple deposits) along the main 70km-long shear at Golden Range.
- Ricciardo maiden antimony Mineral Resource Estimate underway.
- Current RC drill program is now complete with all residual assays pending.
The assays reported in this release are results for the first RC hole (AZRC003) of a nine-hole scout program (for 1470m drilled) along the group of five historic pits at Azure Coast. The existing gold Mineral Resource Estimate (MRE) for this area is named Monaco-Sprite (refer Appendix 1) and no antimony mineralisation has previously been reported for Azure Coast (refer Figure 2).
Visible stibnite was reported in AZRC003 and antimony content was observed in initial pXRF evaluation (utilised on all holes). Samples from this hole were fast-tracked for laboratory analysis, with the returned assay results delivering an excellent interval of 8 metres at +2% Sb coincident with the zone where visible stibnite was observed.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“The discovery of high-grade antimony mineralisation approximately 4km south of Ricciardo substantially enhances the prospectivity of the broader ‘Golden Corridor’ for this critical metal, along with the entire shear of the broader Golden Range Project. This outcome also follows the highly encouraging initial antimony metallurgical testwork results for Ricciardo that we released last week. While we are excited about this emerging opportunity, I want to emphasise again that pursuit of this opportunity will be in parallel with our growth-focussed gold drilling at Golden Range, which remains our current core focus.”
Figure 1: LEFT: The Golden Range and Fields Find Projects, with proximate mines, mills and projects. RIGHT: the Golden Corridor, a 25km stretch of gold deposits within the Golden Range Project.
Scout drilling and new high-grade antimony discovery at Azure Coast
The ‘Golden Corridor’ is located within Warriedar’s flagship Golden Range Project in the Murchison region of Western Australia (refer Figure 1). The Ricciardo deposit is the largest deposit within the ‘Golden Corridor’, with its Mineral Resource Estimate (MRE) recently doubling to 948 koz gold (refer Appendix 1).
Following the success of the growth-focussed gold drilling on Ricciardo through 2024, the final RC drilling campaign for this year has focussed on scout drilling at Azure Coast (a group of historical pits located approximately 4 km south of Ricciardo and extending across a slightly longer strike length of approx. 2.6 km).
This nine-hole scout program (refer Figure 2 for drill hole collar locations) was designed to assess broader potential at Azure Coast (which has only historically been drilled to a typical depth of 120m, with a select few holes reaching approx. 170m below surface) and evaluate whether it should be the focus of a dedicated growth drilling campaign in 2025.
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This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.