AusQuest Limited has intersected broad copper and gold mineralisation from the first two diamond drill holes at its Cangallo Porphyry Copper-Gold Project in southern Peru, extending the southern mineralised system to a vertical depth of at least 800 metres.

Drill hole CANDD004, completed in the northern part of the prospect, returned 355.8 metres at 0.31% copper and 0.05 g/t gold from 34.2 metres down-hole. The intercept included a 40-metre section grading 0.48% copper and 0.06 g/t gold, alongside a 10-metre interval at 0.73% copper and 0.08 g/t gold.

In the southern mineralised corridor, diamond hole CANDD003 returned 348 metres at 0.23% copper and 0.06 g/t gold from 178 metres down-hole. That intersection included 10 metres grading 0.56% copper and 0.14 g/t gold, and demonstrated that the porphyry system reaches depths well beneath previous reverse circulation drilling limits.

AusQuest holds a 100% interest in the Cangallo project. Diamond drilling is continuing to test for hypogene copper sulphides at depth and determine the structural controls on copper distribution across the system.

2 Drill-hole CANDD003 is particularly important as it demonstrates that the porphyry system extends well below the depth of RC drilling in the south, with copper mineralisation now extending to at least 800m vertical depth, and also provides evidence for a strongly mineralised source porphyry nearby, given the presence of higher-grade copper associated with more intense veining, porphyritic dykes and hydrothermal breccias in this drill-hole. — Graeme Drew, Managing Director

The company expects to receive further assay results from the remaining diamond drill holes over the coming months. Permitting for Stage 4 RC drilling to test southern extensions of the porphyry system is also progressing, with final approvals anticipated during the third quarter of calendar 2026.

Read the full announcement: Significant Copper intersected at Cangallo