AusQuest (ASX:AQD) said assays from a maiden drilling program at its Cangallo copper project in Peru confirmed a new large-scale copper discovery, according to a Thursday Australian bourse filing.
Significant intercepts intersected included 304 meters at 0.3% grade of copper and about 0.1 parts-per-million gold from a depth of 34 meters as well as 154 meters at roughly 0.4% grade of copper and 0.1 ppm grade of gold.
The program included eight reverse circulation drill holes for a total depth of around 3,000 meters.
The company noted that mineralization occurs from near-surface, confirming the potential to define a shallow copper oxide resource as well as deeper sulfide mineralization.
The continuity of copper and gold grades was confirmed between drill holes and between drill sections.
The firm's shares jumped 34% in recent trading on Thursday and earlier reached a 12-year high.
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