AusQuest Limited (ASX: AQD) has reported positive initial assay results from its maiden 12-hole reverse circulation drilling program at the Playa Kali copper-gold project in Peru. The drilling, which totalled 3,733 metres, was designed to test magnetic anomalies interpreted as potential iron-oxide copper-gold (IOCG) targets under shallow cover. The company identified widespread anomalous copper across the surveyed area, with significant results including 12m at 0.2% copper and 0.05g/t gold in drill-hole PKRC007, and 10m at 0.37% copper in PKRC009.

"We are pleased with the initial drilling results at Playa Kali as they have confirmed the prospectivity of the area for IOCG-style mineralisation."

"This is the first drilling program ever to be completed in this area, so the fact we have intersected copper in a number of the drill-holes is very encouraging."

— Graeme Drew, Managing Director

The exploration program successfully intersected a complex of volcanics and sediments containing magnetite and pyrite, which aligns with the company’s structural interpretation of the area. Drill-hole PKRC004 also returned highly anomalous molybdenum, providing further evidence of a mineralised system.

AusQuest maintains an active exploration focus on copper-gold targets within the Arequipa region. To refine its next steps, the company has begun a re-assessment of multi-element geochemical data. Management intends to revise the project’s magnetic modelling based on these findings to better direct future geophysical surveys or subsequent diamond drilling campaigns aimed at defining the scale of the mineralisation.

Read the full announcement: Copper confirmed at Playa Kali